Todd Boehly has suggested that he and Clearlake Capital could go their separate ways if they can't agree on the future of Stamford Bridge. The new owners haven't been afraid to splash the cash on new players or staff since acquiring Chelsea Football Club back in May 2022, but redeveloping the stadium on Fulham Road has proven to be difficult.
The West Londoners are at a crossroads. The Blues either stay at Stamford Bridge, give it a fresh lick of paint, try their best to expand the ground's attendance – in the very limited space available – by a couple of thousand and hold out for planning permission later down the line, or, build a state-of-the-art multi-sports venue that would rival the best in the world.
In some ways, parallels can be drawn between Chelsea and Valencia Club de Fútbol. In 2014, Peter Lim became the majority shareholder at the Mestalla Stadium, effectively saving the club from bankruptcy after years of mismanagement.
The Singaporean billionaire cleared the Spanish giants' debt and resumed plans to finally complete the construction of a new stadium – which had been dormant since work was halted in 2009. Valencia first announced plans for the ’Nou Mestalla’ at the end of 2006 before work began the following year.
Peter Lim and his wife, Cherie Lim, during Valencia's clash against Getafe in April 2018
Peter Lim and his wife, Cherie Lim, during Valencia's clash against Getafe in April 2018
"The first project, the original one, which was like a premium design with a cover made of aluminium and steel, it had plenty of charisma," said Paco Polit, speaking exclusively to football.london. "Obviously things have changed since then and the current project has zero relation whatsoever to what we saw back in the day."
By February 2009, the initial concrete structure was built, but Valencia encountered some financial problems so the project was shelved. Los Che was in incredible debt, which was later cleared by Lim upon his arrival on the East Coast.
There were delays throughout the 2010s before work on the new stadium was entirely put on hold. In the meantime, the Mestalla Stadium, where Valencia have played since its erection in May 1923, began to show its age, with legal agreements – that pre-date Lim's ownership – blocking much-needed redevelopment.
A general view of the Nou Mestalla Stadium, which is half built as Valencia struggle with a huge debt and so continue to play at the old Estadio Mestalla on September 29, 2010 in Valencia, Spain
A general view of the 'Nou Mestalla' stadium in Valencia
Chelsea have faced similar problems in the past. Back in 2017, the Blues unveiled plans to build a new 60,000-seater stadium at Stamford Bridge, receiving full planning permission from Hammersmith and Fulham Council as well as the Mayor of London.
The West Londoners lined up Swiss architects, Herzog & de Meuron, who had previously worked on the Allianz Arena in Germany, to work on the rebuild. But, in 2018, Chelsea announced that it had to 'put its new stadium project on hold'.
The planning permission expired in March 2020, and no progress has been made since. Like Stamford Bridge, the Mestalla Stadium could do with a fresh lick of paint. Polit, who's the director of 'ESPORTBASE Radio' and the Valencian Region Delegate for LaLiga Lowdown, explained exactly why Valencia first wanted to build a new stadium.
The Mestalla Stadium ahead of Valencia's clash against Atletico Madrid
The Mestalla Stadium ahead of Valencia's clash against Atletico Madrid (Image: Jake Stokes)
"In the 90s, mid-90s, I'm talking about 1996 when Paco Roig was the president, works were made instead of making the ground bigger," said the Spanish football expert. "If you notice the way that the ground is built, it's like three rings on top of each other with three different stands being built on top of each other.
"Back in the day, there were only two. You had two and you had the main stand where you have the whole cover. The only part of the ground which is covered. So, you had two big rings with stands surrounding the stadium.
"In 1996, works underwent in order to build a third ring, but one of the sections was built under illegal permits – it overpassed the limits of where the ground could be built and where the stands could be built upwards and it went into the part where the street is.
The Mestalla Stadium
The Mestalla Stadium (Image: Jake Stokes)
"You have like two big long avenues in one of the sides of the ground. The main stand, where you go inside the other one and those two surround the ground and both sides. The stands went into the street, and the neighbours living there actually sued Valencia."
Polit added: "They took legal action, and that's why the top corner is missing and without seats and without people in there because it's actually illegal. Back in the day, the trial happened and the judge said that such a stand had to be demolished and had to be torn apart, and that was one of the reasons for actually Valencia making, or thinking about making the move to the new ground.
"Because they had like an incomplete ground – well actually it was completed but it was incomplete because they couldn’t build like a full cover to the ground because a big section of the stand in that area had to be torn down. So, what they decided was to freeze the execution of the law, or what the judge said, because they came to a truce with the neighbours.
A Maidstone United sticker outside the Mestalla Stadium
A Maidstone United sticker outside the Mestalla Stadium (Image: Jake Stokes)
"They told them, ‘You guys wait five, six years, and we kickstart the process to build the new ground and once the new ground is built, this whole ground will be torn down, torn apart, and you won't have to, you know, have to endure the kind of issues that the stand was generating’.
"They reached an agreement, but the agreement happened in the last year of the 20th century. Six years later, the new ground project was shown publicly. Twenty-five years later, no action has been taken in that sense, and actually, the last report that we have is that the judge's trial sentence has expired.
"So, Valencia no longer needs to tear down that stand, because obviously, if the neighbours once again take legal action, yet another trial should happen and obviously it's potentially righteous for them to to once again win, but they are not going to do so, it's like some sort of cold war between the parties.
A selection of Valencia scarves on sale outside the Mestalla Stadium
A selection of Valencia scarves on sale outside the Mestalla Stadium (Image: Jake Stokes)
"But, the issue is that one of the first reasons for Valencia thinking about moving to a new home was made back in the day, which was legal, which was properly done, and which was one of the prompts for them to explore further options."
The ’Nou Mestalla’ was not built in the same vicinity as the Mestalla Stadium. It's either a 10-minute drive, a 30-minute trip on public transport or a brisk four to five-kilometre walk from one to the other.
The plot of land in Earl's Court is a stone's throw away from Fulham Broadway station in comparison – it's one stop away on the District Line or a two-kilometre walk, at most. Speaking to football.london about the five-kilometre move to the ’Nou Mestalla’, Polit said: "The location isn’t as perfect as the current one.
The Mestalla Stadium
The Mestalla Stadium (Image: Jake Stokes)
"As you said, it's only a couple of kilometres away from the city’s downtown till you reach Mestalla. It's easy to get there on foot. It's easy to get there on the sub, on the tube. It's easy to get there by car. Obviously, on motorcycle, biking, scooter – so there's many, many ways of reaching Mestalla.
"It’s quite close to one of the biggest intersections in the city coming from the north, coming from Barcelona. You come inside from the north and you have Mestalla in like the first couple of minutes."
The Spanish football expert added: "It's true that it's also well connected on the metro, on the tube and so on, but obviously it's going to be a hassle and quite uncomfortable for most of the fans.
The Mestalla Stadium ahead of Valencia's clash against Atletico Madrid
The Mestalla Stadium ahead of Valencia's clash against Atletico Madrid (Image: Jake Stokes)
"You just can't take away from the people the kind of habits which have been there for 100 years or more, and suddenly expect them to be changed from night to today. It’s going to take a bit of time to adapt."
If Chelsea were to leave Fulham Road and build a new stadium at Earl's Court, they face a pretty big problem. The Chelsea Pitch Owners PLC (CPO) own the freehold of Stamford Bridge and the name Chelsea FC.
In the event that the club relocate from Stamford Bridge, Boehly and Clearlake Capital must obtain permission from the CPO to continue using the name 'Chelsea FC'. So, the future of the West London outfit rests in the hands of the CPO.
Chelsea stadium Stamford Bridge
Stamford Bridge continues to divide Chelsea as a club (Image: Eddie Keogh - UEFA/UEFA via Getty Images)
In September 2024, the Earl’s Court Development Company (ECDC), the company in charge of the multi-billion pound redevelopment project, announced that there were no plans in motion for Chelsea to move there. Boehly has since expressed his ambition to take the Blues to take next level, but nothing is set in stone at the moment.
Whatever happens at Fulham Road, the West Londoners must be aware of the risks that come with relocating. Just look at Valencia Club de Fútbol and how far they've fallen...
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Chelsea flag prior the UEFA Champions League Quarter Final Leg One match between Chelsea FC and Real Madrid at Stamford Bridge. (Photo by Jose Breton/Pics Action/NurPhoto via Getty Images)
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