Plans to rebuild the Chelsea football stadium from the ground up have been approved, but not without significant obstruction, reports Richard Spector, Managing Partner of ELS Legal.
Development of the 60,000-seat stadium is due to begin in 2019 after London Mayor Sadiq Khan personally approved the club’s plans earlier this year.
Mr Khan said he was satisfied the new stadium was a “high-quality and spectacular design”.
But the construction of a £500 million stadium in the middle of London hasn’t gone unnoticed.
A High Court judge recently refused a claim from local residents over pollution concerns. Fortunately for Chelsea, Mrs Justice Andrews said the claim “had no chance of success”.
The club, owned by Russian billionaire Roman Abramovich, is also still deep in talks about how the new Stamford Bridge stadium should be funded.
According to the Evening Standard, Chelsea is looking to fund the whole £500 million (a figure which is almost certainly set to rise) through bank loans.
The rebuild cost is estimated at between £10,000 and £15,000 per square foot depending on the quality of materials, but it is unlikely that Chelsea will spare any expenses. We know already that the stadium will be clad in around six million bricks, a project dreamt up by Swiss Architects Herzog & de Meuron.
Chelsea said the redevelopment would significantly boost match day income, with 13,374 extra general admission tickets available and the number of hospitality seats doubling to 9,200.
Approving the plans personally in March this year, Mr Khan said “Having taken a balanced view of the application, I’m satisfied this is a high-quality and spectacular design which will significantly increase capacity within the existing site, as well as ensuring fans can have easy access from nearby transport connections.
“I’m confident this new stadium will be a jewel in London’s sporting crown and will attract visitors and football fans from around the world.”
About Richard Spector: Managing Partner Richard specialises in property and commercial litigation. Richard has acted in a number of high profile cases and was heavily involved in the litigation that arose from the collapse of Lehman Brothers. Richard has been involved in a number of cross-border litigation cases and recently acted successfully for the Claimants in Harlequin Property (SVG) Ltd & Anr v Wilkins Kennedy, listed in the Lawyer’s top 20 cases of 2016.