CHELSEA look set for a renewed battle over their home ground after legal advice recommended the re-opening of share sales in Stamford Bridge .
The Blues have had a series of run-ins with fans over the last two years, ever since a plan to buy back the freehold of the ground from shareholders in Chelsea Pitch Owners (CPO) failed.
Chelsea need the freehold if they are to move away from Stamford Bridge to a new 60,000 stadium – a plan they have been examining, but say they are yet to decide upon.
Claims of underhand dealing, raised by some shareholders, have never been proved; but CPO has suspended share sales ever since.
That now looks set to change, after a CPO investigation revealed the company could be breaking the law if they don't re-start share sales.
Minutes of a recent CPO board meting show director Gray Smith, a corporate lawyer and the independent voice brought in to look into shareholders concerns, urged share sales re-commence.
Those minutes say: 'Gray Smith stated that it is essential that CPO be able to re-commence the selling of shares as soon as possible as the company is a trading entity and if it is not trading, it is committing an offence under the Companies Act.'
If share sales do not commence, CPO could theoretically be wound up by Chelsea FC – though it is not known whether the club would want to take such action.
CPO shareholders yesterday started receiving voting packs for an extraordinary general meeting on 23 July, at which they will have to take a decision on share sales.
Parties on both sides fear any new issue of shares could be snapped up by people with an agenda to swing the shareholding in way or the other – a so-called 'concert party'.
Thus shareholders will also be asked to vote in favour of a resolution to limit any shareholder's voting power to 10 votes.
That is unlikely to be popular with those in either of the entrenched camps who bought as many as 100 shares each, and could see up to 90% of their shareholding declared effectively worthless.
