Chelsea disappointed after Battersea Power Station bid rejected limiting new ground options

The administrators, Ernst & Young, revealed they had chosen a joint bid by two Malaysian companies - SP Setia and Sime Darby.

The European champions are considering moving away from their Stamford Bridge home as they believe the facilities prevent them from bringing in the matchday revenue that Arsenal and Manchester United, who have much bigger stadiums, can bring in.

The statement read: “Chelsea Football Club has been informed that the administrators of the Battersea Power Station site have entered into an exclusive agreement with another party to carry out their due diligence.

“We will all be able to speak with more confidence about the site’s future once the exclusivity period is over and the preferred bidder has been able to assimilate their risks properly and confirm the bid.

“We are disappointed not to be selected as the preferred bidder for Battersea Power Station, as we believe we can create an iconic and architecturally significant stadium on the site in a scheme which is commercially viable and of great benefit to the Wandsworth community and London generally.

“We have been clear throughout this process that Battersea is one of a limited number of options the club is considering.”