CHELSEA STADIUM MOVE TAKES ANOTHER BAD TURN

Chelsea's potential move to a new stadium is wrapped in further controversy after another Chelsea Pitch Owners meeting ended with more frustration.

A vote to limit the power of shareholders was allegedly swung due to the sale of "dodgy" shares. Members of the CPO were angered by the scandal which may jeopardise the fan-led group's stance over the freehold of Stamford Bridge that they have owned since the 1990s.

For a move to be an option, Chelsea are required to purchase the land that Stamford Bridge is on, but CPO - the owners of the plot - refused to sell during a general meeting in October. Prior to the meeting, the CPO sold 1,686 more shares than they were entitled to, which sparked outrage

Revoking any oversold shares is not within CPO's powers but they have announced they aim to prevent a repeat. CPO attempted to reduce the current 100 votes each shareholder has, to 10, regardless of how many shares they have, but that proposal was denied at today's meeting.

Also highlighted for wrong-doing was CPO chairman Steve Franklin. Accusations suggest he used his proxy votes to overhaul the resolution. In response, Franklin insisted he had voted as many times as he was permitted in favour and blamed poor attendance behind the outcome.

He told Press Association Sport: "How many shares voted? 4,000? We have 15,000 shares out there. I urge Chelsea fans to vote."

Chelsea have continued to claim they are undecided whether to leave Stamford Bridge and have denied any doing any wrong throughout the process.

Posted on 25/07/2012