Clubs Rejection of SNCPO Offer Makes No Sense

The Guardian yesterday reported that Chelsea FC had rejected a counter offer to their offer to buy shares from the Chelsea Pitch Owners (CPO).

The Say No CPO (SNCPO) campaign had tabled the following counter-proposal to the club:

1 The club to have total freedom to move to a larger new stadium anywhere within three miles of Stamford Bridge at any time before 2030 so long as Roman Abramovich is still in control of Chelsea.
2. Chelsea to save £1.5m by leaving Chelsea Pitch Owners in place. The CPO will sell the freehold at SB to the club in exchange for the freehold at the new ground on the same terms as currently in place.
3. The club to agree to ongoing consultation, and transparency of information, with the fans regarding any new stadium.

Chelsea Chairman Bruce Buck rejected the offer on the grounds that the club is now worth more than the freehold value of the site at Stamford Bridge. Without providing explanation to his thinking, he added that the club therefore argue there would be no long-term risk to the club's future, and that CPO's existence is therefore no longer required.

This is the single biggest flaw in the club’s offer, that they assume the current position is forever, to the point where (it appears) they have no plans at all in place should (for example) Roman Abramovich no longer be a factor, should market conditions change.

There is no guarantee of the club’s future financial well-being, only the hope that things will remain the same. And hope is no basis for sound planning.

Change is the only constant in life and neither Bruce Buck nor the rest of the board seem capable of grasping this. Sky TV money may not be forever; UEFA may change the rules again; new technological developments might come along; anything could happen, only a fool plans on solely hope.

If you don’t believe me ask someone who manufactures horse drawn carriages – they said the car would never take their place. Ask someone who makes a living selling VHS or Betamax if you can find one. You get the idea but do Buck and his board.

The nearest thing to a constant in football is the supporters and it is we who offer the best safeguard to the future. At Chelsea we are lucky to have the CPO, other clubs envy us. Are we really going to throw that away?