Chelsea Pitch Owners Upset Over Bulk Selling Of Shares
Chelsea FC's potential stadium move "was at the centre of more controversy on Monday after another stormy meeting" of Chelsea Pitch Owners, according to the PA. The scandal over "dodgy" shares sold in CPO was compounded when they "appeared to help swing a crucial vote" that might have limited the power of shareholders to do just that. The sale of shares in CPO had been suspended since Chelsea "failed to convince the company" to sell them back the land beneath their home at an October meeting. The build-up to that meeting saw CPO sell 1,686 more shares than they were entitled, something that "provoked outrage among opponents of the club's plans." CPO announced that they were "powerless to revoke any oversold shares but promised to act to prevent a repeat," including attempting to reduce the voting rights of all shareholders from 100 to 10 votes, regardless of how many shares they held. However, that proposal was defeated at Monday's meeting, "realising the worst fears of the club's opponents." That is because CPO shareholders also voted to reopen the sale of shares, effectively "giving the green light to anyone to engage in bulk buying and influence potential future votes" on the fate of Stamford Bridge (PA, 7/23).