CheLOLsea

[AthleticoSpizz]

Drinking is a feeble excuse, and as is (apparently) the custom on here


M O N G D I V


just in case

[gh7901]

What I don't understand about the CPO vote is that Chelsea seem to be calling the shots in regards to only attendees having their vote counted.
If everyone with a share has a vote, surely there must be a system where they can vote by post, or by proxy? Bit shortsighted of the CPO if some system like this wasn't stipulated when they formed.
Otherwise, to be even more sure of a yes vote, couldn't Chelsea technically just hold the vote somewhere abroad, where even fewer members were able to get to?

[Svlad Cjelli]

Below is the text of a docuemnt which is meant to accuratley represent teh situation with CPO :

Chelsea Pitch Owners – the basics

1. David Mears and Lord Chelsea sold their shares in Chelsea FC to Marler Estates, who planned to turn Stamford Bridge into a housing estate. The plans for this were approved by Hammersmith and Fulham Council in 1986.

2. In 1989, Chelsea FC were officially served notice to leave Stamford Bridge. However, the property crash happened and Cabra Estates, who had since purchased Marler estates, filed for bankruptcy.

3. This bankruptcy action enabled Ken Bates to a do a deal with their creditors and return the freehold to Stamford Bridge. It was a long hard fight for Ken Bates and he is rightly very proud of his achievement in saving Chelsea because this is when Chelsea FC were truly saved.

4. Ken actually loved Chelsea very much and decided that, in order to keep Chelsea safe for future generations, a company would be set up, completely separate from the football club, called Chelsea Pitch Owners (CPO).

5. The freehold land on which the stands are built and the pitch on which the football team play were transferred into a limited company called Stardust Investments Limited (which changed its name to Chelsea Stadium Limited) and 100% of the shares in this company are owned by Chelsea Pitch Owners plc.

6. Chelsea Football Club lease the land owned by Chelsea Stadium Limited and the agreement provides that if the football club ever move away from Stamford Bridge, they have to give up the name Chelsea Football Club to Chelsea Pitch Owners.

7. The purchase by CPO through its subsidiary was funded by an interest free loan renewable every ten years for up to 200 years for £10,000,000. Fans pay £100 per share to invest in the club and so far 15000 shares have been sold leaving a debt of £ 8,500,000. All the money from share sales has to be applied to the debt.

8. All the expenses of CPO are met by the rent under the lease which is expressed to meet the expenses of CPO. In recent years money from events has been diverted away from CPO to pet projects, however laudable, of the Chairman such as Past Players Trust.

9. Last Monday (3 October) at 8pm, CPO announced that they had received an offer from Chelsea Football Club to purchase all the shares in CPO with a vote taking place at a general meeting on 27 October 2011, giving a notice period of 23 days (the legal minimum is 21 days). There is an Annual General Meeting of CPO in December.

10. Chelsea FC have insisted that there are no immediate plans to move ground and that a site has not been identified. The undue haste is not understood in the light of the representations that the board has made.

11. The effect of the purchase would be that the football club does away with the raison d'etre of Chelsea Pitch Owners, buys all the shares in Chelsea Stadium Limited for a mere £20,000 and then repays the £100 a share real fans have bought.

[Zammo]

Below is the text of a docuemnt which is meant to accuratley represent teh situation with CPO :

Chelsea Pitch Owners – the basics

11. The effect of the purchase would be that the football club does away with the raison d'etre of Chelsea Pitch Owners, buys all the shares in Chelsea Stadium Limited for a mere £20,000 and then repays the £100 a share real fans have bought.

That is so wrong. Surely an extra incentive should be payable to those fans who kindly put their hands in their pocket all those years ago. What a f**kin club.

[No Fixed Abode]

There were always going to be some disgruntled fans because they didn't profit from their CPO shares. Many CPO share holders were happy to help the club out and not seek any financial gain.

Its like you buying a season ticket then wanting some sort of financial gain from it.

[Zammo]

There were always going to be some disgruntled fans because they didn't profit from their CPO shares. Many CPO share holders were happy to help the club out and not seek any financial gain.

Its like you buying a season ticket then wanting some sort of financial gain from it.

If you purchase 'shares' surely you would expect some financial gain (or even a loss) at some point. I don't know what was in the original paperwork, but I cannot believe that those fans who bought CPO shares for £100 were told at the time that they would only see a return of their original £100 twenty years later.

[No Fixed Abode]

I'm sure these fans wouldn't want any financial gain if the club was still struggling. However, because we're a wealthy club due to Abramovich, they want to see a return on their shares. I am sure if you look over the paperwork Chelsea aren't breaking any laws in terms of purchasing back the CPO shares for the price that was paid for them. They'll have gone through it with a lawyer to stop any legal ramifications from the CPO's.

[postwhisperer]

Current data is only available till 2009. In 2009, £100.00 from 1990 is worth

£169.00 using the retail price index

£212.00 using average earnings

a tidy profit

[Svlad Cjelli]

Many of those supporters didn't invest to make money - they stumped up their cash to ensure that Chelsea continued playing at Stamford Bridge and that it wasn't sold off for millions to a property developer. Their money bought them some control and some continuity and protection of their football club.

Which is why many are unhappy about being forced to lose that control and their protection of the club they love.

[Red]

Somewhere between £500m and a billion depending on who's estimates you read.

[Tredder]

Message to FC Genk

Break their pfucking legs

[Simon's Church]

Torres is missing Ben-Haim at Chelsea according to Glen Hoddle

[cmonurz]

Message to FC Genk

Break their pfucking legs

I don't think they even broke a sweat, tbh. Disgraceful performance.

[Vision]

Torres is missing Ben-Haim at Chelsea according to Glen Hoddle

I agree. Ben-Haim is Spanish for net isn't it?

I realise this would have been much funnier had i posted it before last night's game

[No Fixed Abode]

5-0 v Genk

Merieles
Torres (2)
Kalou

[No Fixed Abode]

Message to FC Genk

Break their pfucking legs

That's not very sporting m8.

[soggy biscuit]

5-0 v Genk

Merieles
Torres (2)
Kalou

[No Fixed Abode]

5-0 v Genk

Merieles
Torres (2)
Kalou

Where did Ivanovic go?

Must have been the mods.

[leww_rfc]

5-0 v Genk

Merieles
Torres (2)
Kalou

Where did Ivanovic go?

Must have been the mods.

the barstewards!

[leww_rfc]

Message to FC Genk

Break their pfucking legs

That's not very sporting m8.

QPR fan ain't he mate, they're fairly low in the fairplay league table this year