Todd Boehly hit with £2 billion blow at Chelsea as things go from bad to worse

Chelsea have made a nightmare start to the 2023-24 season, although it’s been a poor calendar year overall for the team owned by American billionaire Todd Boehly. But he’s fighting a battle off the field too, as now plans for their new stadium development are being upheld.

A military veteran has taken out an interim court injunction to try and stop Chelsea from purchasing a 1.2-acre area of land, key to their £1.5billion stadium redevelopment.

Chelsea agreed to a reportedm £49.35million fee to buy the land back in July and began drawing up plans to knock down Stamford Bridge and build a new home. The five-year development was set to be completed by 2030, but their plans could be placed on hold as the land currently occupies 100 military veterans and their war widows.

Some of the affected veterans are upset as a sale would lead to them having to relocate, and Wandsworth County Court, London, has now received an injunction. The charity that houses the veterans, Stoll, is yet to make a final decision, but no matter what they say the injunction will now cost Chelsea even more money.

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If Chelsea cannot purchase the land then they could be forced to move to a different London location, although that’s unlikely to be popular with supporters. Chelsea has played at Stamford Bridge since 1905 but wants to knock down their iconic stadium to build a new arena.

If the injunction stops their progress then plans will have to be revisited, and $500 million has been requested from Ares Management to assist with their next steps. This is in addition to the previous estimated cost, meaning that the entire process could surpass $2.3 billion in fees.

Over $1 billion has been spent on players alone since Boehly’s arrival in May 2022, shattering all previous records as the American has only been at the club for three transfer windows. However the mass spending has not led to an improvement in results, and Chelsea has only won one game since the start of the current season.

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Chelsea has a 1-2-3 record this season and is 14th in the Premier League table. But their issues stem from last season, as Chelsea has only picked up 25 points across 29 league games since the start of 2023.

It’s the joint-lowest of any present Premier League team in that time, as Everton are also suffering. Chelsea hasn’t scored in their past three Premier League games, losing two of them at home by a 1-0 scoreline.

Something has to change to stop a complete downfall, as their current form means they could be facing a relegation battle rather than competing for European soccer. The fans are quickly losing patience, especially as many of the supporters adored the previous owner Roman Abramovich.

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