Chelsea have made the first steps towards looking for a new home by making an offer to buy back the freehold to their current Stamford Bridge ground.
The freehold to the ground on which the club's current 41,800-seater stadium is built is owned by Chelsea Pitch Owners PLC (CPO) - who bought the land in 1997 in order to prevent the possibility of it falling into the hands of property developers, during a period when the football club's future was under financial threat.
With current owner and billionaire Roman Abramovich still committed to the club, however, the loss of the stadium against the club's will is no longer a possibility. As a result Chelsea have made an offer to CPO to buy back the freehold - effectively on the same terms as it was bought for 18 years ago.
Chelsea say buying back the freehold will enable them to better plan for the future.
"Chelsea should always be grateful to those who invested in CPO," chairman Bruce Buck said. "We know only too well how close the club came to losing our home prior to the formation of CPO, but that threat has now gone under Mr Abramovich's ownership and with the CPO structure in place we cannot plan with certainty for the future."
CPO bought the freehold for £10 million in 1997, four years after its inception. Of that figure, £8.5 million came in the form of a loan secured from Chelsea's then-holding company, and £1.5 million from investors.
The club are offering to clear the outstanding loan amount and pay the organisation £1.5 million.
Shareholders will be asked to approve the proposal at an extraordinary general meeting on October 27, although the club may face objections from fans who fear the move is laying the ground for a change of homes.
"Some shareholders will not react positively, and there will be a group of fans who consider this to be a precursor to Chelsea moving, and they will not want Chelsea to move," Buck added to The Guardian. "At the moment we have no discussions ongoing with any developer, and we still have not made the decision that, yes, Chelsea definitely want to move.
"But, just like any business, we have at least to be prepared for a move if something right comes along." Chelsea will look into the possibility of redeveloping their current ground, although the nature of the plot makes it difficult to significantly increase the capacity of the stadium. However, owning the freehold would enable the club to raise funds by selling the plot to developers or redeveloping it themselves - as Arsenal did with the land at Highbury - and then putting the proceeds towards the construction of a new ground elsewhere in the area.
"We could not move unless the club had the ability to redevelop this site. That would be a precondition to getting the money to help us move," Buck confirmed.
Sites at White City, Earls Court, Kensington Olympia and Imperial Wharf have reportedly been considered, although Buck revealed that the club expects the few sites they have looked at so far to no longer be available in 2020 - the year the club may first be ready to move.
Chief executive Ron Gourlay added: "I am sure all Chelsea fans have enjoyed the football and success we have witnessed at Stamford Bridge since 2003 and Chelsea Football Club and Mr Abramovich are determined to ensure that the club continues to compete at the highest level of world football.
"We continue to look at options for expanding the Bridge and I should be clear that we have not identified a site for a new stadium elsewhere."
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