Chelsea shares soar amid speculation

Shares in Chelsea Football Club soared today as speculation about a possible takeover bid gripped the City.

A press report claiming Rotch Property wanted to buy the west London club was scotched, with Rotch joint chairman Robert Tchenguiz rejecting the speculation "absolutely".

The London Evening Standard said a consortium led by Rotch was seeking to take control of Chelsea in a move that could see controversial chairman Ken Bates lose day-to-day control.

But Mr Tchenguiz said: “Rotch has never had any dealings with Chelsea and I would like to make it clear beyond doubt that Rotch is not, and never has been, interested in taking any stake in Chelsea Village.”

Chelsea declined to comment but shares in the London Stock Exchange-listed parent Chelsea Village still soared, rising 28% to 20.5p.

Yesterday the Premiership side showed how it had sunk further into the red as the cost of player wages continued to hit home.

Turnover in the year to June 30 jumped to £115.3m (€184m) as fans snapped up merchandise and capacity at Stamford Bridge increased.

But the wage bill and heavy losses on player trading meant group pre-tax losses widened to £16.5m (€26.3).

A disappointing early exit from the UEFA Cup this season will not have helped the club’s finances, and the pressure will again be on manager Claudio Ranieri to ensure European qualification next year.