The long-neglected building south of the Thames was bought by a Malaysian consortium which has secured planning permission for a hotel, shops, office space and 3,500 homes.
Roman Abramovich’s club wanted to build a new 60,000-seater stadium which would have retained the power station’s famous towers.
The Champions League winners wanted a new stadium after concerns about the redevelopment potential of their current Stamford Bridge ground.
Chelsea had revealed that their bid would also 'include a town centre with substantial street-level retail shops, affordable housing and offices'.
The club's options now seem to include sites at Earls Court and Shepherd's Bush, where a new stadium could be built, or to remain at Stamford Bridge and attempt a renovation project.
The Blues have played at Stamford Bridge since the club's inception in 1905.
Read more:
http://www.metro.co.uk/sport/football/904246-chelsea-lose-battersea-power-station-bid-after-it-is-sold-for-400million#ixzz1zjtC3Cf4