After eight years I have decided to step down as Chairman and from the Board of Directors of Chelsea Pitch Owners plc and its subsidiaries.

My decision was made some time ago but I felt obliged to remain in office until the process that led to yesterday's general meeting of the company was concluded.

During that process I worked closely with the legal advisers to the Company to ensure that it was conducted in a proper manner and I believe that aim was achieved.

I wish CPO every success in continuing to play a positive role in the future of Chelsea Football Club.

Richard King - 28th October 2011