Business News Chelsea FC | Page 3

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removed the club's Chelsea pensioner crest, improved the youth set-up and training regime, rebuilt the side, and led Chelsea to their first major trophy success – the League championship – in 1954–55. The following season saw UEFA create the European Champions' Cup, but after objections from The Football League and the FA Chelsea were persuaded to withdraw from the competition before it started.

They challenged for honours throughout the 1960s, and endured several near-misses. They were on course for a treble of League, FA Cup and League Cup going into the final stages of the 1964–65 season, winning the League Cup but faltering late on in the other two. In three seasons the side were beaten in three major semi-finals and were FA Cup runners-up. Chelsea were FA Cup winners in 1970, beating Leeds United 2–1 in a final replay. Chelsea took their first European honour, a UEFA Cup Winners' Cup triumph, the following year, with another replayed win, this time over Real Madrid in Athens.

The late 1970s through to the 1980s was a turbulent period for Chelsea. An ambitious redevelopment of Stamford Bridge threatened the financial stability of the club, star players were sold and the team were relegated. Further problems were caused by a notorious hooligan element among the support, which was to plague the club throughout the decade. In 1982 Chelsea were, at the nadir of their fortunes, acquired by Ken Bates for the nominal sum of £1, although by now the Stamford Bridge freehold had been sold to property developers,

meaning the club faced losing their home. On the pitch, the team had fared little better, coming close to relegation to the Third Division for the first time, but in 1983 manager John Neal put together an impressive new team for minimal outlay. Chelsea won the Second Division title in 1983–84 and established themselves in the top division, before being relegated again in 1988. The club bounced back immediately by winning the Second Division championship in 1988–89.

After a long-running legal battle, Bates reunited the stadium freehold with the club in 1992 by doing a deal with the banks of the property developers, who had been bankrupted by a market crash. Chelsea's form in the new Premier League was unconvincing, although they did reach the 1994 FA Cup Final. It was not until the appointment of former