The announcement comes 24 hours after Roman Abramovich's bid to purchase the Stamford Bridge freehold ended in failure. King concluded a stormy extraordinary general meeting of CPO, during which Abramovich's proposal was defeated, by announcing he would make a statement about his future on Friday. That was widely interpreted as a hint he planned to stand down, which he did this afternoon after eight years as chairman of the company set up by the club in the 1990s to prevent them being made homeless by property developers. King said in a statement on Chelsea's official website: "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." King came under heavy fire at the EGM by shareholders furious at the CPO board's conduct before and after Chelsea announced their plans to buy back the Stamford Bridge freehold on October 3, something that was seen as a precursor to a move to a new stadium. There were repeated calls for King to resign and he was blamed by one shareholder for a "stitch-up" that allegedly allowed 20 people loyal to the club to hoover up shares in the build-up to the vote on the issue. King condemned the "personal attacks" on his integrity and that of fellow directors Rick Glanville and Bob Sewell, something echoed by Chelsea chairman Bruce Buck, who said: "The attacks on them really are unfair on what they have been doing. "It's pretty much been the same board for some period of time, so I think it's a little unfair in terms of what they have done for Chelsea Pitch Owners and Chelsea Football Club and charity." The 'Say No CPO' campaign, which co-ordinated efforts to defeat Abramovich's plan at the meeting, welcomed King's resignation. Spokesman James Greenbury said: "It is fair to say he lost the confidence of a number of CPO shareholders. "Some of the personal accusations against him were out of order, frankly, and I don't think anyone should have to go through that sort of stuff. "It's less important he's leaving and more important that the board needs to be reconstituted with a representative group of directors, who represent not just the 'Say No CPO' campaign but the whole range of views that lie with the CPO shareholder base." Greenbury admitted he would consider standing for election as King's replacement or joining the board as a director. He added: "I will do whatever is helpful to get the CPO into the position whether it is maintaining its role as the long-term protector of Chelsea, whether that's at Stamford Bridge or somewhere else and to work with the club."
