Peter Harrison, President of GBR Challenge, the British bid for the America’s Cup, has denied allegations that he is set to make a hostile take-over bid for Chelsea Football Club.

Speculation mounted after a Sunday newspaper article reported that Harrison was looking for backers. However Harrison is adamant that the allegations are false, “There is absolutely no truth in the speculation that I am about to launch a hostile bid for Chelsea Football Club. It is complete nonsense and I made this clear to the journalist prior to publication.”

“I will continue to support Chelsea Football Club on the pitch and in my capacity as one of the vice-presidents. I also remain committed to my main sporting interest, GBR Challenge, which is Britain’s first entry into the America’s Cup since 1987.”

The takeover speculation saw shares in Chelsea Village, the company behind the Premiership football club, rise 8.5p to 45p.