In the early 1970s, the club's owners announced a modernisation of Stamford Bridge with plans for a state-of-the-art 50,000 all-seater stadium. Work began in 1972 but the project was beset with problems and ultimately only the East Stand was completed; the cost brought the club close to bankruptcy, culminating in the freehold being sold to property developers. Following a long legal battle, it was not until the mid-1990s that Chelsea's future at the stadium was secured and renovation work resumed. The north, west and southern parts of the ground were converted into all-seater stands and moved closer to the pitch, a process completed by 2001. The East Stand was retained from the 1970s development. In 1996, the north stand was renamed the Matthew Harding stand, after the club director and benefactor who was killed in a helicopter crash earlier that year.