Chelsea Football Club has put its plans for a new £1bn stadium on hold.
A statement issued by the club yesterday said that "no further pre-construction design and planning work will occur".
The announcement follows news last week that the club’s owner, Roman Abramovich, would become an Israeli citizen after his UK visa expired and he suffered delays having it renewed.
Blaming the "current unfavourable investment climate", the club said it did not have a timeframe set for reconsideration of its decision, reports Construction Manager.
Chelsea originally unveiled its plans for a 60,000-seater stadium, designed by Herzog & de Meuron and costing an estimated £500m, in July 2015.
The cost of the new stadium at Stamford Bridge increased to an estimated £1bn after delays, including a dispute with a local family who took out an injunction in May 2017 claiming the expansion would block light into their home.
Lendlease, Sir Robert McAlpine, Multiplex, and Mace, which is currently building Tottenham Hotspur’s £800m stadium in time for the new Premier League season, had all been identified as possible main contractors for the job had it gone ahead.
Image: A render by Herzog & de Meuron of the new stadium