Chelsea Football Club has put its long-mooted plans for a new stadium on hold indefinitely.
In a statement released today, the club said: “No further preconstruction design and planning work will occur.
“The club does not have a timeframe set for reconsideration of its decision. The decision was made due to the current unfavourable investment climate.”
Plans for a new 60,000-seat stadium designed by Herzog & de Meuron were unveiled in July 2015, with a price tag of £500m. Mayor of London Sadiq Khan approved the club’s plans in March last year, calling the stadium a “jewel in London’s sporting crown”.
The club has been pursuing plans for a new stadium to allow higher attendances compared with the 42,000-capacity Stamford Bridge.
It had considered moving to a different area of London, with one proposal floated in 2012 being to build a new stadium in Battersea Power Station.
However, rules set down by Chelsea Pitch Owners, which owns the freehold to Stamford Brigde and the club’s name, stipulated that if the club moved it would have to stop calling itself Chelsea FC.
In January this year the club overcame a legal challenge from local residents who wanted to block the development over a ‘right to light’ claim.
Elsewhere Chelsea’s west London neighbours Fulham FC are planning to expand one of their stands.
The club re-tendered the job last November after original preferred bidder Buckingham Group had carried out preconstruction work.
Crystal Palace in south-east London recently received approval for a £100m redevelopment of their Selhurst Park ground.
The largest stadium construction job in the UK is Tottenham Hotspur’s new ground, which is due to be completed in September.
New pictures of the £800m project were released earlier this month.
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