Chelsea put stadium plans on hold because of 'unfavourable financial conditions'

Chelsea new stadium

Chelsea new stadium

"No further pre-construction design and planning work will occur", Chelsea said in the statement.

No more details were provided as to why the grandiose $1.3 billion plan to demolish the existing stadium and build Europe's most expensive stadium with 60,000 seats on the same site was suspended.

Chelsea issued a statement saying the club had delayed work on Stamford Bridge because of "the current unfavourable investment climate".

However, the proposal has been indefinitely shelved and some anxious fans feel this could be the beginning of the end for Chelsea under Roman Abramovich.

'The club does not have a time frame set for reconsideration of its decision.

Abramovich was reported to have taken Israeli citizenship earlier this week, prompting United Kingdom media speculations that he might sell Chelsea, which he bought in 2003.

Chelsea finished a disappointing fifth in the Premier League this season and their Italian manager Antonio Conte is widely expected to be leaving.

Mr Abramovich has declined to comment on the claims.

If Abramovich is not granted a new visa then it will be a worrying time for Chelsea fans, are the days of a ridiculously rich owner over with?

But British authorities, whose relations with Moscow have been strained since the poisoning in Salisbury three months ago of a former Russian spy and his daughter, are yet to renew the oligarch's visa after it expired last month, according to two sources familiar with the matter.

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