Chelsea Puts New Stadium Plans on Hold Due to 'Unfavorable Investment Climate'

Chelsea have announced that their plans for a new stadium have been put on hold, with no time frame for reconsideration set as of yet.

Chelsea have announced that their plans for a new stadium have been put on hold, with no time frame for reconsideration set as of yet. 

The West London club issued the news on their official website, citing an "unfavorable investment climate" as the principle reason for the abrupt abandonment of their project.

The full statement read: "Chelsea Football Club announces today that it has put its new stadium project on hold. No further pre-construction design and planning work will occur.

"The club does not have a time frame set for reconsideration of its decision. The decision was made due to the current unfavorable investment climate."

Chelsea Football Club announces today that it has put its new stadium project on hold...

More: https://t.co/KelXpy9zgP pic.twitter.com/mofiocesAo

— Chelsea FC (@ChelseaFC) May 31, 2018

Back in March of this year, the club had been given the go-ahead to begin work on the new  project. At the time, it was estimated that it would cost around £1bn, making it the most expensive in Europe. 

However, in the months since that announcement, there have been a number of stumbling blocks in the Blues' way, as the commencement of construction was delayed twice. In April, it was revealed they would not be able to start the renovation until 2021, and that it could take a further six years to complete.

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With this sudden disbandment of the project, albeit on hold, the future of the club seems cloudy. It was somewhat understood that their reluctance to spend big in the transfer market without sufficient return was a product of this development project. 

It remains to be seen whether this announcement marks a U-turn in that policy, or a reinforcement of it. For now the club's fans will have to be content with knowing their immediate prospects are to remain inside their 41,631 seat home indefinitely.