Abramovich drops Chelsea's £1bn stadium plan

Chelsea have ditched plans to build a new 60,000-seater stadium due to what they call an “unfavourable investment climate”.

The club, who finished fifth in the Premier League and therefore failed to qualify for the Champions League, said plans to redevelop Stamford Bridge had been put on hold indefinitely.

The Blues were looking to revamp the west London stadium and move in by 2021.

Image: Roman Abramovich has owned Chelsea since 2003
A four-line statement released on the club’s official website 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 timeframe set for reconsideration of its decision. The decision was made due to the current unfavourable investment climate.”
Earlier this week it was reported that Chelsea’s Jewish owner Roman Abramovich had become an Israeli citizen after his British visa expired and there had been delay issuing a new one.

Roman Abramovich has personally taken the decision to put #Cfc stadium on hold after being denied a UK Visa. Unwilling to invest over £1billion into a country where he is not permitted to work.
— Matt Hughes (@MattHughesTimes) May 31, 2018

The Times is reporting that the billionaire is unwilling to invest £1bn in a country where he is not currently allowed to work.

The move comes as British MPs urged the government to clamp down on corrupt Russian money flowing through London.
Chelsea had originally planned to relocate from Stamford Bridge, but after plans failed to materialise they looked set to improve their current home.

Image: There are seven Premier League grounds that are bigger than Stamford Bridge
With a capacity of just over 41,000, Stamford Bridge is the eighth-largest Premier League stadium and is dwarfed in London by Arsenal’s Emirates Stadium, the London Stadium – which is occupied by West Ham – and the new Tottenham ground that is set to open later this year.