Chelsea issued a statement on Thursday, May 31, saying work on their new stadium in west London would be suspended indefinitely because of the "unfavorable investment climate."
"No further pre-construction and planning work will occur. The club does not have a time frame set for reconsideration of its decision," the statements reads.
Chelsea Football Club announces today that it has put its new stadium project on hold…
— Chelsea FC (@ChelseaFC) 31 May 2018
More: https://t.co/KelXpy9zgP pic.twitter.com/mofiocesAo
At the same time, The Jerusalem Post reported that "sources close to the businessman said that after receiving Israeli citizenship, he no longer requires a visa to travel to the United Kingdom."
However, the businessman or his spokesperson have yet to comment on the information published by the Israeli media.
'Unfavorable Investment Climate'
Although the "unfavorable investment climate" could be a reference to Brexit, it is thought more likely that it is due to Theresa May's government's stance on Russian investors in the wake of the Skripal case.
The Blues were planning to build a new 60,000-seat stadium at their current home in Stamford Bridge, west London.
The current stadium capacity is around 42,000, well below that of rivals Manchester United, Arsenal, Liverpool and Tottenham, who are due to open their new stadium later this year.
Days after Aliya, Chelsea owner Abramovich withdraws UK visa request https://t.co/EDRp9dWaHJ
— The Jerusalem Post (@Jerusalem_Post) 31 May 2018
Last year the Mayor of London, Sadiq Khan, approved the redevelopment of Stamford Bridge but the cost of the project has risen considerably, partly due to Brexit.
Chelsea finished a disappointing fifth in the Premier League this season and their Italian manager Antonio Conte is widely expected to be leaving.
Most Successful Spell In 113 Years of Chelsea
Since Abramovich took them over the club has won five Premier League titles, five FA Cups and one Champions League during the most successful spell in the club's history.
A spokesman for Abramovich was not immediately available for comment.
READ MORE: Russian Billionaire Abramovich Left Israel After Obtaining Citizenship – Source
Meanwhile former Chelsea player and footballing legend Frank Lampard has taken his first steps into management by signing a three-year deal to manage Derby County, who were last league champions in the 1970s.
