Chelsea have announced their $1.3 billion plans to rebuild Stamford Bridge are on hold due to “the current unfavourable investment climate.”
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The west London club have ambitions to totally demolish their home stadium and rebuild a 60,000 capacity venue on the same site, and this announcement comes at a strange time after Hammersmith & Fulham borough council only approved the plans last year.
There are reports that due to Chelsea’s Russian billionaire owner Roman Abramovich recently being turned down for a new UK visa (and instead applying for Israeli citizenship) there could be tougher financial times coming up for the five-time Premier League champions.
In a statement on Chelsea’s website, the club confirmed the reason behind the decision to cancel their plans.
“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 unfavourable investment climate.”
Intriguing times ahead for the Blues not only on the pitch, as Antonio Conte edges nearer to the exit door and rumors regarding Maurizio Sarri coming in as their new manager persist.
First things first, Chelsea’s fans will want to hear more from Abramovich and his future plans for the club after his issues with acquiring a new UK visa are reportedly linked to the diplomatic situation regarding the UK and Russia.