Abramovich drops Chelsea's £1bn stadium, cites 'unfavaourable investment' climate

Abramovich drops Chelsea's £1bn stadium, cites 'unfavaourable investment' climate

But the 51-year-old can not work in England and that has prompted him to put Chelsea's new stadium project on hold with no promise that it will be resurrected.

The announcement comes at a hard time for the Blues, with Russian owner Roman Abramovich still waiting on the extension of his British visa.

The businessman reportedly took Israeli citizenship this week after finding himself without a visa to Britain, where he owns the London-based Chelsea football club. "No further pre-construction design and planning work will occur", the club website statement said. "The decision was made due to the current unfavorable investment climate".

Since Abramovich submitted the renewal, there has been plenty of speculations as to why the UK Government are delaying issuing his visa.

It is claimed that Abramovich remains committed to Chelsea and prepared to keep investing into the team, but failure to move into a bigger stadium could have long-term repercussions on the pitch.

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Chelsea are expected to move into gear when director Marina Granovskaia returns from a break next week but Sarri no longer appears to be first choice to succeed Conte amid concerns about his past.

The Blues were planning to build a new 60,000-seat stadium at their current home in Stamford Bridge, west London.

Chelsea finished the season fifth in the Premier League table and won the FA Cup. He applied for a new one, but it was not granted.

Accounts for the holding company that owns Chelsea show that it owes 1.1 billion pounds in loans to Abramovich that could be repaid at 18 months' notice.

On Thursday, there were also reports that Chelsea had terminated contract talks with goalkeeper Thibaut Courtois.

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