May 31, 2018
Abramovich’s Chelsea FC shelves plan for £500m football stadium
Chelsea football club has halted plans to build a £500m stadium due to the "Current unfavourable investment climate", after its Russian oligarch owner Roman Abramovich withdrew his application to obtain a UK investor visa. A person close to the Chelsea's leadership said it was impossible to continue with the stadium project without assurances over its owner's immigration status, with Mr Abramovich unwilling to commit hundreds of millions of pounds to construction due to the visa issues. Chelsea has obtained planning permission to build a new 60,000-seat stadium in west London, with the city's mayor Sadiq Khan saying it would become the "Jewel in London's sporting crown". Since acquiring Chelsea in 2003, a move that has made him the most famous oligarch in the UK, Mr Abramovich has been known for keeping a close eye on club affairs. Previously, Mr Abramovich has maintained that his ownership of Chelsea is not a financial investment and in its latest accounts published in April, Fordstam said it "Has received confirmation from that sufficient funds will be provided to finance the business for the foreseeable future".
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