Chelsea have delayed the construction of their new stadium due to "unfavourable financial conditions."

The club were granted permission to build a new 60,000-seater stadium in March, but a string of delays has increased the cost to £1bn.

The rise in price has forced the club to put the construction plans on hold for the time being.

"No further pre-construction design and planning work will occur," a statement on the club's website said.

"The club does not have a timeframe set for reconsideration of its decision."

The setback comes soon after Chelsea's owner Roman Abramovich was denied a visa to work in Britain, meaning that the Russian billionaire had to gain citizenship in Israel.