Premier League giants Chelsea on Thursday announced they had shelved plans for a new 60,000-seater stadium in London due to an "unfavourable investment climate".

"Chelsea Football Club announces today that it has put its new stadium project on hold," the club said in a statement.

"No further pre-construction design and planning work will occur.

"The club does not have a time frame set for reconsideration of its decision," it added.

"The decision was made due to the current unfavourable investment climate."

The club was looking to build the new stadium on the current Stamford Bridge site, and planned to moved in by 2021.