Chelsea Football Club has scrapped plans to build its new Herzog & de Meuron-designed Stamford Bridge stadium, citing an “unfavourable investment climate”.

The planned £500m stadium, said to be inspired by gothic cathedral architecture, has been in the pipeline for years and had fended off various legal challenges.

Plans were formally unveiled in December 2015 to increase capacity of the ground from its current 41,600 to 60,000, putting it on a par with Arsenal’s ground.