Chelsea Football Club has put its plans to build a new stadium on hold until "economic conditions improve".

The English Premier League received planning permission in 2017 to build a 60,000-seat venue at the site of its current Stamford Bridge stadium.

The new stadium – designed by architects Herzog & de Meuron – was expected to cost around £1bn and had already received the green light from the mayor of London, Sadiq Khan.

In a statement, Chelsea FC said it would not look to utilise the planning permission it had received.

"We acknowledge that the planning permission we obtained for a new stadium expires on 31 March 2020," the statement reads.

"We are grateful to all our fans and stakeholders, especially Hammersmith & Fulham Council, for their patience and understanding in the matter.

"We will continue to consider our options for a new stadium, should economic conditions improve."