In a brief statement the club said: “No further pre-construction design and planning work will occur.

“The club does not have a time frame set for reconsideration of its decision.

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

Plans for a new 60,000 seater stadium were first unveiled in 2015 with a price tag of £500m.

The project was approved by the Mayor of London last March and the club had been sounding out the market recently to set up a construction team.