Italian Serie A football club AS Roma has abandoned plans to build a new stadium in the Tor di Valle area of Rome.
Plans for the 55,000 seat Stadio della Roma were approved in 2017 by Rome’s city council.
But on the back of a change in ownership at the club, planning issues and difficulties caused by the pandemic, the development has now been shelved.
The club said in a statement:
The ownership of AS Roma intends to invest, in order to be competitive, in a winning team that can play in a new modern and efficient stadium.
The Board of Directors has reviewed the in-depth analysis conducted by financial advisors and top lawyers and can confirm that the conditions to build the stadium in the Tor Di Valle are no longer exist.
The Board of Directors also noted that the pandemic has also radically changed the international economic scenario, including the financial prospects of the current stadium project.
The US-based Friedkin Group acquired ownership of the club from Jim Pallotta in a €591 million deal in August 2020.
The group has maintained that a new home ground is still on cards but it will not be at the Tor di Valle site.