The construction of Liverpool Football Club’s (LFC) new 73,000-seat stadium in Stanley Park has been put on hold.

The £350m development, which received planning permission last month, was expected to open in time for the 2011-2012 season.

A spokesperson for the club said: "Our commitment to building a new world class LFC stadium is undiminished. Like many other major development projects in the UK and overseas, we are affected by global market conditions and as such work on the project will be delayed in the short term.

"We will use this period productively and progress the proposals for the stadium to increase its capacity to 73,000 seats."

Lang O’Rourke, the development’s engineers, had already begun to prepare the site for construction, which was due to begin this month.

The stadium, which will be built next to the existing Anfield home, has already been subject to several delays due to redesigns. Concerns have also been voiced that the stadium's new American owners, Tom Hicks and George Gillett, will not be able the raise the funds needed for the scheme due to the economic climate.

The stadium is designed by US architects RyderHKS and features a separate, stand-alone, tier for 18,000 fans. It will also incorporate tennis courts, a multi-use games area, a club shop and museum, conference and banqueting facilities.

The revised, approved, plans reduced the size of the stadium by 25 per cent in order to provide 36-hectares (89-acres) of open space around the building.

Outline planning permission has been secured to redevelop Liverpool FC’s existing Anfield stadium in to a plaza with a car park, sport centre and hotel.