US billionaire pulls ￡600m Wembley offer, thousands underpaid in ￡1bn benefits shambles, and more top news

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A US billionaire has withdrawn his ￡600m offer to buy Wembley Stadium. Shahid Khan, who owns Fulham FC and the Jacksonville Jaguars NFL team, cited a lack of support for the proposal within English football, and said he did not want it to be divisive. Questions had also been raised about whether the funds from the sale would be distributed and spent as proposed. The acquisition was part of an ambitious plan by the tycoon to bring his NFL franchise to London.

The government could pay out more than ￡1bn, after it emerged 180,000 people claiming Employment and Support Allowance have been underpaid. The “historic error” at the Department for Work and Pensions dates to between 2011 and 2014 when claimants were switched over from incapacity benefit. The underpayments, worth ￡970m, will be paid back over the next two years, with tens of thousands of people potentially owed an average of ￡5,000 each.

New Look is set to abandon its Chinese expansion, with 130 stores facing the axe. Sky News reports the clothing brand has appointed property agent CBRE to manage its exit from China. It is believed an exit from France, Belgium and Poland is also on the cards. Earlier this year, the British retailer announced it was closing 70 stores through a Company Voluntary Arrangement as part of its recovery plan. New Look is not the only UK retailer to struggle in China. In August, Sir Philip Green’s Topshop terminated a franchise agreement with its Chinese partner ShangPin.

Patisserie Valerie owner Luke Johnson’s “nightmare” isn’t set to end anytime soon, after the sale of his Gail’s Artisan Bakery chain was delayed by Brexit. The chain was expected to be put up for auction this year, but plans have been halted until after March 2019. The news comes just days after Johnson was forced to inject ￡20m into Patisserie Valerie to stave off collapse, after the discovery of a multimillion pound accounting black hole.

A Cypriot airline popular with British holiday-makers has suspended operations and cancelled all flights from midnight Wednesday. Cobalt, which flies from Cyprus to Gatwick, Stansted, Heathrow and Manchester, has told passengers not to travel to the airport and instead contact their travel agent or credit card provider. The BBC reported that nine flights had been scheduled to operate from Larnaca airport on Thursday, although it is not known how many passengers have been impacted. Last month, Danish carrier Primera Air went out of business after 14 years.

This article has been updated: From earlier: Auction house Sotheby’s is holding its first all-gold sale.

Idea of the Day: Ditch your mobile devices when at home with your family, writes USC Annenberg School for Communication and Journalism Dean, Willow Bay.

“I'm adamant about not bringing my phone to the dinner table. I’ve also been known to bring out a festive red basket during holiday get togethers and ask everyone to deposit their phones.”

What's your take on today’s stories? Share your thoughts in the comments.

— Natalie MacDonald