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Earlier this year Professor Stephen Hawking shocked physicists by saying ‘there are no black holes’.

In a paper published online, Professor Hawking instead argues there are ‘grey holes’
‘The absence of event horizons means that there are no black holes – in the sense of regimes from which light can’t to infinity,’ he says in the paper, called Information Preservation and Weather Forecasting For Black Holes.
He says that the of an event horizon, from which light cannot escape, is flawed.
He suggests that instead light rays attempting to rush away from the black hole’s core will be held as though on a treadmill and that they can shrink by spewing out radiation.  
of the reasons black holes are so bizarre is that they pit two fundamental theories of the universe against each other.
Namely, Einstein’s theory of gravity predicts the formation of black holes. But a fundamental law of quantum theory states that no information from the universe can ever disappear.
Efforts to combine these two theories problematic, and has become known as the black hole information paradox – how can matter disappear in a black hole as predicted?
Professor Mersini-Houghton’s theory does manage to mathematically combine the two fundamental theories, but with unwanted effects for people expecting black holes to .
‘Physicists have been trying to merge these two theories – Einstein’s theory of gravity and quantum mechanics – for , but this scenario brings these two theories together, into ,’ said Professor Mersini-Houghton.
‘And that’s a big deal.’