Tottenham reveal new stadium plan
Tottenham Hotspur have confirmed their intention to build a new 60,000-capacity stadium in the same location as their current ground, but it will not be called White Hart Lane.
The club announced favourable financial results to the stock market on Thursday and decided to push ahead with proposals for a larger stadium to help cut their season ticket waiting list of around 22,000.
Chairman Daniel Levy said: "The scheme includes the current site and adjoining land with the stadium sited largely to the north of the existing one."
But the club's continued economic prudence means that the naming rights for the new stadium will be put up for sale.
"Unfortunately it's a function of modern day finance," Levy explained. "It's going to be a new stadium so it won't be White Hart Lane. If we want things to progress, things have to change."
Spurs have been at White Hart Lane since 1899 but with a capacity of just over 36,000, and over 70,000 supporters club members, the club have taken steps to compete with the Premier League's top clubs - including local rivals Arsenal, who moved to the 60,000-capacity Emirates Stadium in 2006.
Tottenham's new Northumberland Development Project will incorporate shops, leisure facilities, and housing, as well as the football ground
Levy said: "Our need for an increased capacity stadium has been clear for all to see for some time.
"Having reviewed our stadium options it was clear that there were a limited number of alternative sites to our current location and following discussions ... redeveloping the existing site emerged as the most viable route.
"We have spent five years buying and taking options over property around the current stadium site. To date this includes almost 60 separate property transactions, including 40 residential and potentially 160 commercial properties at a commitment of £44m."
Levy denied that the new plans would have any effect on new manager Harry Redknapp's transfer budget, but did concede that it would be a "limited" one in January nonetheless.
"The stadium has no impact on our transfer policy," he confirmed. "When Harry took the job we had a conversation about the current squad and we agreed we have the talent here. One or two small changes maybe but generally we have the talent here.
"There may be limited transfer funds available (in January) but the main transfers take place in the summer."
Levy also revealed the planning process for the stadium is likely to begin next year.
"The public consultation period will now begin and we would hope to submit a planning application in 2009," he said.
"I am personally delighted that we have been able to put forward a viable option which we know to be the fans' favourite - remaining at the club's spiritual home."
With financial revenue up from £103 million to £114.8 million Tottenham announced a net debt of £14.6 million - a figure that includes property acquisitions - which is one of the lowest debts of all the Premier League clubs.