Tottenham Hotspur have unveiled plans for a new 60,000-capacity stadium close to their White Hart Lane ground in north London. In their financial results released to the stock market today, Spurs announced further details of the Northumberland Development Project, a large-scale development incorporating leisure facilities, public space and housing, as well as the new stadium.
Chairman Daniel Levy's statement, 24 hours after the team's thrilling 4-4 draw at Arsenal, said: "The scheme includes the current site and adjoining land with the stadium sited largely to the north of the existing one."
The Tottenham board pushed ahead with proposals for a larger stadium with a season ticket waiting list of around 22,000, but were conscious of the importance of remaining in the Haringey area. Other sites were considered, but ultimately it was decided their current location, plus land adjacent to it, was the most suitable option.
"," Levy explained. "We diligently spent considerable time reviewing our options and the news that our supporters had been waiting for came this month when we announced our intention to remain in Tottenham, confirming the Northumberland Development Project - a world class scheme incorporating a new stadium with a capacity of 60,000, a club museum, new shops, restaurants, homes and important public space.
"Having reviewed our stadium options it was clear that there were a limited number of alternative sites to our current location, and following discussions with Council bodies, the LDA, Transport for London and local and central government officials, 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 enable us to either develop locally or to gain the critical mass to achieve a substantial site sale as a contribution to a relocation. To date this includes almost 60 separate property transactions, including 40 residential and potentially 160 commercial properties at a commitment of £44m."
Levy revealed the planning process is likely to begin next year. "The public consultation period will now begin and we would hope to submit a planning application in 2009," his statement continued. "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."
The club's financial results revenue was up from £103m to £114.8m, with net debt of £14.6m at the end of the financial year; a figure which nevertheless includes property acquisitions.