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Levy has no grounds for concern
Published : 01 Apr 2009 14:15:00
Tottenham chairman Daniel Levy insists the club will not have to guarantee regular European football to fund their new stadium. Spurs have revealed the latest plans of the "Northumberland Development Project", which would see the 58,000-capacity stadium built adjacent to their current White Hart Lane home. Levy will explore different ways of financing the project, including the possibility of issuing more shares in the club and selling the naming rights for the stadium to sponsors. Reaching the UEFA Cup or Champions League, however, is not essential to funding the stadium. "We are running the project in that we have Premier League status, it is not based on European qualification," Levy said. "I don't think there is a principle funder, but naming rights will be important. But possibly so will be an equity issue, or bank finance, so it is hard to say what will be most significant." The planning application is yet to be lodged, with the possibility of football being played at the new ground by 2013 or 2014 if everything goes smoothly for Spurs. Spurs want to use the space around the new ground for community events such as a temporary ice rink or street markets, and they have been encouraged by the response from local residents. Levy is also confident that Spurs will be able to fill their new home. He added: "At the moment we have roughly 25,000 season tickets holders and we have a waiting list of over 22,000 and that was before plans for the new stadium so I am sure as soon as people can get seats in the new stadium there will be plenty of interest." It was revealed last week that Spurs could save up to £40million due to the global financial crisis. Levy added on Sky Sports News: "In terms of construction costs one of the advantages at the moment is that the construction costs will come down compared to a couple of years ago but on the other hand, raising finances is more difficult."