Global crisis allows Spurs to save £40m on stadium

Tottenham are set to save £40million on the cost of their new stadium due to the global financial crisis.

Spurs have proposals for a new ground adjacent to the site of their current White Hart Lane home, with the full planning application for the Northumberland Development Project due in "the next few months".

The club have so far been encouraged by the response of local residents to the proposals and there's also good news over building costs.

Matthew Collecott, Spurs' finance director, said: "The stadium build cost has come down by about £40million because of a fall in the price of steel and cement, and people who want to do this project have greater availability than they did a year or so ago."

Collecott believes the club's stadium plans will lead to a positive impact on the area surrounding the ground. "Nobody else is going to pump £250million into this part of London," he added. "It doesn't take a genius to realise it's not the nicest area. It could be the start of much-needed regeneration."

The club will hold their second public exhibition for the new stadium from 2-7 April, giving more detailed information and revealing new images for the work which also includes retail, restaurants and homes alongside public space.