Stadium delight

The stadium will help Arsenal to compete with Manchester United, who bring in an estimated £1m more than Arsenal at each home game. Old Trafford's capacity is 68,210 - some 30,000 more than Highbury.

Fiszman added: "It is a huge relief after so many people have put in so much hard work."

Friar made it clear that the repayment of the loans - to be spread over 14 years - will not affect the transfer budget of manager Arsene Wenger. Friar said: "In fact the opposite is true. It will give him more funds."

Wenger, whose side are seven points clear at the top of the Premiershipand travel to Spain today for a Champions League clash with Celta Vigo, has had a significant input into the design of the stadium.

Wenger said: "This is very exciting news. This club has such an illustrious past but today is one of the most important dates in our history

"It has been a big target of mine to participate in pushing the club forward. Relocating to a new stadium is a necessity as it will enable us to become of one the biggest clubs in the world.

"Also, I love the fact that the new site is so close to Highbury. It's where our heart is and, from a personal point of view, I am hopeful of being the Arsenal manager when we move to the new stadium in 2006."

Fiszman added: "This has been a major undertaking and effectively my 5-9 job . . . that is 5am to 9pm!"

Arsenal also will be responsible for revamping the transport infrastructure around the stadium area. It will include a new road system and improved rail facilities, especially at Holloway Road tube station and Finsbury Park.

The club believe that the stadium, which will be constructed under the direction of Sir Robert McAlpine, could be used if London is successful in its bid to stage the 2012 Olympic Games.

The scheme has been hit by delays as Arsenal have worked to secure Compulsory Purchase Orders and overcome a series of objections from residents.

Fiszman said: "It has been a long battle but worth it. There have been problems along the way but we have found the answers to those problems."

Arsenal chairman Peter Hill-Wood said: "The financing of the group is now complex, but throughout the financing structure we have retained the twin objectives of continued investment in our outstanding playing squad and separate funding for the building of the stadium."

Arsenal said that they have obtained a loan facility for the project from a banking group which comprises the Royal Bank of Scotland plc, Espirito Santo Investment, the Bank of Ireland, Allied Irish Banks plc, CIT Group Structured Finance (UK) Limited and HSH Nordbank AG.