Tottenham Hotspur announced plans yesterday to build a 60,000-capacity ground next door to their White Hart Lane home.

In a statement released with the Premier League club's financial results, chairman Daniel Levy said:

"With a waiting list for season tickets of over 22,000 and club membership levels of over 70,000, our need for an increased capacity stadium has been clear for all to see."

The stadium would be built as part of a complex incorporating homes, shops, restaurants and a club museum.

Levy said the new stadium would not be known as White Hart Lane.

"Unfortunately it's a function of modern-day finance - absolutely there will have to be naming rights on the stadium," he told Sky Sports News.

"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."

The chairman, who has been heavily criticised for the failed regime of coach Juande Ramos who left the club bottom of the Premier League before being fired earlier this month, said the plans would not impact on transfer spending.

He conceded, however, that new boss Harry Redknapp would have "limited" funds for spending during January's transfer window.

Spurs have been at White Hart Lane in north London since 1899 but with a capacity of just over 36,000 the ground is dwarfed by local rivals Arsenal's 60,000-capacity Emirates Stadium.

Spurs have spent five years buying up options on industrial land close to their ground after discussions with local governing bodies led to the conclusion that redeveloping the current site and its environs was the most viable route.

"To date this includes almost 60 separate property transactions, including 40 residential and potentially 160 commercial properties at a commitment of 44 million pounds," Levy said.