Tottenham have started work on the new stadium that is set to be completed by 2015. Tottenham Hotspur have decided to move to a new stadium in order to increase their revenue, and they have started work on the £ 430 million extravagant building.
The stadium construction began a few weeks ago, while the other elements of the stadium like the supermarket and offices will be beginning shortly. The club recently announced that they have appointed McLaren construction as the main instructor of this new stadium. The first stage of the development will be handled by this company before the tenders for both the public space and the stadium go live next year.
Tottenham are not sure about the funding for the £ 430 million stadium. However, they expect to move into this stadium by the start of the 2016-17 season, while the stadium itself is expected to be completed by 2015. It is also believed that this project can help Tottenham get more than £ 150 million from the naming rights alone on a 10 to 15 year contract. A few companies from the Middle East and China have thought to be included in the interested parties. The stadium will have the capacity to hold 56,000 people, which is significantly better than the current capacity of just over 35,000.
Tottenham will be receiving a small portion of the funding from the council itself, but it is extremely small when compared with the total project. Tottenham recently threatened to take over the Olympics stadium, but the bid was not successful. As a result, the Tottenham chairman Daniel Levy decided to start the work on this new stadium. The club are also exploring at various other opportunities to increase the sponsorship revenue from the stadium including having many supermarkets.