Tottenham Hotspur are set to save £40m on the cost of their new stadium due to the global financial crisis, the club's finance director Matthew Collecott has revealed.

Spurs have proposals for a new ground adjacent to the site of their 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 could now be good news over building costs.

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

Collecott also feels the new stadium will lead to a positive impact on the surrounding area.

"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 for this part of north London."

Spurs will also start preliminary work in April for their new training complex in Enfield.