The Tottenham chairman, Daniel Levy, has insisted that the club do not require regular European football to fund their new stadium. Tottenham have revealed the latest plans of the Northumberland development project, which would build a 58,000-capacity stadium adjacent to White Hart Lane.

Levy will explore different ways of financing the project, including the possibility of issuing more shares in the club and selling the naming rights for the stadium to sponsors, but qualification for the Champions League or Europa League is not essential to funding the stadium.

"We are running the project in that we have Premier League status; it is not based on European qualification," Levy said. "I don't think there is a principal funder, but naming rights will be important.

"But possibly so will be an equity issue, or bank finance, so it is hard to say what will be most significant."

The planning application is yet to be lodged, with the possibility of matches being played at the new ground by 2013 or 2014 if everything goes to plan. Tottenham want to use the space around the new ground for community events such as a temporary ice rink or street markets, and they have been encouraged by the response from local residents, while Levy is confident the club will be able to regularly fill their new home.

He added: "At the moment we have roughly 25,000 season ticket holders and we have a waiting list of over 22,000 and that was before plans for the new stadium so I am sure as soon as people can get seats in the new stadium there will be plenty of interest."

It was revealed last week that Tottenham could save up to £40m building the new ground because of the global financial crisis.

"In terms of construction costs one of the advantages at the moment is that the construction costs will come down compared to a couple of years ago but on the other hand, raising finances is more difficult," Levy confirmed.