Tottenham Hotspur, the English soccer club which plans to build a new 58,000 stadium, has raised nearly US$25 million from the sale of new shares.

The club, which has played at its current home, the 39,000 capacity White Hart Lane, for the last 110 years, plans to move to a new site adjacent to the current ground. It will be part of a complex also including homes, shops, restaurants, a club museum and public spaces.

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"During the past two years the company has engaged a full-time team of experts and consultants to progress the development of the proposed new stadium," a club statement said. "The professional costs to advance the project to a position where the company can submit a full planning application will be circa £15 million (US$24.84 million). The directors are keen to ensure this stage is reached at no detriment to the core operations of the business, which are subject to the current economic downturn and the pressure on underlying costs which result from pushing for success in such a hugely competitive business."
 
Spurs have won the first three Premier League games of the current season, giving them their best start to a campaign since securing the league and FA Cup double in 1960/61.