Tottenham today revealed plans to build a 60,000-seat stadium at White Hart Lane but it will have a new name.

After a fruitless search for alternative venues, including Wembley Stadium and the Olympic Stadium in Stratford, Spurs are to remain in N17 and build upon their existing ground.

But to raise cash for the project, the club will sell the stadium name to a sponsor.

"Unfortunately it's a function of modern day finance absolutely there will have to be naming rights," admitted chairman Daniel Levy. "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 club have negotiated deals for around 200 properties close to White Hart Lane for £44million. They are expected to be used as part of a development that will also include a club museum, new shops, restaurants and homes.

Spurs have previously been reluctant to commit to rebuilding in the area due to problems of transport, parking and access for fans on matchdays. Today's announcement provides few details as to how these issues will be overcome. As well as the naming rights, Levy said cash would be raised through "a combination of property deals, bank finance and innovative funding proposals".

Spurs will have to go through a consultation period with fans and residents before submitting a planning application to Haringey Council before the end of 2009.

Levy added: "We are determined not to undertake any project that undermines the financial stability we have worked so hard to create. After discussions with Council bodies, the London Development Authority, Transport for London and local and central government officials, redeveloping the site emerged as the most viable route."

Spurs are yet to settle on a figure for the estimated cost of the project. Arsenal's Emirates Stadium, which has a 60,000 capacity, cost £400m.

No completion target has been set but building work is unlikely to start before 2011. The club also expect to begin building a new 68-acre training complex in Enfield.