Tottenham Hotspur have announced they are on track to leave White Hart Lane and move to their new stadium in the summer of 2017.

The club published its financial results this morning and confirmed it has secured funding for the completion of phase one of the new ground – the centre of a major regeneration of Tottenham.

Building work is expected to begin on the first phase later this year, once a tendering process to find a contractor has been completed.

In its end-of-financial-year statements, the Premier League outfit announced a profit of £1.5million, compared with a loss of £4.5million the previous year.

Revenue increased two per cent to £147million, while gate receipts increased by four per cent to £22.2million.

The club’s participation in the Europa League and domestic cup competitions led to a 14 per cent increase in prize money, which totalled £11.3million.

A record five-year shirt sponsorship deal with pan-Asian insurance firm AIA will also bring increased revenues, say the club.

Chairman Daniel Levy told fans in a statement on the club’s website that the new stadium was vital to securing the long term future of Tottenham Hotspur.

He said: "We cannot stress strongly enough how critical the new stadium is over the long-term.

“We have the smallest capacity stadium of any club in the top 20 clubs in Europe, let alone the current top four Premier League clubs, and given we now operate within UEFA Financial Fair Play rules, an increased capacity stadium and associated revenues is fundamental to supporting the future ambitions and consistent achievement at the top of the game.

“Our focus therefore is to continue to invest in and develop the squad - we shall not look to a summer of major upheaval, but rather to strengthen in key positions - to play the style of football for which we are famous - and to deliver the new stadium.”