SPURS chairman Daniel Levy has broken the hearts of thousands of Spurs fans after he admitted the club would have to leave White Hart Lane even if they were denied the Olympic stadium.

Speaking publicly on the issue for the first time, Mr Levy said the club's plans to build a 56,000-seat stadium in Tottenham – its home for 126 years – had become financially unviable in the past three months.

The news comes as a bitter blow to Haringey Council, traders, and Tottenham Hotspur supporters who are campaigning to keep the club in the borough.

Mr Levy said: "We would have to go back to the drawing board and that would obviously mean looking at other locations again.

"If one had a choice we would rather be building here. But to compete at the highest level we need a larger stadium and if that means we have to move out of the area I think the fans will back us."

Tottenham MP David Lammy who is leading the charge to keep Spurs in his constituency said the businessman was "throwing his toys out the pram".

Mr Lammy said: "I find it shocking that Daniel Levy is trying to hold North London to ransom by saying 'give me the Olympic Stadium, or else'. He has clearly decided that the club is too posh for Tottenham. That is a disgrace.

"Daniel Levy is treating Spurs fans, Tottenham residents and London taxpayers with contempt."

Spurs were granted planning permission by Haringey Council to redevelop White Hart Lane in October 2010 following two years of negotiations.

The plans had been on the cards for nearly two decades in which time the club has acquired nearly 20 acres of land most of which is now boarded up buildings and derelict industrial sites.

"Daniel Levy didn't complain in October that staying in Tottenham was unviable What has changed in the last three months? If Tottenham was good enough in October, why isn't it good enough now?", Mr Lammy added.

The Northumberland Devlopment Project, in Tottenham, will cost £450 million while knocking down the Olympic stadium in Stratford and rebuilding will cost £250 million.

But the build is still cheaper that similar projects including Arsenal's Emirates Stadium. The club paid more than £60million to honour statutory Section 106 agreements while Spurs are required to pay up to £17 million which would be used to improve transport and some money for schools.