Tottenham Hotspur Football Club (Spurs) is hoping to have its new stadium ready for the start of the 2017-18 season.

The proposed 58,000-capacity stadium, which forms part of the ambitious Northumberland Development Project in North London, has received initial planning permission – but it is understood the club still needs to secure additional funding to cover construction costs.

In a statement, Spurs chair Daniel Levy said the club had now identified those properties it intends to sell to raise cash and that a tender for the stadium will be launched later this year.

"We've undertaken a review of our property holdings in order to determine the essential core properties required to deliver the new stadium, with non-core properties – that are excess to requirements – being sold and the proceeds used to pay down debt secured against those properties," he said.

"The Northumberland project is a major development that will present ongoing challenges and subject to these challenges being manageable we anticipate going out to tender for construction late this year which will make a stadium opening date of summer 2017 feasible."