The club cite a lack of top-level European competition as the reason behind a drop in profits for the financial year 2011-12, with chairman Daniel Levy prioritising a new stadium
The club's revenues slipped by 12 per cent to £144m, with the team having failed to qualify for Europe's premier club competition for two consecutive seasons.
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He told the club's official website: "We are ever ambitious for the club, driving all areas of the business and our focus continues to be the delivery of an increased capacity stadium.
"There is much work to be done refining the detailed design and resolving the final development issues.
"We intend to deliver this to the same high standards of the new training centre [opened in July 2012] and to reward our incredibly loyal supporters with a world-class stadium and one that will have made a crucial contribution to the regeneration of a priority borough in London."