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Limitations at Highbury have led the club to monetary losses in recent seasons despite impressive domestic form. To close the gap with rivals such as Manchester United, Arsenal are currently in the process of building a new 60,000 seater stadium at Ashburton Grove, about 500m southwest, towards Holloway Road. While this project has been somewhat delayed by bureaucratic red tape and rising costs, the club has secured financing and hopes that its new stadium will enable it to continue to develop and compete at the very highest level of English and continental football. The stadium will be known until the end of the 2020/21 season as The Emirates Stadium after the club signed the largest sponsorship deal in English football history with airline Emirates, worth approximately £100 million over the term of the deal; Emirates will also become the club's shirt sponsor from 2006 until the end of the 2012-2013 season.
