Work to increase the capacity from 16,800 to 25,000 is set to begin in 2007, but only after approval from the city council.

"Hopefully it'll be completed before 2015. We must be financially prudent," said managing director David Clayton.

"We don't want to burden the club with a mountain of debt."

The first stage of the scheme will be to redevelop the Next Stand, including residential apartments, while the remainder will see the Crumbie Stand extended.

A year ago the Tigers announced plans to buy a half share in the home of Leicester City, Walker's Stadium, for around �20m.

But the scheme was abandoned this summer with the Tigers instead signalling their intention to buy their ground back from the city council and redevelop it further.