Arena’s redeveloped by large football club (7)
I believe the answer is:
arsenal
'football club' is the definition.
(Arsenal football club)
'arena's redeveloped by large' is the wordplay.
'redeveloped' indicates an anagram.
'by' means one lot of letters go next to another.
'large' becomes 'L' (eg in clothes sizes).
'arenas' is an anagram of 'arsena'.
'arsena'+'l'='ARSENAL'
(Other definitions for arsenal that I've seen before include "A military store of guns and armaments" , "Place where guns and ammunition are stored" , "London football club - magazine" , "Supply of weapons" , "Cache of weapons or English soccer team" .)