Space around new stadium (5)
I believe the answer is:
arena
'stadium' is the definition.
('arena' can be a synonym of 'stadium')
'space around new' is the wordplay.
'space' becomes 'area' (I've seen this before).
'around' indicates putting letters inside.
'new' becomes 'n'.
'area' going around 'n' is 'ARENA'.
(Other definitions for arena that I've seen before include "dramatic situation" , "Place for public events" , "Place of combat" , "Wembley, for example" , "Performance venue" .)