Everton chief executive Robert Elstone has revealed that the funding target for the English Premier League football club’s new stadium has “escalated significantly”.
Everton plans on building a state-of-the-art new stadium on the site of Bramley Moore Dock in Liverpool. The club agreed a deal to lease land on the site back in November.
The lease agreement was signed by Everton Stadium Development Limited, a wholly-owned subsidiary of the club, and developer Peel. The lease is conditional upon gaining planning consent for the proposed new stadium and securing funding for its construction. It will run for a period of 200 years at a peppercorn rent.
Everton had initially projected that the stadium would set the club back in excess of £300m (€337.3m/$406.9m) but the final costs are now expected to be much higher.
Elstone said: “That funding target has escalated significantly and has occupied much of our efforts of the past 12 months. The premium for the waterfront site, an ambitious capacity that we will test with more rigour, a design we can all be proud of and the simple but painful impact of inflation, have all contributed to an increased overall cost and a funding target which continues to grow
“It’s a challenge that has always had the full support of Liverpool City Council and throughout 2017, we have been totally committed to finding a funding arrangement that works for the club and the city. We have needed to be patient as we work together to ensure the ‘checks and balances’ that underpin such a deal are in place and whilst we ‘detoured’ temporarily pursuing the prize of hosting the Commonwealth Games, as we start the new year, both parties feel we are near to agreeing a framework that works.
“Once these funding arrangements are secure, we will be able to move forward with more conviction and optimism. Our new home will kick-start the regeneration of North Liverpool and we are proud to be the catalyst for significant numbers of new homes, jobs and infrastructure. The prize for the club and the city is substantial. Bramley Moore Dock will bring £1bn of private sector investment into the city and introduce our world-famous waterfront to billions of Premier League fans every weekend.”
Everton has played at Goodison Park since 1892 and Elstone said that legacy plans are in place for the stadium’s future. The new stadium is expected to be open in time for the 2022-23 season.
Image: Ben Sutherland
Share this