English Premier League football club Everton is said to be in “advanced talks” with a Chinese consortium over a multi-million pound investment to aid the development of its new stadium.

According to the Daily Mirror newspaper, Farhad Moshiri, majority shareholder in the club, is seeking financial support from outside parties in order to allow the club to continue to invest in the team.

The new stadium, which will be constructed at Bramley Moore Dock on the River Mersey, is expected to cost more than £300m (€353.7m/$383.4m). The club will borrow money for the project, with Liverpool City Council (LCC) to serve as guarantor.

Although the newspaper did not disclose the identity of the Chinese group, it did state that Moshiri has already held talks with potential investors.

The newspaper added that any deal is likely to include naming rights to the new stadium.

Everton has had its new stadium plans approved by Liverpool City Council earlier this month. The move to build on Bramley Moore Dock was formally backed by the council and the decision financially guarantees the project.

Under the agreement, the council will provide security for Everton’s loans and receive £4.4m a year from the club as a security fee.