Featured image credit: Everton
Premier League club Everton has today (Thursday) announced a long-term financing agreement for its new stadium, which will open later this year.
The £350m (€417m/$451m) in funding comes from a consortium of “blue-chip institutional leaders” and will refinance borrowing that supported the completion of the new stadium on Bramley-Moore Dock.
Everton said the offering was oversubscribed “multiple times”, ensuring competitive terms beneficial to the club. The financing is part of The Friedkin Group (TFG)’s commitment to “strengthen and stabilise” the club.
TFG completed its takeover of Everton in December in a deal reportedly worth in excess of £400m. TFG assumed the majority stake previously held by Farhad Moshiri’s Blue Heaven Holdings.
The stadium was initially slated to cost around £500m, but this has reportedly increased to around £750m. Everton estimates that the stadium will generate an additional £1.3bn of value for the local economy in Liverpool.
The stadium will also be a host venue during the 2028 UEFA European Championship, with Everton also stating that a “strong pipeline of additional revenue-generating non-football events” are in the works.
Everton’s new stadium will have a capacity of 52,888. It staged its first test event last month as 10,000 supporters attended an Under-18s friendly match against Wigan Athletic.
A second test event involving Everton’s Under-21s will take place on March 23, with a minimum of 25,000 supporters set to be in attendance. A third test event will be held later in the season, before Everton officially moves into the stadium for the 2025-26 campaign.
Everton formally took control of its new stadium in December. Work on the stadium commenced in August 2021 and it is now in the midst of a six-month fit-out phase.
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