Liverpool supports new Everton stadium

Liverpool City Council is set to agree the principles of an innovative finance model with Everton Football Club that will support the Premier League club’s ambition to build an iconic waterfront stadium in the city.

A report will be presented to the Council’s Cabinet this Friday (31 March) recommending that the City Council progress Heads of Terms to create a new Special Purpose Vehicle (SPV) company which will take a lease of the stadium from a funder and in turn sub-lease it to the club.

Last week, Everton and Peel Land and Property agreed Heads of Terms to acquire a site at Bramley Moore Dock – which forms part of a £5bn Liverpool Waters scheme – from Peel, subject to planning consent.

The recommendation being presented to the council’s cabinet follows months of talks between the local authority and the club and following advice from independent financial and legal experts who have reviewed Everton’s “robust business case”.

Under the proposed finance structure of the SPV, the council will not provide any finance for the new stadium, which is anticipated to cost in excess of £300M and will be fully funded by the club.

Mayor of Liverpool, Joe Anderson, said: “I’m delighted that we have got to a stage where the city and Everton can publicly share the vision for the club’s potential new home at Bramley Moore Dock.

“I understand that creating this financial arrangement is a small step in a long journey for the club, but it is the first step and for that reason it is a special moment in the city’s – and Everton’s – long illustrious history. If things progress as we all hope, it marks the beginnings of a new and exciting chapter.

“The proposed new stadium will be a landmark for the city’s spectacular north Liverpool waterfront and a powerful statement of intent for the club and the city of Liverpool that will resonate globally.”

Robert Elstone, Chief Executive, Everton Football Club, added: “Over the past year, the club has worked with the support of the council and we are grateful for the ‘can-do’ approach that has got us to this important milestone. We are particularly grateful for the role the Mayor has played to date in our talks with Peel and helping us overcome one of our biggest hurdles, developing a solution that will allow us to find the funds we need to build the stadium, on terms that make it viable.”

The proposed stadium will be a catalyst for economic regeneration and job creation in north Liverpool and would complement the council’s proposed £100M regeneration drive in the surrounding area, which includes a new Cruise Liner terminal.