Everton Football Club has had plans for its £300m new stadium approved by Liverpool City Council.
The council will now form a special purpose vehicle (SPV) company to help bring forward the project within Peel Land & Property’s £5bn Liverpool Waters scheme.
Everton FC will fully fund construction of the stadium, but lease the stadium from the SPV. Under the agreement the council will provide security for Everton’s loans and receive £4.4m a year from the Premier League club as a security fee.
The new 50,000-seat venue will be built at Bramley Moore Dock and increase the current Goodison Park stadium capacity by nearly 10,000.
Liverpool mayor, Joe Anderson, who helped negotiations between Everton and Bramley Moore’s landowner, Peel Holdings, confirmed the proposed stadium would form part of Liverpool’s bid to host the 2022 Commonwealth Games.
“This deal is a great step forward for Everton and it’s a great deal for the city of Liverpool,” said Anderson.
“This new stadium has the potential to kick-start the regeneration of the area and will provide a massive boost to the city’s economy.
“The ball is now in Everton’s court to sort the finance package and design a stadium that will make the world sit up and take notice.”
