Everton stadium plans approved by Liverpool City Council

Everton’s plans for a new stadium have cleared the first hurdle after Liverpool City Council approved the establishment of a scheme to help with funding for the project.

The cabinet met this morning and rubber-stamped a report which agreed to the setting up of a special purpose vehicle (SPV) which will allow the club to borrow the necessary money, guaranteed by the council, to finance the new £300million-plus ground at Bramley-Moore Dock.

Everton can now begin the planning process which will potentially lead to the submission of a formal planning application by the end of the year.

The cabinet report claims a new stadium will bring a forecasted £9million in economic benefits to the city annually and could play a part in its Commonwealth Games bid, for either 2022 or 2026.

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There will be no financial outlay towards the project by the council but its involvement in supporting the funding model will bring in a £4m-£5m annual security fee.

According to the report “EFC intend to use the stadium move to facilitate a vital legacy project at Goodison Park, delivering health, education, affordable housing and public spaces for the local community”.