Liverpool City Council is set to agree the principles of an ‘innovative finance model’ with a Premier League football club in order to build a new stadium.
The city council is considering a proposal to create a new Special Purpose Vehicle (SPV) company in order to help Everton Football Club build a new stadium at Bramley Moore Dock.
Everton has acquired the site from Peel Land and Property after negotiations brokered by the mayor of Liverpool, Joe Anderson.
The SPV will take a lease of the stadium from a funder and, in turn, will sub-lease it to the club. The council will benefit from an annual security fee payable by the club in return for the council’s participation.
Everton will pay for the construction of the stadium, which is anticipated to cost in excess of £300m, and the deal will involve no financial outlay for the council.
It is hoped 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.
‘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,’ said mayor of Liverpool, Joe Anderson.
‘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.’
‘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,’ he added.
Robert Elstone, chief executive of 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 for his support in this important step in the journey towards reaching a funding solution for the stadium.’
