Liverpool news Everton funding plan for new £500m stadium at Bramley-Moore dock MetiNews.Com
MetiNews.Com - Everton new stadium at Bramley-Moore dock was given planning approval today and funding next steps will now be taken
Breaking News ! Everton will now accelerate their search for funding to help build a new stadium after the club's Bramley-Moore Dock project was approved by the Council. At just after midday, Liverpool City Council's planning committee unanimously voted in favour of granting the Blues permission to construct a 52,888 capacity ground. The application will now be reviewed by the Secretary of State for Housing, Communities and Local Government with Robert Jenrick given an initial 21 days to look into the plans. Everton will only rubber stamp their funding plans when central government have given the go-ahead for the stadium but club officials - with Farhad Moshiri and Sasha Ryazantsev leading the search for investment - will now press ahead with finding a lender. Sign up to our free EFC email newsletter Get all the latest match reaction, stadium news, transfer talk and more. We'll have all the latest Everton updates as well as comment and analysis straight to your inbox every day with our FREE email newsletter. Sign up here - it only takes a few seconds! The Blues are no longer looking at a funding model with Liverpool City Council. During today's planning committee meeting, Everton confirmed that "funding is on track" with the most recent update from the club, putting the cost of the project at £500m. It is not year clear if the estimate has risen since, however.
. And the Blues will now ramp up talks with a clutch of financial institutions before choosing which lender to strike a deal with. Moshiri is expected to pump in around £100m towards the project while the new stadium project will be part funded by the naming rights deal the club agreed with USM Holdings last year. Everton have yet to reveal the value of that deal but USM paid £30m for first refusal, at pre-agreed terms, on the rights.
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Everton are also to explore what grant funding may be available to them to help with enabling works but the vast majority of the half a billion pound project will come from lending, Moshiri and a naming rights deal. Today's decision by the local authority will also see Everton move towards finalising a deal with Peel for the waterfront site. An agreement was reached in 2017 for the Blues to take control of the land, with a view to purchasing a 200-year lease on the site for £22.5m, when planning permission was granted. As per the most recent set of accounts, which went up until the end of June, Everton had spent close to £40m on the new stadium project.
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Source = MetiNews.Com