Liverpool City Council (LCC) have formally approved their support for Everton’s plans to build a new stadium on Bramley Moore Dock.
The Council Cabinet met on Friday morning to approve a funding model that will see the Council as as guarantor, thereby giving Everton access to preferential interest rates on loans required to fund the project.
As part of the agreement the Council will set up a Special Purpose Vehicle (SPV), which will sit between Everton and the lender.
LCC will not be paying anything towards the project, but will earn £4.4m a year as part of the deal.
The terms of this agreement were revealed last week but formal approval from the Council allows Everton to press ahead in their search for investors to fund the project, estimated to cost in excess of £300m.
Speaking at the Council meeting, Liverpool Mayor Joe Anderson said:
"This is great news for Liverpool. A new chapter for Everton Football Club. This can be a catalyst for regeneration."
“It’s ticking every box. It’s great for Everton as an institution... and great for the council”
I’m very confident Everton will deliver something very special for the fans and the city of Liverpool.
“We’re truly well securitised. I don’t believe Everton are going to be relegated in the near future and anyway we’re securitised.
“We’re not funding a billionaire. We’re doing a great deal for Liverpool city council.”