The Liverpool City Region Combined Authority are going to consider a proposal that will give Everton up to £45 million for their new stadium that is being built at the Bramley-Moore Dock on the banks of the River Mersey.
The breaking news late on Thursday evening as reported by the Liverpool Echo goes on to say that the sum consists of a £15m grant and a separate £30m loan for the massive project that has a completion goal for the 2023/24 season.
Everton have sought investment for the development of the area as they look to rejuvenate one of the most rundown areas of the region with the goal of creating up to 15,000 jobs and £1 billion kickstart for the local economy.
The Combined Authority will debate proposals next Friday, but in a statement released today insisted that the money was not to be considered an investment in the club but for the knock-on effect of helping the region.
The Echo goes on to clarify that the £15m grant was for covering the infrastructure work for the public spaces around the stadium, and offsetting some of the £55m that the Club are setting aside for heritage preservation of the waterfront site.
The £30m loan would be a contribution to the approximately half a billion pound construction cost for the new stadium, primarily because of the in-depth analysis the Club have done in ensuring the dock site is kept intact as far as possible.
“The Combined Authority exists to drive economic regeneration, create jobs and opportunities for local people, and breathe new life into an area that has continually been left behind by national governments.
“Devolution is all about local leaders taking control of our own destiny and working with local people to shape the future we want for our region.
“This project stands as one of the most significant regeneration projects our region has seen in more than a decade and will be a major catalyst for regeneration and revival in an area that has been crying out for investment for decades.
“This is not an investment in a football club but in an important project that will generate a myriad of social and economic benefits for communities across our region.
“From creating thousands of jobs, training and apprenticeship opportunities for local people, attracting hundreds of thousands of new visitors to our region and launching programmes that will help to tackle health and social inequalities, whilst supporting the vulnerable within our communities.
“The financial returns generated from this investment will ensure that we are able to invest in further regeneration projects and services across the city region.
“Given austerity and the financial constraints that local councils continued to face, this is an innovative way of generating new money and investing to improve our region.”
The grant and loan offer would be conditional on Everton meeting certain targets for both employment and economic regeneration for the area, but for now this looks like a big boost for the club as they continue work on building the Toffees’ home of the future.