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SBD Global/January 3, 2018/Facilities

Everton's New Stadium Costs 'Escalated Significantly' From Original Projections

Everton confirmed the costs of its proposed stadium at Bramley Moore Dock have “escalated significantly” and the club now intends to move for the start of the '22-23 season, according to Andy Hunter of the London GUARDIAN. Everton in November agreed to a 200-year lease on the waterfront site with owner Peel Land & Property Ltd., "conditional on planning consent and securing funding for the construction." Funding and planning permission are "expected to be in place" early this year, along with publication of the stadium designs by Meis Architects, but Everton "will have to borrow significantly more" than the initial £300M projected costs of its new home. Everton CEO Robert Elstone confirmed the funding target "has escalated significantly." Elstone: "The premium for the waterfront site, an ambitious capacity that we will test with more rigor, a design we can all be proud of and the simple but painful impact of inflation have all contributed to an increased overall cost and a funding target which continues to grow" (GUARDIAN, 12/31). The BBC reported Elstone said that he believes a potential naming rights deal, sponsorship and bigger attendances at the new ground "will recoup" the club's investment. He said, "All our efforts during 2018 will be focused on meeting this challenging but achievable target. We are moving ever nearer to securing a significant proportion of the funding we will need to build the stadium." Iranian businessman Farhad Moshiri bought a 49.9% stake in Everton in Feb. '16 and "quickly outlined plans for a move from Goodison Park," which has a capacity of 39,572 (BBC, 12/31).
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