Liverpool City Council would reportedly loan Everton a "maximum" of £280M ($378.3M) toward the cost of the club’s £500M ($675.5M) stadium project, according to Paul Joyce of the LONDON TIMES. Liverpool Mayor Joe Anderson "defended plans to strike the funding deal" and said that the proposal would "benefit the city of Liverpool first, and Everton second, as he sought to deflect criticism." It is understood that in return for its investment, which would be repayable over 25 years, Liverpool City Council would receive £7M ($9.5M) in interest each year, "which would be redirected into local services." The plan is "still subject to full council approval." Discussions over the potential partnership have been taking place for more than a year and Anderson "insisted the interest the council would earn on the deal would benefit the entire city" (LONDON TIMES, 1/10).
ESCALATING COSTS: The BBC reported the costs of building a new stadium for Everton have escalated by £200M ($270.2M) "due to inflation and the works needed at the site," the club said. Everton agreed to a deal on Liverpool's waterfront in March '17 for about £300M but that has risen to £500M. Two-thirds of the money is being secured through the Liverpool City Council. The club "is finding the rest" but CEO Robert Elstone said that it would "walk away over high costs." Elstone: "There is a point at which the stadium will become too expensive so we have to keep a real close eye on that. Can we do that? I'm confident we can" (BBC, 1/10).
'GROWING WORKFORCE': In Liverpool, Phil Kirkbride reported Everton will move staff into the Royal Liver Building this summer as the club plans for "life away from Goodison." A "growing workforce" will be relocated to office space on the seventh floor of the iconic waterfront building. Everton majority shareholder Farhad Moshiri bought the Liver Building and its "famous rooftop Liver Birds" last year (LIVERPOOL ECHO, 1/10).
