‘No spiral rise in Everton Stadium costs’

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The Premier League club Everton F.C. has stated that there has been no change in the costs for the construction of their new stadium at Bramley-Moore Dock in Liverpool, England (UK).

‘Liverpool Echo’ stated that ‘The Blues’ will leave Goodison Park, their home since 1892, to take up residence in their new 52,888-seater home on the banks of the River Mersey from the start of the 2024-2025 season, the project having been central to owner British-Iranian businessman Farhad Moshiri’s plans to grow the football club he acquired in 2016.

The Everton Football Club is an English professional association football club based in Liverpool (UK) that competes in the Premier League, the top tier of English football.

The Goodison Park is a football stadium in the Walton area of Liverpool, England (UK), two miles North of the City Centre. It has been the home of the Premier League club Everton F.C. since 1892 and has an all-seated capacity of 39,414. The Goodison Park has hosted more top-flight games than any other stadium in England.

The 52,888-capacity Everton Stadium at Bramley-Moore Dock is an under- construction football stadium that will become the home ground for Everton F.C. Located on Bramley-Moore Dock in Vauxhall, Liverpool, England (UK), it is due to open for the start of the 2024-2025 seasons, replacing Goodison Park.

‘Liverpool Echo’ further stated that the cost for the project has been pegged at around £505m by sources close to the club, with the club having moved to fix costs with the firm responsible for the construction of the stadium, Laing O’Rourke, early last year. Fixing costs was a way of shielding the club from some of the rising costs of construction, particularly steel, related to Russia’s military invasion of Ukraine.

Moshiri said last month that the cost of development was as high as £760m, a figure some £260m more than had been suggested -“Building a £760m stadium, one of the best in the country, is an enormous challenge for a club. They (Everton supporters) need to acknowledge that they are going through a transformation and they (the Everton Board) are working extremely hard.”

Everton, who have found themselves under scrutiny in recent seasons in relation to the Premier League’s profit and sustainability rules, are still to source the remainder of the funds for the stadium, although it is understood that there is progression on that search, facilitated by US investment banks MUFG and JP Morgan Chase, while part of the build is to be funded by Moshiri himself.

The Premier League is the highest level of the men’s English football league system. Contested by 20 clubs, it operates on a system of promotion and relegation with the English Football League. Seasons typically run from August to May with each team playing 38 matches.

Club sources had informed last month that the above figure which Moshiri quoted was inclusive of every facet of the stadium development, from pre-build to potential ancillary development around the City.

In response to a series of questions from Everton’s Fan Advisory Board (FAB) recently, the club addressed the figure directly, the answers given to the FAB having had input from Board Members and other senior club officials.

The club response read, “The cost of the new stadium has not risen by 50 percent. The construction costs of the stadium have not changed. In April 2022, the club signed an agreement with Laing O’Rourke that provided cost certainty on the stadium. A figure was referenced recently by Moshiri which considered the costs not just associated with the build of the stadium but also the planning and preparatory stages of the project, financing, ancillary, and potential developments in the local area. As per the budget the club has in place for the project, there has been no change in the costs of constructing the stadium.”

A club statement read, “The new Everton Stadium is owned by the ‘Everton Stadium Development Ltd’ which is a wholly-owned subsidiary of the Everton Football Club. The company sits within the Everton Group of Companies. Moving forward the club is putting place a ‘StadCo’ structure which is commonly seen in stadium financing.”

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