Everton stadium loan plan to cost council £300,000

Liverpool City Council is to lose more than £300,000 in fees over a proposed loan to Everton for a new stadium.

The authority said it and Everton Football Club have reached “an amicable settlement” after concluding negotiations over the payment of historic external financial and legal advice sought over the club’s new stadium development at Bramley-Moore Dock.

Everton will pay £502,000 of the £841,000 incurred by the council in due diligence while drawing up a funding plan for the project.

Between 2016 and 2019, both parties were in talks to discuss whether Liverpool City Council funding could be provided to support the scheme.

The council and Everton could not reach agreement on the funding, which led to the football club pursuing a different funding solution.

A joint statement said: “In recognition of the council having incurred fees undertaking due diligence in respect of the potential funding, the club has agreed to meet those costs which were reasonably incurred and attributable to the funding project.

“A proportion of the fees incurred related to the council exploring the use of any future stadium in its bid for the 2022 Commonwealth Games which Everton would not be liable for.”

It added: “Both parties have agreed that of the total £841,000 of fees incurred by the council, it was reasonable and proportionate for £502,000 to be attributed to the work done solely for the benefit of Everton. Accordingly, Everton have agreed to make payment of this sum to the council.”

The council said the settlement has no new impact on its finances as an amount had already been set aside when setting the 2022/23 budget.