Divvied up between a £15m grant and £30m loan, the funds will support the creation of the new stadium at Bramley-Moore Dock and improvements to the surrounding area.
At a meeting on Friday, Liverpool City Region Combined Authority voted to approve the funding proposal. The authority said the stadium project would act as a catalyst for “transformational regeneration” of north docks and the area around Goodison Park, where the team’s current stadium sits.
According to Everton FC, the £500m project will boost the city region’s economy by more than £1bn and bring in more than 1.4m visitors to the region every year. The 52,888-seat stadium will take three years to build.
Everton chief executive Denise Barrett-Baxendale described the new stadium as a “world-class sporting arena” and praised the scheme for what it will do for the community. She said:
“It will bring with it economic regeneration, job creation, new visitors to our city and a wealth of opportunities for thousands of local people, breathing new life into the north of Liverpool and acting as a catalyst to accelerate other redevelopment projects in the area.”
Within three years of the team moving to its new home, Goodison Park will be redeveloped into a mix of housing, offices, retail and community spaces. Everton estimated that this part of the project will create more than £58.2m worth of social value. Outline planning consent has already been granted for the scheme.
The combined authority money does come with strings attached – Everton must meet targets for employment and training opportunities for locals and provide social value. Everton will lead campaigns on chronic health issues impacting the community.
The football club will also increase the funding for its charity, Everton in the Community, which will let it increase its efforts to support education, employment, youth projects, asylum seekers and veterans.
Interest received from the loan could be used to fund other projects, according to the combined authority.
The Bramley-Moore Dock Everton stadium is part of Peel L&P’s £5bn Liverpool Waters project. Laing O’Rourke is the lead contractor on the project. Pattern Design is the architect, with Planit-IE acting as landscape architect. CBRE is the planning consultant for the scheme. Yorkshire-based Severfield is providing the steel for the project.