Together with Liverpool city region's six local authority leaders, Metro Mayor Steve Rotheram has put forth a proposal whereby Liverpool City Region Combined Authority would make a contribution worth up to £45m towards the cost of the £500m stadium.
Mr Rotheram and the local authority leaders from Liverpool, Wirral, Sefton, Knowsley, Halton and St Helens issued a joint statement this evening outlining the plan which said:
"This is not an investment in a football club,” Rotheram said. “It's an investment in the most significant regeneration project the city region has seen in over a decade. It will create thousands of jobs and help breathe new life into long-forgotten parts of our region.”
Next week, the Metro Mayor and the six local leaders will consider a grant of up to £15m to put towards infrastructure work to public space and heritage sites on the land around the site at Bramley-Moore.
A loan of up to £30m towards the stadium build itself will also be discussed, with the aim of enabling a project that Everton believe could bring around £1bn in revenue to the Merseyside region.
In terms of the wider funding of the project, having rejected a plan by former Mayor of Liverpool, Joe Anderson, Everton are undertaking to cover the construction costs themselves through private investment and loans.
Club owner, Farhad Moshiri, is believed to be personally funding the first tranche while international banks MUFG, from Japan, and JP Morgan, in the United States, have been working with Everton for the past two years to source private investment in the project.
According to a new report by Global Capital, between £300m and £350m will be raised through the private placement market and the suggestion is that the club is moving closer securing that investment.
Reader Comments (45)
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1 Posted 17/09/2021 at 02:37:18
2 Posted 17/09/2021 at 04:24:37
3 Posted 17/09/2021 at 04:26:59
This will provide many jobs initially in the construction phases (hopefully many recruited from Liverpool) and then after with Transport links, businesses and staff that will inevitably spring up following a project of this magnitude and revitalise an almost (sadly) derelict area of Liverpool.
I think there could be a good commercially initiated promotion emphasising what Liverpool was like when every Dock was full of Ships varying in size and purpose when it was a vibrant Port. I am not so naive or optimistic that I believe all that will return, no way, but rather make way for new enterprises such as Bramley Moore Dock and the like. Who knows maybe a Passenger Terminal for Cruise Ships of the future and that area becomes 'alive again'.
Promote your assets (and Liverpool has many) plus the History, and turn the whole area in to a place that businesses want to set up, and people want to flock to whether they be tourists or home grown.
4 Posted 17/09/2021 at 05:02:50
The £60 million in funding / grants would be useful though as it will reduce the borrowing requirement.
5 Posted 17/09/2021 at 05:15:32
6 Posted 17/09/2021 at 06:04:02
7 Posted 17/09/2021 at 08:33:05
We may bemoan Moshiri's decisions or sign off to those he empowered in the player transfer market over recent years. But on this matter, I'd wager he's more in his comfort zone and knows what he's doing.
I think it's great that the local politicians are thinking strategically too. This is not just about Everton Football Club, so they should want to invest. Regional thinking and long-term benefit in terms of jobs and regeneration. I like that too.
I took interest in the point about Moshiri allegedly rejecting the offer from Anderson to cover construction costs and opting to personally fund alongside securing loans. Like putting a deposit down on your house and taking out a mortgage, eventually, it's yours. You own it.
He, and by default Everton, are taking ownership. So, although that the short-term pitch level view could be like what we've seen this summer, the long-term vision is that we own this. We are in control of our own destiny. Moshiri will (and should) benefit from his investment. But so will Everton, the city of Liverpool and the wider region.
No lease, no beholding to the authorities. It's ours. The city is ours.
8 Posted 17/09/2021 at 08:58:52
9 Posted 17/09/2021 at 09:36:24
10 Posted 17/09/2021 at 15:03:29
Already approved, Derek.
"The scheme has planning approval, and with funding secured from the city region combined authority, the council received approval in January 2021 from The Marine Management Organisation for a Harbour Revision Order for the Construction of the Terminal in the River Mersey. However, given the impact of the Covid-19 pandemic, the council is currently assessing timescales for taking this scheme forward to the next stage. Planning permission has also been obtained for a new, 200 room, hotel to support the new terminal and enhance the citys capabilities in handling the next generation of turnaround cruises, which can carry up to 3,600 passengers."
However, given the impact of the Covid-19 pandemic, the council is currently assessing timescales for taking this scheme forward to the next stage.
Planning permission has also been obtained for a new, 200 room, hotel to support the new terminal and enhance the citys capabilities in handling the next generation of turnaround cruises, which can carry up to 3,600 passengers."
Got to be nice knowing that whole area will look different in 4-5 years. I only look at maps, being so far away. I do wonder what will need to be done, if anything, about the road net; given what will be a major increase in traffic.
Exciting to see, though.
11 Posted 17/09/2021 at 16:11:52
12 Posted 17/09/2021 at 16:51:53
if Mosh personally guarantees the loans we will have no problem.
13 Posted 17/09/2021 at 17:40:00
14 Posted 17/09/2021 at 21:59:10
All it has is 2 football grounds, 2 cathedrals, 2 Liver Birds, 3 Graces, Historic buildings, buzzing city centre, Beatles heritage, Speke Hall, great museums and concert halls and some lovely people. Who needs world heritage?
15 Posted 17/09/2021 at 23:16:18
Don't be misled by all those old derelict docks. The Port of Liverpool does more tonnage than it's ever done, albeit with a fraction of the workforce.
I love it when BMD articles are in the Red Echo. The RS go into meltdown in the Comments section. You can almost feel their desperation and despair as work progresses. lol
16 Posted 18/09/2021 at 03:51:41
17 Posted 18/09/2021 at 06:26:33
Moshiri and Co have totally fumbled the management of the club on the field with one poor decision after another. Who in their right mind would trust a bufoon to suddenly get it right with the stadium?
18 Posted 18/09/2021 at 08:08:06
I'm sure everytime Moshiri checks his bank balance he must think what a bufoon he must be!!
Gate receipts are only part of it. The new stadium will be a 24/7 operation with retail, restaurants, bars, conferences and concerts/gigs of all sizes.
The piazza, facing the river, will hold an estimated 7/9000. That alone is a uniquely stunning venue for outside performances.
19 Posted 18/09/2021 at 08:52:08
20 Posted 18/09/2021 at 09:02:48
Arsenal got £10M a year for ten years off Emirates for the naming rights for their new stadium. Usmanov has stumped up £30M just to have first dibs on our new stadium naming rights, so hopefully he will pump in something similar to what Emirates gave Arsenal. Eventually it will all add up to a far bigger figure than the £8M - £12M you quote. As Colin says, Moshiri knows his stuff when it comes to a few billion big ones!!
21 Posted 18/09/2021 at 10:11:44
Moshiri isn't a billionaire because he is rubbish at business and making investments. So I'm confident in his ability to deliver a world class iconic stadium on the banks of the Mersey that will benefit Everton and the Merseyside region for years to come.
I envisage us adopting a model similar to what Tottenham have taken. Facilities, bars and restaurants that encourage supporters to spend more time in the stadium before the match and stay behind after. So the money goes into Everton's coffers. Yes actual restaurants, not just the sausage roll and warm beer counter with an outrageous half time queue and rather stern ladies telling you they're shut and you can't have a beer. Sorry, I'm still bitter about that one from the Southampton game!
Along with concerts and, if you look at Tottenham again, other initiatives such as hosting additional sporting events (e.g. NFL), there is much more revenue to be had way beyond the likes of me who pays £49 for a ticket, can't even spend £5 on a beer at half time and then head off towards the Arkles or County Road to spend my money after the match. So for all my expenditure, Everton get £49.
22 Posted 18/09/2021 at 10:19:32
It's great news for us, great news for our area in the North end of the city, great news for the City and for Merseyside.
Apart from what it will bring our club in terms of revenue, and being a great place to play, the whole of Merseyside will benefit, especially if more cruiseliners come to the city.
We've got some of the best coastline in Europe, from Seaforth up to Southport. The Wirral has beautiful countryside and all our councils run fine museums and art galleries. There's a positive future for the region and we are being a major driver in bringing it about.
Makes makes me proud to be a Scouser and a Blue!
23 Posted 18/09/2021 at 11:21:53
If Moshiri gets this wrong, it's the club that will suffer even after he is gone.
24 Posted 18/09/2021 at 11:28:14
They may have still had to pay after their former owners left, but I'm sure a League title, Champions League win and runner up softened the blow for them.
Come on, I know it's been a tough few decades, but let's be positive about this. The future is bright. The future is Blue.
I can still close my eyes and see a Royal Liver Building lit up in blue lights (yes, the bird is blue) looking over at our iconic stadium.
Heading into London to watch the match unless anyone has a spare ticket and I dart to Birmingham to take one step further to marital disaster over Everton.
25 Posted 18/09/2021 at 11:51:29
You seem unduly pessimistic regarding our future. Maybe you're right to do so; but this is about the best chance Everton Football Club have of a new Stadium.
The alternative is to stay at Goodison in a stadium that has had its day. Maybe it is a risk to move into the new stadium at Bramley-Moore Dock but the benefits for the club and for him, far outweigh it.
Spurs have spent over £500 million on their new stadium, mainly through the finances of Joe Lewis (think that's his name) who has a personal fortune far larger than Mr Moshiri. However, Mr Usmanov has a fortune far larger than Mr Lewis and he is a very interested investor in the new ground.
The future is a risk for everyone but, when an opportunity comes, the alternative for us is to slowly wither away among the also-rans.
What makes you think that Mr Moshiri will "get this wrong"?
26 Posted 18/09/2021 at 13:32:42
What makes me think he will get it wrong is based on his numerous poor decisions since he came on board for example:
1: keeping the bulk of the previous management team in place despite their poor results.
2: very poor manager recruitment decisions
3: not listening or overruling the experts he hired in critical choices such as his DOF
4: putting Brands on the board
5: putting a 26 year old on the board, who's main qualification is his bloodline
6: From all the locations in and around the city, he decided on the location that has the most risk and the greatest cost to build
7: signing off on ridiculously poor value for money signings throughout his time
8: hiring the most unpopular choice of manager for the last 100 or so years against the wishes of nearly everyone. (It's a great start but still very early days, the previous manager had an even better start last season )
9: making no effort to run the club in a sustainable way, each year the wage bill increases both absolutely and as a % of the total turnover.
10: having a CEO of a football club who doesn't know the first thing about football or business, but was good leading a charity project.
There are probably a few more such poor decisions that have slipped me. I don't have much faith that Moshiri will lead the club to success on or off the field, nothing he has done up to now has made me think otherwise.
27 Posted 18/09/2021 at 13:40:55
On this season, as long as the manager has a better finish to the season than the last one, I think we'll be in a good place despite the not-so-good start and we'll be checking our passports for next season.
28 Posted 18/09/2021 at 14:13:22
As for the numerous locations around the city, Kenwright lost us the King's Dock, the best site we were ever going to get. The rest of the sites either shite, like Cronton Colliery, and were never going to happen, Thankfully, the free stadium at Kirkby turned tits-up and was booted out. With thanks to KEIOC as well.
He was (and is) the owner, not a board member, and the board made the decisions and a number members of the board you've mentioned, including Kenwright, I'd be glad to see the back of as well.
I think the new addition to the board is to look after Moshiri's and Usmanov's interests and about time too, as he's Usmanov's nephew.
I think the appointment of Benitez was against the wishes of the old brigade; if he's been guilty of one thing, it's been listening to Kenwright too much and too long.
All-in-all, he's made mistakes; fancy backing the DoF and Manager for many of their choices, it's a big mistake, but the football "experts" not him.
I look at it this way: Moshiri (and probably Usmanov) don't buy into the club. That would leave us eactly where?
I've got the view that not only Moshiri but Usmanov as well, could retire tomorrow and live a life of luxurious leisure every day of their lives. I think they want to prove they can make Everton FC a successful club and have us playing in a great stadium.
Pity, a great tragedy for the club that we lost the oppportunity to have our stadium at the Kings Dock.
We have an opportunity now and as long as we keep some of the board out of any major decision-making, I think we have a great chance for a successful future.
Nowt is certain, except for one thing: if Moshiri had not come into this club, we would be well and truly up shit creek without a paddle.
30 Posted 18/09/2021 at 15:09:59
How anyone can look at what is happening at Bramley-Moore Dock with the negativity that John Zapa posts is mind-boggling. I think we can safely say John is a "glass half-full" type!
31 Posted 18/09/2021 at 15:11:12
32 Posted 18/09/2021 at 15:17:36
For the KD project to go ahead, Everton needed to stump up the £30M which had been ring-fenced from the start according to Kenwright. But when it was needed, it wasn't there... what a surprise.
Paul Gregg offered a perfectly reasonable and workable finance scheme that would provide the missing money but Kenwright rejected it because he saw this as a means for Gregg to oust him and take control of the club, even if it meant KD could proceed.
Kings Dock was sacrificed so that Kenwright could hold on to his trainset.
33 Posted 18/09/2021 at 15:23:36
I agree with you: Bill Kenwright lost us the King's Dock which was a great opportunity to have been a successful owner rather than the person responsible for our football nonentity status he has imposed on the club.
But Bramley-Moore Dock, if handled correctly and if Mr Benitez can do the business, stands a good chance to finally shake off the mediocrity that has sadly characterised the Kenwright era.
34 Posted 18/09/2021 at 15:27:25
I'm afraid that, as far as Kenwright goes (and the further he goes, the better!), I learnt what happened from an employee of the Playhouse what went on there. That'll do me. What's happened at Everton until Moshiri came has reinforced that view.
I assume though, hopefully, you are in support of the move to the Bramley-Moore Dock, under the regime of Moshiri in giving us this opportunity to get our new ground.
I'll just mention one point regarding the eventual cost if we'd have got the Kings Dock, it would have been as nothing to the cost of where we languished financially and football wise, until Mr Moshiri came along. Look after yourself.
Billy (29), Thanks, mate.
35 Posted 18/09/2021 at 16:08:04
36 Posted 19/09/2021 at 07:06:57
The tonnage record for a year through Liverpool was set in, I think, 1956, when about 30,000 dockers worked the port. It was beaten at around 1993-94 but, owing to containerisation, there was less than 10% of that number of dockers.
As I've been out of that business for quite some time now, I'm not sure if that record still stands.
37 Posted 19/09/2021 at 10:34:32
I'm not yet convinced about the financial model nor the transport plan. Yes, if Usmanov is paying the lion's share via sponsorship or whatever vehicle but that is speculation on our part and has hardly been reflected in the loan deal negotiations to date. Nor have we seen any projected figures covering this and what it will mean to our finances in the medium/long term. Someone will have to pick up that tab and we've yet to see whether that is going to be a long term debt that we can cover.
The stadium design itself is great on the outside but nothing remarkable as regards capacity, size of corporate or multi-functionality. At that cost I would've expected greater capacity and/or closing roof, moving pitch etc.
Also, people saying that staying at GP is not an option are judging it on spending nothing. For a fraction of our proposed outlay at BMD, GP could easily match BMD for capacity. for £200m+ it could go beyond that with superior anciliary back-of-house facilities too.
The process to date has all the hallmarks of Moshiri's other dealings with the club lots of money thrown at the problem, but some questionable logic/processes.
Hopefully it's the practically free, deal of the century, most accessible stadium in the country we're apparently being promised where have I heard that before?
38 Posted 19/09/2021 at 11:56:41
Boro, Bolton, Southampton, Arsenal, Cardiff, Hull, Sunderland, Swansea and now Derby none transformed as per the brochure in fact most look beyond repair
It requires a non football build as a freebie like City and West Ham to avoid catastrophe otherwise expect a downturn in form, relegation, administration or blood sacrifice as per Leicester and the helicopter.
Shakespeare appeared to prophesise our demise in an unfinished tragedy set in the future involving a great edifice crumbling into a mighty north west river penning "Beware the tides of march". But he binned it to wrote some guff about Julius Caesar only to return briefly to the topic in Macbeth with "A little water clears us of this deed."
It's all very grim
39 Posted 19/09/2021 at 12:00:10
If it's good for a Priest!!
40 Posted 20/09/2021 at 12:20:03
My expectation is that sometime in the near future a shares rights issue will be floated and a friend of Moshiri will buy them up, thus injecting a load of capital into the Club, just like Johnson did.
41 Posted 21/09/2021 at 08:28:38
I suppose if you can put up millions just for first dibs at naming rights (albeit only to balance the accounts book at that time), then it's not inconceivable that you can start those payments whenever you like. but nothing has been said about the size of the loan and the annual payments yet.
Yes, a shares rights issue could change the dynamic dramatically in terms of formal ownership and funding. Even some other type of stadium bond issue (and the likes of this grant) could all play a significant part too. In the Johnson example, he opened up the offer to all shareholders to increase their shares on generous terms, helping to preserve the proportional make-up of ownership. However when Moshiri expanded his shareholding recently (which may have been to convert debt to equity), he took up the entire allocation alone. This greatly affected those proportions, effectively nullifying the voting powers of all other shareholders in the process. A further rights issue could either help redress some of that balance, or marginalise the small(er) shareholders further.
Whichever funding mechanism(s) is adopted, my only concern is what it all means to our financial model going forward, as there has been little clarity on those fundamental issues to date even at this comparatively late stage, when we might have expected much more to have been tied down to solid figures.
42 Posted 24/09/2021 at 16:15:51
43 Posted 25/09/2021 at 04:56:13
If it's 750mm tread depth, then this might allow for increased ratio, but not sure if that will be higher than say 1.5:1, which for a 6000 seated section could add 3000 new spaces in safe standing mode.
44 Posted 25/09/2021 at 07:53:57
And then there's a rail in front of you, so not terracing in the traditional sense, it just allows fans to stand. So in that context, no change to capacity.
I suppose to make it more realistic, you could remove the optional seat, but even then I don't see it making any difference to capacity.
Randomly this made me think of the old away end at Maine Road. Does anyone remember? They were actual benches rather than seats and unless my memory is really starting to go, they were not fixed and moved. Yes, actual benches!
45 Posted 25/09/2021 at 09:42:23
I think the rail seats they are proposing have a seat that folds into the rail and can be locked in the up position. They also have a step so that people can stand at two levels in the same row. In theory this would allow double the number of people in the same row. Obviously the wider the row the greater the ease of movement, so for this reason and issues of people potentially migrating I'm not sure if doubling capacity is realistic.
46 Posted 25/09/2021 at 10:32:25
If you remove fixed seats and replace them with the rail seating, which is essentially standing, each seat removed is worth one and a half standing places generally speaking.
So two seats out, three standing places created.
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