Everton Football Club looks to have secured its move to a 55,000-seater stadium at Kings Dock in Liverpool.
The Premiership club needed to come up with £30m of funding as its contribution to the £300m scheme, which is seen as a crucial piece in the regeneration jigsaw of Liverpool.
Club co-owner and director Paul Gregg said he had raised the £30m from private investors outside the club.
Under the terms of the “reverse mortgage” deal, Everton will begin as tenant in the stadium and progressively buy back its equity stake in the arena from public sector funding partners.
These include English Partnerships, the Northwest Development Agency, Liverpool council and the European Regional Development Fund.
The package is to be put to the clubs board tomorrow ahead of the annual general meeting in the evening of the same day.
Gregg said: “[Deputy chairman] Bill Kenwright and I have put together a five-year plan to put Everton into its new stadium.
“We have been juggling our assets to move into Kings Arena which is a fantastic opportunity.
“We have to generate £30m of private sector funding, and that has been done from other sources than Everton FC.”
Everton failed to raise its own money, having recently borrowed £30m to pay off bank debts and stabilise the club.
Greggs reverse mortgage formula has met with criticism from fellow board members and it is understood there will be major personnel changes after the deal is agreed.
He added that a further £2m had been raised for a planning application, which would be matched by the public sector. A detailed application is expected in March.
EGi News 30/10/02
