Liverpool City Council have reportedly approved that Everton FC move ahead with plans to construct a 50,000 seater stadium.
The council cleared the first hurdle for the Merseyside club to continue with plans. The council also agreed with the funding scheme the club wants to employ in funding the stadium project.
Everton want to setup a Special Purpose Vehicle (SPV) which will enable it get the required funds for the project. The council agreed to guarantee the deal which will see at least £300million generated to fund the Bramley-Moore Dock.
The project was confirmed Thursday night by the LCC Regeneration Select Committee will see the SPV have the leasehold on the site. Everton will sub-lease the stadium for 40 years even though they would retain the rights to purchase the leasehold.
The deal holds so much social importance as it would help the northern part of the city kick start regeneration, opening up the area and creating thousands of jobs.
There is a forecasted £9million in economic benefits per year. The project might also have a part to play when England bids for the Commonwealth Games for 2022 or 2026. The council will also get within the range of £4million to £5million for guaranteeing the funding model.
The club is expected to submit a formal application at the end of the year, with all the plans in place. In addition, Everton would use the move to establish a legacy by putting up projects for the community at Goodison Park, covering education, health and housing.