Source: Telegraph
Everton lose out on £10 million earmarked for new stadium
The setback will cost the club an estimated £10 million, money which Everton had planned to use towards its £78 million contribution towards a proposed new ground, which itself is the subject of a planning controversy. [LNB]Everton's board last year committed the club to moving out of the city of Liverpool to nearby Kirkby, where a new stadium is planned as part of a new retail park centred on a massive Tesco supermarket. [LNB]The development is opposed by neighbouring local authorities and an inquiry to decide whether it can go ahead is due to reach a conclusion next month. [LNB]Everton insist they will still be able to raise the money needed for the new stadium but the loss of such a substantial source of projected revenue is significant for a club with rising debts that is actively seeking a new financial backer. [LNB]The redevelopment of the training ground for housing was initially blocked by Liverpool City Council last year. That decision was upheld on appeal on Wednesday by a government planning inspector. [LNB]Everton's plans to move outside of Liverpool are controversial but the club's directors feel they have no option because the subsidies involved in the Kirkby development makes it a far cheaper option than building a new stadium in the city. [LNB]Liverpool have been forced to shelve their plans for a £400 million new stadium near to Anfield because of the ongoing problems in the wider economy. [LNB]Both clubs have consistently ruled out sharing a new stadium, with fans groups from both sides of the city united in their opposition to such a solution.[LNB]
