Monday 1 January 2018 08:31, UK
Costs for Everton's proposed new stadium at Bramley Moore Dock have "escalated significantly", with their move from Goodison Park now planned for 2022-23.
The Premier League club now faces borrowing more than the initial £300m their new home was expected to cost ahead of the commencement of the planning process.
Everton agreed a 200-year lease on the waterfront site in November after ending their search for a new location to replace their historic ground, which has been their home for 125 years.
Preparatory works have added costs to their initial projection, but chief executive Robert Elstone says the club expects to get that additional expense back through sponsorship and naming rights, among other things.
Writing in the programme ahead of Everton's Sky Live New Year's Day clash with Manchester United, Elstone said: "That funding target has escalated significantly and has occupied much of our efforts of the past 12 months.
"The premium for the waterfront site, an ambitious capacity that we will test with more rigour, a design we can all be proud of and the simple but painful impact of inflation, have all contributed to an increased overall cost and a funding target which continues to grow.
"It's a challenge that has always had the full support of Liverpool City Council and throughout 2017, we have been totally committed to finding a funding arrangement that works for the club and the city.
"Whilst the cost and related preparatory works add a one-fifth premium to the cost of the Bramley Moore Dock site, we believe that the commercial returns from naming rights, sponsorship, higher attendances and greater use on non-matchdays will recoup that premium.
"Bramley Moore Dock sits within a world heritage site with several historically significant features and our designs must respect the heritage and culture of the city's northern docks.
"Our planning case will be enhanced with impressive legacy plans for our existing home at Goodison Park. Our hope, and our target, is the opening game of the 2022-23 season. Be assured that all our efforts during 2018 will be focused on meeting this challenging but achievable target."
