Everton has successfully negotiated a new financial arrangement for their stadium project at Bramley-Moor Docks.
The Toffees have reached an agreement on a £350 million funding package. This deal will reorganize the financial structure supporting the construction of their future home ground.
Everton, anticipating the move to their new stadium at the beginning of next season, has finalized these changes as part of what is expected to be a long-term agreement.
Sources indicate that this agreement could lead to substantial savings for Everton in the long run. The debt associated with the 52,888-seat stadium has been simplified from previously complex and costly terms.
In an official statement announcing these changes, Everton mentioned “competitive terms beneficial to Everton.” This agreement was driven by the new ownership, The Friedkin Group.
TFG has successfully secured lower interest rates on the loans compared to the terms previously agreed upon by the former owner, Farhad Moshiri.
According to the club, the £350 million funding agreement is with “a consortium of reputable financial institutions.”
Everton’s statement further emphasized, “This financing is a key part of The Friedkin Group’s commitment to strengthen and stabilize the Club, setting a solid foundation for success on the field.”
The Toffees received the keys to their new stadium in December and have since conducted the first of three trial events before the official move next season.
Approximately 10,000 fans attended the stadium to watch a match between Everton’s U18s and Wigan’s U18s at the waterfront venue.
Construction work is ongoing for the £760 million project, with premium lounges and bars being fitted as the stadium nears completion. It is set to become the sixth-largest Premier League stadium in the upcoming season.
Everton will bid farewell to Goodison Park, their home for over 130 years, at the end of this season.
The returning manager, David Moyes, has been instrumental in ensuring a memorable send-off for the historic ground.
Since Moyes’s return, Everton has only lost one of their eight Premier League matches.
Under his leadership, the team has moved from being just two points above the relegation zone to a comfortable 15 points ahead of 18th place Ipswich Town.
Marcus Bellamy