Divvied up between a £15m grant and £30m loan, the funds will support the creation of the new stadium at Bramley-Moore Dock and improvements to the surrounding area.
At a meeting on Friday, Liverpool City Region Combined Authority voted to approve the funding proposal. The authority said the stadium project would act as a catalyst for “transformational regeneration” of north docks and the area around Goodison Park, where the team’s current stadium sits.
According to Everton FC, the £500m project will boost the city region’s economy by more than £1bn and bring in more than 1.4m visitors to the region every year. The 52,888-seat stadium will take three years to build.
Everton chief executive Denise Barrett-Baxendale described the new stadium as a “world-class sporting arena” and praised the scheme for what it will do for the community. She said:
“It will bring with it economic regeneration, job creation, new visitors to our city and a wealth of opportunities for thousands of local people, breathing new life into the north of Liverpool and acting as a catalyst to accelerate other redevelopment projects in the area.”
Main image: via planning documents