Bramley-Moore Dock legal and financial advice settlement
JOINT STATEMENT FROM LIVERPOOL CITY COUNCIL AND EVERTON FOOTBALL CLUB
Liverpool City Council and Everton Football Club have reached an amicable settlement after concluding negotiations over the payment of historic external financial and legal advice sought over the Club’s transformational new stadium development at Bramley-Moore Dock.
Between 2016 and 2019, both parties were in talks to discuss whether Liverpool City Council funding could be provided to support the scheme.
The Council and Everton could not reach agreement on the funding, which led to the football club pursuing a different funding solution.
In recognition of the Council having incurred fees undertaking due diligence in respect of the potential funding, the Club has agreed to meet those costs which were reasonably incurred and attributable to the funding project.
A proportion of the fees incurred related to the Council exploring the use of any future stadium in its bid for the 2022 Commonwealth Games which Everton would not be liable for.
The Council considered this to be a fair proposition from the Club, with the two parties needing to agree the apportionment of fees.
The Cabinet last week gave permission for the Council to conclude its negotiations with Everton. Both parties have agreed that of the total £841,000 of fees incurred by the Council, it was reasonable and proportionate for £502,000 to be attributed to the work done solely for the benefit of Everton. Accordingly, Everton have agreed to make payment of this sum to the Council.
The settlement has no new impact on the Council’s finances as an amount had already been prudently set aside when setting the 2022/23 budget.