Summary of points..
Everton's contribution is expected to be £78million
There is a shortfall of £52million that will come from somewhere somehow
The cost of the stadium had risen £40million since last year
Everton can only afford it if they take on a mixture of:
*Long term bank debt
*Syndicated debt
*Private Equity Funding
*Securitisation of future income streams
*Securitisation of new stadium naming rights
*Realisation of existing assets
The cost of the stadium will rise by #6million if the secretary of state call the project in. Thats excluding the cost of fitting out the stadium.
The cost of the retail park will rise by #15million if the secretary of state call the project in
Everton are expected to sell all their non-playing assets to move to the stadium including Goodison Park, Bellefield and Naming Rights.
The aim is to deliver what can be regarded as an iconic and attractive yet highly functional ‘mid- level’ football stadium.
They say Goodison Park has had it's day.
They say that there's no alternative site because Liverpool FC couldn't find one in 2001, despite one of the clients listed on the first page agreeing that Scotland Road was viable (WSP Engineers).
EFC need to move in for beginning of 2010/2011 season otherwise the Kirkby 'dream' is over.
If no more retail partners can be found then the stadium size will have a reduced capacity as there will not be enough enabling funds to build a 50,000 seater.
TK Maxx & Marks and Spencers have already agreed to move to Kirkby if it remains as a large retail park.
They say it is a high risk; The Development Appraisal also reflects the developer’s profit, normally calculated as a return on cost. The appraisal currently shows a return of 10.25% which DTZ would suggest is below the level that would normally be considered as acceptable for a scheme of this profile and risk level.
Evertonians will be expected to pay the club for match parking for park and ride.
Tesco have announced three changes to the stadium plan today.. They are saying it's because of resident's concerns but it's a load of nonsense. No resident will complain about park and ride service or an underground car park surely. It's more likely they are cut backs as part of the rising stadium cost.
The stadium is being moved to a slightly different location
Some of Park and ride system has been replaced by a park and walk system
The underground car park is no longer to be built underground
