Everton have secured a new financing package for the club's landmark stadium. The Blues have arranged a long-term, £350m funding deal that restructures the existing lending on the waterfront venue.
This move simplifies the remaining debt from complex, costly arrangements that were a legacy of the Farhad Moshiri era, to a more manageable structure with lower interest rates, potentially saving the club significant amounts annually. It means the debt will be cheaper, easier and more efficient to service and is another example of the work being done behind the scenes to strengthen the club's foundations since the new owners, The Friedkin Group, took over in December.
The funding has been agreed with a consortium of what the club described as "blue-chip institutional lenders" and was the result of a search that inspired competition to work with the Blues. The final years of Moshiri's reign were marked by financial uncertainty and funding concerns as the former owner navigated multiple unsuccessful attempts to sell the club.
During this time, while work on the stadium continued, it left the club committed to a range of expensive loan agreements, often at high interest rates and with less reputable lenders.
TFG assumed control of the club with the anticipation that their proven track record and resources would allow them to consolidate the debt and refinance it on better terms with reputable institutions. This goal has been achieved through this deal, which is understood by to be a decades-long agreement.
Earlier this year, it was reported that they had enlisted the services of New York-based banking behemoth JP Morgan Chase and Co to assist in securing a deal with new lenders. This marks another significant advancement for the iconic stadium that will become Everton's new home this summer.
The project, estimated to be worth around £760m including ancillary works, welcomed supporters for the first time last month when 10,000 fans attended a friendly match between the club's Under-18s and Wigan Athletic. This was the first of three test events necessary for the venue to obtain its safety certificate.
The second event, featuring the U21s, is set to draw a crowd of 25,000 later this month.
Don't miss the latest news and analysis with our regular North West newsletters – sign up here for free
