Everton’s plans for a waterfront stadium have been given the go-ahead by Liverpool City Council.
Last Thursday the Blues confirmed they had secured land on the Bramley Moore Dock as part of an intimation to leave their existing Goodison Park home.
A special purchase vehicle (SPV) will see the city council as a guarantor for the club to secure the necessary finance to begin construction of the new arena.
Costs are expected to reach in the region of £300 million with the city potentially utilising the stadium as part of its bid to host the next Commonwealth Games.
Council bosses will receive £4.4m per year from Everton as a security fee for the loan facility, which leader Joe Anderson has defended after its ratification.
He said: “We are not funding a billionaire. We are doing a great deal for Liverpool City Council.
“I have met (Everton majority shareholder) Farhad Moshiri several times and he will invest in the football side of things but he wants the club to stand on its own two feet.
“It is a win-win for us as a council. It is a great deal for the council regarding funding but it is important to recognise that it’s going to be a driver for the regeneration of north Liverpool.
“It’s great for Everton as an institution but for Liverpool city council it brings in £4.4m a year, probably a bit more, and hopefully kick starts the regeneration of north Liverpool.
“We are using our financial strength to securitise the deal and we have securitised ourselves against all eventualities.
“We are serious about a Commonwealth Games bid and want Everton in their design to look at that and they are doing. We are truly well securitised.
“I don’t believe Everton will be relegated in the near future but, even if they were, we have the security of season ticket revenue, the TV deal, the value of players and the value of the club.”