Robert Elstone has claimed costs of proposed Everton’s new stadium have risen significantly.
Plans to move to a new site at the Bramley Moore Dock were confirmed in March, when the Blues struck a deal to purchase the dockland site on a long-term lease.
A special agreement has already been agreed with Liverpool City Council for the local authority to act as guarantors for the club as they seek to finance the deal.
Under the agreement, the council will provide security for Everton’s loans and receive £4.4 million per year from the Premier League club as a security fee.
Initial estimates believed that the cost of the stadium, being designed by renowned architect Dan Meis, would stand in the region of £300m.
But Elstone, Everton’s CEO, admits that several factors such as inflation have meant that the original figure is already escalating significantly.
He said: “From the outset, we have prioritised ‘an intimate and atmospheric home’ and ‘a fortress that opponents fear and respect’.
“Your informal feedback has endorsed this and informed the concept designs prepared by Meis needed to secure a reliable estimate of the project’s total cost and, ultimately, our funding target.
“That funding target has escalated significantly and has occupied much of our efforts of the past 12 months.
“The premium for the waterfront site, an ambitious capacity that we will test with more rigour, a design we can all be proud of and the simple but painful impact of inflation, have all contributed to an increased overall cost and a funding target which continues to grow.
“It’s a challenge that has always had the full support of Liverpool City Council and throughout 2017, we have been totally committed to finding a funding arrangement that works for the club and the city.”
“It is a process not without challenge,” he added.
“Bramley Moore Dock sits within a World Heritage Site with several historically significant features, and our designs must respect the heritage and culture of the city’s northern docks.
“Our planning case will be enhanced with impressive legacy plans for our existing home at Goodison Park.
“Our hope, and our target, is the opening game of the 2022/23 season.
“Be assured that all our efforts during 2018 will be focused on meeting this challenging but achievable target.”