Everton’s new stadium at the Bramley-Moore Dock is expected to cost half a billion.
Plans for the Blues to relocate to the site in the north Liverpool docks are progressing with the city council acting as a Special Purchase Vehicle for funding.
It was revealed at the club’s general meeting on Tuesday that the local authority will provide two-thirds of the money required to build the proposed new venue.
But Everton chairman Bill Kenwright has conceded that the overall figure for a new purpose-built successor to Goodison Park is increasing to £500 million
“It’s nearer £500m, half a billion is the estimate,” said Kenwright.
“Half a billion is what we are dealing with at the moment.
“It factors in the necessary inflation and on spreadsheets every year, the inflation goes up.”
He added: “You heard the word ‘challenge’ a lot that the site is challenging. I’m sure you’ve been down there, it’s more than challenging!
“Robert (Elstone) said to get to that site the cost is so much more than at any other site because that’s what you’re dealing with.”
Denise Barrett-Baxendale, Everton’s deputy CEO, also confirmed in the meeting that Goodison will be preserved as a community asset once the club leaves.
She said: “We don’t leave our community – we will never abandon our spiritual home.
“A couple of months ago, the board agreed to register Goodison Park as a community asset so that site, the Grand Old Lady, will be used for community benefit.
“I am working with a number of colleagues from Liverpool Hope University to ensure that we develop a Trust Board that will look after that site for generations to come.
“Everton Football Club will never leave Goodison Park.”