Football and everything associated with them, not least of which are English football stadiums, is serious business, with millions of pounds in value.
Farhad Moshiri, Owner of the English soccer club Everton, is fully aware of this, as he’s currently working on getting funding for the construction of a new stadium. Currently, the club owner is looking for approximately £350 million/US$445 million in private investment in order to finance the idea.
Back in March 2017, Everton’s plans for a new addition to the English football stadiums received approval from the Liverpool City Council in order to finance the build at Bramley-Moore Dock. The original quotation for the development sat at £300 million, but that was raised to £500 million in January of 2018.
More recently, Everton was rumored to have changed tacks, choosing to go for private financing for the project, which would be an upgrade on their current base of operations in Goodison Park. The idea has been confirmed by Moshiri recently.
Speaking at an Everton general meeting on January 8, 2019, the businessman stated that he was adamant that the project be completed, in order to up the club’s matchday capacity from the current number; 40,000, as well as narrowing the revenue gap between them and the leading teams, but he was aware of the fact that this project would be extremely expensive, something he admitted to the general meeting.
Moshiri then added that he’ll pitch in as much money as necessary. He explained that private markets will provide about £350 million/US$445 million, while naming rights will give Everton some extra funds and should leave the equity gap at about £100 million/US$127 million.
He says that the club can handle seeing the project through, which they have to. Moshiri believes this upgrade is a necessity; especially if the club wants to grow. Everton, he says, need a modern stadium, and they will get it.
The club president stated that the club wants to do well, but they have to build a new stadium, unlike West Ham and Mall City.
He believes that Everton needs to play in a way that’ll fill a 62,000 stadium, and they need to take risks; the site for the new stadium is extremely expensive, and it’ll cost £100 million just to prepare the land, but it’s worth it, he believes, and the club just need to get it done.