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Everton reach ‘important agreement’ for £500m fixed fee to complete new stadium with builders

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Everton have struck a deal with the company building their new stadium at Bramley-Moore Dock, which will see the project completed for a fixed fee of £500million.

Despite rising material and logistics costs around the world, the club appears to have negotiated an agreement that would see the project completed at the cost originally advertised in 2018.

It is believed that four years ago that initial forecast was slightly overblown, but the signing of a deal with Laing O’Rourke to supply the 52,888-seater stadium for a limited sum means the club are now finalizing the cost of potential Financiers can certainly take over.

Chief executive Denise Barrett-Baxendale reiterated owner Farhad Moshiri’s “unwavering” commitment to completing the site despite financial concerns after the club has posted losses totaling £372m over the past three years.

From the start of the project it was expected that Moshiri, who has already invested more than half a billion pounds in the club since buying it in 2016, would provide much if not all of the funding.

“This is an important agreement at a crucial time for the club and the stadium project,” said Barrett-Baxendale.

“We are now able to hold construction costs while benefiting from Laing O’Rourke’s economies of scale in an ever-changing market.

“The commitment of Mr. Moshiri and the board to the project remains unwavering and we are delighted with the progress to date.”

Construction work at the site began in summer 2021 and is expected to be completed in summer 2024.

https://www.independent.ie/sport/soccer/everton-make-important-agreement-on-fixed-fee-of-500m-to-complete-new-stadium-with-builders-41551394.html Everton reach ‘important agreement’ for £500m fixed fee to complete new stadium with builders

Fry Electronics Team

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