Farhad Moshiri, owner of English soccer club Everton, is seeking UK£350 million (US$445 million) in private investment to help finance the construction of a proposed new stadium.
In March 2017, the club saw their plans approved by Liverpool City Council to finance the build at Bramley-Moore Dock. The development was originally quoted at UK£300 million but that rose to UK£500 million (US$636.7 million) in January 2018.
In October Everton appeared to change tack and instead of using local authority funding decided to pursue private financing as they look for an upgrade on their current Goodison Park home. That has now been confirmed by Moshiri.
Speaking at Everton’s general meeting on Tuesday, the billionaire businessman said he was determined to see the project through to completion in a bid to increase the club’s matchday capacity from the current 40,000 and bridge the revenue gap to the leading teams, but warned that it would prove “extremely expensive”.
“I’ll throw as much money as needed,” Moshiri said. “Private markets will provide UK£350 million (US$445 million), naming rights will give us some more and we will maybe have an equity gap of UK£100 million (US$127 million).
“[This club] is sufficiently robust to see the project through. It is no luxury, we have to get it done. If we want to have a big club we need a modern stadium and we will get it.
“We want to do well but, like Tottenham and Arsenal, we have to build a new stadium.
“But we've not been given a stadium like West Ham and Man City. We need play a style of football that fills a 62,000 stadium, we need to be bold and take some risks.
“We've been given a site but it's extremely expensive and it will cost UK£100 million for land preparation but we evaluated it, it's a good site and we have just got to get on with it.”
On the field Everton currently sit 11th in the Premier League and face Bournemouth at Goodison Park on Sunday.