Everton reveal costs of planned new stadium have 'escalated significantly'

The cost of building Everton's new stadium has "escalated significantly", according to the club's chief executive officer.

The Toffees intend to move into their new home for the 2022-23 season having signed a lease for land at Bramley Moore Dock, the site of their proposed stadium, back in November.

Having effectively secured control of the land they wish to build on, Everton now hope to finalise the required funding and planning permission in 2018 to begin the construction process.

However, in an update to supporters posted on the club's official website, CEO Robert Elstone revealed a number of factors have resulted in soaring costs.

'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.'

Goodison Park has been Everton's home for 125 years but the club have been exploring new stadium sites for numerous years.

Elstone added: 'Whilst the cost and related preparatory works add a one-fifth premium to the cost of the Bramley Moore Dock site, we believe that the commercial returns from naming rights, sponsorship, higher attendances and greater use on non-matchdays will recoup that premium.'