Liverpool mayor defends £280m loan to Everton for new stadium scheme

• Mayor Joe Anderson says plan will generate money for region in long-term
• Everton stadium set to cost £500m with council contributing significant loan

The Liverpool mayor, Joe Anderson, has defended the city council’s decision to lend Everton £280m to help build a stadium at Bramley Moore dock, arguing that the arrangement fits in with an existing invest-to-earn strategy and will actually make money for the region over the next 25 years.

Bill Kenwright, the Everton chairman, confirmed at the club’s AGM on Tuesday that the present estimate for completion of the stadium was £500m, but there was unexpected consternation when it was revealed the council would be chipping in with a loan for more than half the cost. It was initially assumed Liverpool City Council might simply be acting as guarantor for a private loan, until Anderson clarified the situation by explaining the council intended to borrow the money itself.

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