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Tuesday, April 16, 2024
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Everton’s New Stadium May Exceed Projected Cost of $678M

  • The club initially claimed it had fixed-price contracts in place.
  • Everton could delay construction after it was charged by the Premier League with breaching spending rules.
An artistic rendering of the new proposed Everton stadium in Liverpool.
Everton FC

Everton FC may end up over budget in the construction of its new stadium despite its claims that it has fixed-price contracts in place.

The club, which broke ground on the $678.6 million project at Bramley-Moore Dock in August 2021, released a statement last month saying it was moving to fix costs for the stadium’s contracts — but primary contractor, Laing O’Rourke, is reserving the right to pass on increases in costs of materials and supply-chain difficulties, according to the Daily Mail.

Representatives from Everton clarified that the contract with O’Rourke gave the club guarantees on the minimum and maximum costs based on a set of predefined margins — but the final price of construction is not fixed and is subject to change based on the parameters.

Everton FC owner Farhad Moshiri stands on the pitch at Goodison Park Stadium.

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Last week, the Mail reported that Everton could delay the entire construction process after it was charged by the Premier League with breaching spending rules. The new stadium was initially scheduled to open in time for the 2024-25 season.

It’s not the only potential delta related to the project: In December, Everton announced that it would be pausing the process of finding a stadium naming rights deal.

This is all happening amidst rumors that owner Farhad Moshiri would be selling the club — something he denied earlier this month.

Meanwhile, the soccer team itself is stumbling through a season that has it sitting 18th in the Premier League table.

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