Everton to rent training ground after Liverpool City Council buy Finch Farm for £13m

The Toffees retain a long-term lease on the facility

Everton's Finch Farm training ground has been bought by Liverpool City Council in a £13million deal which will see the club pay rent for the next 40 years.

The Toffees retain a long-term lease on the facility but will now pay reduced annual costs to the council instead of a private company.

That may ease some of the pressure on the club's tight finances but the arrangement is expected to be a money-spinner for the local authority.

Due to favourable borrowing terms Press Association Sport understands the loan for the purchase will be paid off in 25 years, leaving a further 15 years in which the authority expects to make "millions" which will be used to fund other local services.

The deal has been independently valued and verified but it is likely to attract more anger from fans whose public dissent over the club's new badge forced Everton into a u-turn last week.

After a fervent social media campaign the club backtracked and issued an apology for not consulting supporters widely enough, pledging to withdraw the new crest after just one year and undergo a more extensive process next season.

"We continue to work with the council on many fronts and the club is especially pleased to have delivered an innovative scheme, on our superb Finch Farm facility, that works for both parties," said Everton chief executive Robert Elstone.

Mayor of Liverpool Joe Anderson added: "It's a very good deal for us and for Everton.

"Over the lifetime of this arrangement we will get much-needed revenue, which we can re-invest in essential services for the people of Liverpool.

"Together with the new Exhibition Centre, the council regard such investments as innovative but vital in enabling it to meet its on-going budget challenges."

PA

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