Everton to rent training ground after Liverpool City Council buy Finch Farm for £13m
The Toffees retain a long-term lease on the facility
Tuesday 11 June 2013
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."
Latest in Sport
World Cup 2014: Neymar's agent launches scathing attack on Brazil's Luis Felipe Scolari, labelling him 'an old jerk, arrogant, repulsive, conceited and ridiculous'
Brazil vs Germany match report World Cup 2014: Utter humiliation for hosts as Thomas Muller and Toni Kroos help Germany hit seven past Selecao
Angel di Maria: Manchester United manager Louis van Gaal 'monitoring' Real Madrid winger
World Cup 2014: The 50 best players of the World Cup
PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
- 1 Howard Jacobson: Let's see the 'criticism' of Israel for what it really is
- 2 Instagram of US airport security chiefs: Lipstick knives and IED training kits among items seized
- 4 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
Sustained immigration has not harmed Britons' employment, say government advisers
Australia facing international condemnation after turning around Sri Lankans at sea
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
There’s a nasty smell in the political air – and it’s coming from the Tories
Vanessa Feltz criticises 'vile' reaction to Rolf Harris allegations