New Stadium Becomes the Top Goal for Everton - FT

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0/12/2012 New stadium becomes the top goal f or Everton - FT.com

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November 24, 2009 2:00 am

New stadium becomes thetop goal for EvertonBy Andrew Bounds

Everton Football Club achieved record turnover last season but said it had little opportunity

to increase revenue further - and remain competitive in the Premier League - without a

controversial move to a new stadium.

Boosted by an appearance in the FA Cup final and a new marketing deal with Kitbag, theonline retailer, Everton's turnover for the year to May 31 totalled 79.7m, up from 75.7m,

according to figures seen by the Financial Times.

The wage bill remained at about 45m, a quarter that of Premiership leaders Chelsea, who

beat the Merseyside club 2-1 in the FA Cup final at Wembley.

Profit, before player trading sales, dipped from 6.8m to 6.2m.

Robert Elstone, chief executive, told the FT that if a government planning inquiry that isexpected to report this week rejected a new 50,000-seater stadium the club would probably

sink into the bottom half of the table over the next decade.

He said: "The top half of the Premier League will be occupied by clubs with great facilities or

billionaires.

"In 10 years' time, if we are still at Goodison Park, it is very difficult for us to be knocking on

the door of the top four and very difficult to be competing in the top half. The new facilities

are of critical importance."

While Goodison Park's capacity is 40,000, a 10th of those seats have such restricted views

theyare rarely filled, with average gates stuck below37,000.

"Some 21,000 out of 40,000 seats have a pillar between them and the pitch. You can't get a

drink or snack at half time," said Mr Elstone.

"Every time we open gates on a match day we take 800,000. Arsenal take 3.3m."

Everton has a big fan base, with almost 27,000 season ticket holders, including corporate

members, some of who are hosted in a marquee in the car park for lack of space.

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Under manager David Moyes the club has consistently finished in the top six, outperforming

big-spending rivals, but that could prove hard to sustain.

Many fans oppose the move from the historic Goodison Park stadium to Kirkby, four miles

away in the suburbs of Liverpool. However, hemmed in by terraced houses and a church in

one corner, redevelopment would not increase capacity and would cost more than a new

ground, the club said.

Bill Kenwright, the theatre impresario who is chairman and main shareholder, put Everton

up for sale last year. Mr Elstone said there had been no firm interest so the move, mooted

for a decade, was vital.

Kirkby is the only affordable option because of "a unique three-way partnership", he said.

Tesco is giving a 52m subsidy and Knowsley council is providing the land. Everton will have

a 999-year lease on the stadium, which will have 50,000 seats with 2,500 corporate places.

Sir Terry Leahy, chief executive of Tesco, is a lifelong Everton fan and club adviser and has

written an open letter backing the move . Tesco wants to build a superstore on the site and

develop up to 50 retail units, a hotel and leisure facilities, creating a new centre for Kirkby

across 80 acres.

Neighbours, including Liverpool city council, have objected, fearing it would lure shoppers

from their town centres, so the government called the application in.

Mr Elstone said the year's delay made building the new stadium more difficult, though it has

an improved sponsorship deal with Chang, the Thai beer.

"It is harder now than it was 12 months ago. A lot of it will depend on our ability to get a good

naming rights deal.

"The Emirates stadium has been a fantastic case study. The company and the club have got

a lot out of it.

"Sponsorship money is harder to find, debt finance is harder to find, funding is going to be a

challenge."

However, he said that Everton had many attractions to a naming rights partner - or buyer -

as a founder member of the English league, though its last title was in 1987. "They aren't

making football clubs like that any more".

Many believe that Everton should share a new stadium with Liverpool, its neighbour across

Stanley Park. Mr Elstone said that while he had no objection on principle, half the 300mcost was too high. There could also be a dispute over naming rights.


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New Stadium Becomes the Top Goal for Everton - FT