Seasons2017-18Rumour Mill
Rumoured CIPFA Report assess stadium finance risks
Liverpool City Council has apparently commissioned a report that looks into the risks of its proposed deal to help fund Everton's new stadium. However, the contents of the report remain “commercially confidential.”
The Echo claims that LCC asked the Chartered Institute of Public Finance and Accountancy (CIPFA) to prepare the report which reviews the risks of the council's involvement with financing the Bramley-Moore Dock scheme.
The LCC says the report is one of many it is having produced looking at the viability of the deal — and said while it is currently confidential, the full picture will be presented to the public before any final deal is done.
However, the CIPFA report was apparently looking at an initial proposal for the stadium financing deal from several months ago; this has now been amended and changed as the council's plans have evolved.
The proposed financing plan that was first made public at Everton's AGM in January, and subsequently confirmed by Mayor Joe Anderson, promises a ‘once in a century' deal will be a massive net gain for the city in terms of long-term profit, and will create thousands of jobs and homes in the area around the stadium.
In it's published form, the plan involves LCC providing finance for £280M of Everton's new stadium cost, and receiving repayments with interest over 25 years that are projected to boost City coffers by and estimated £178M.
As proposed, the plan appears to be a massive win-win for the City and for Everton, given the increasing difficulties created by cutbacks in funding from central government. But political opponents are expected to give it tough scrutiny with the risk that it will become a political football, especially for council opposition leader, Cllr Richard Kemp.
Original Source: Liverpool Echo
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