Senior figures at Everton have been left “stunned” at the additional costs added to their stadium construction, sources have told Football Insider.
The Merseyside club started construction in 2021 with a budget of around £550million.
However, due to the rise in material prices, the Bramley Moore Dock stadium is now set to cost over £700million to complete.
The 53,000-capacity venue is still on track to be completed in late 2024 with the Toffees targeting the start of the 2024/25 season to host their first home game.
Everton signed with primary contractor, Laing O’Rourke, for the construction of the stadium and the club stated last year that they have fixed-price contracts in place.
Those contracts are understood to set minimum and maximum costs for labour and materials.
However, the huge increase in steel price in the wake of Russia’s invasion of Ukraine means that Everton face paying an extra £150million.
The club have already sought external investment to help fund the stadium construction, with prospective new owners 777 Partners providing loans to help with costs.
The US group are awaiting approval from the Premier League for their takeover deal, but Football Insider was told by ex-Everton CEO Keith Wyness that the agreement could collapse.
Everton also have loans in place with MSP Sports Capital and Rights and Media Funding Limited.
The extra costs have taken a huge toll on Everton’s financial projections with The Times reporting that the club’s monthly costs are £20million over their income.
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