The owners at Everton face new financial challenges after the construction cost of Bramley Moore Dock rose by over £150million.
That is the view of finance expert Kieran Maguire, who spoke exclusively to Football Insider about the rise in price of Everton’s new stadium.
As revealed by Football Insider, senior figures at Goodison Park have been left ‘stunned’ after their stadium costs increased by over £150million.
The Toffees are already under financial pressure after being charged by the Premier League for recording excessive losses over a three-year period.
As reported by The Times, Everton’s monthly costs are £20million over their monthly income.
They also have active loans with 777 Partners, MSP Sports Capital and Rights and Media Funding Limited.
Maguire insists the price rise does not come as a surprise but will provide additional hurdles for Everton’s owners.
“The increase in the cost of Everton’s stadium doesn’t come as a significant surprise,” Maguire told Football Insider’s Sean Fisher.
“The clubs did put out some confusing statements around a year ago stating that they had a fixed-price contract in place but those rumours failed to be accurate.
“Material prices are high and labour rates are increasing and general overheads in terms of transport and power are also significantly higher than Everton’s initial budget.
“So I think the increase in costs and the year delay to the stadium’s opening will add to the financial challenges for Everton’s owner.
“Whoever that may be when Everton’s stadium eventually opens.“
In other news, Man City told Everton they want £7.5m Kalvin Phillips loan fee
