Council may return EU funds over halted stadium - planning and development

Wednesday, March 24, 2010

Liverpool FC not pursuing planning and development of new stadium could city council in the pocket

By Ashley Brunskill

Liverpool City Council may be forced to hand back more than £8 million in European Union funding should construction of Liverpool FC's new stadium not go ahead.

A report by the Audit Commission suggests that local authorities may have to give back £8.2 million that was earmarked for refurbishments of Liverpool's Stanley Park as part of a proposed 73,000-seater stadium.

Liverpool FC has yet to set a firm date on when construction would begin and their current financial situation has been described as fragile by a number of experts on football finance.

With new investment still being sought, future planning and development seems highly unlikely in the near future.

Furthermore, the city council may be left with another bill for £2.5 million owed as part of the construction of the Echo Arena on the banks of the River Mersey.

Councillor Joe Anderson likened the council attitude on funding to "let's not worry about tomorrow, let's grab what we can today" and called for the council to come clean on the situation.

"These risks should have been carefully considered when looking for funding in the first place," he added.

Source: ask-re The Property People LLP