Kieran Maguire: Everton forced into 'substantial payment' to clean up someone else's mess
Everton have sanctioned a “substantial payment” in order to clean up a political mess which is ultimately the fault of Liverpool Council.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the controversy surrounding the Bramley Moore Dock stadium project.
Liverpool Council spent £841,000 investigating the possibility of providing £30million worth of funds for the 52,888-seater stadium set to open in time for the 2024-25 campaign.
The Toffees instead decided to go down the private equity route to finance the £500m design.
Everton have since paid the Council £500,000 for the fees they incurred during their due diligence.
Business Live reported last Monday (18 July) that the fee was entirely a goodwill gesture and the club had no legal obligation to reimburse the Council.
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Maguire claims that Everton are essentially insulating the local government body from the bad press associated with squandering money from the public purse.
“Liverpool as a city is divided from a football perspective,” he told Football Insider’s Adam Williams.
“If it had been seen that the full £800,000 of public money had gone into what ultimately is a private proposal, that would have been politically awkward to deal with.
“Everton’s substantial payment has reduced the degree of anger from some people in Liverpool. Some people think there has been really poor governance from the council.
“It would appear that they have made more of a governance error than the football club itself. Everton are being honourable in helping out the council.”