Everton's plans for a new stadium have cleared the first hurdle after Liverpool City Council approved the establishment of a scheme to help with funding for the project.

Everton's plans for a new stadium have cleared the first hurdle after Liverpool City Council approved the establishment of a scheme to help with funding for the project.

The cabinet met this morning and rubber-stamped a report which agreed to the setting up of a special purpose vehicle (SPV) which will allow the club to borrow the necessary money, guaranteed by the council, to finance the new £300million-plus ground at Bramley-Moore Dock.

Everton can now begin the planning process which will potentially lead to the submission of a formal planning application by the end of the year.

The cabinet report claims a new stadium will bring a forecasted £9million in economic benefits to the city annually and could play a part in its Commonwealth Games bid, for either 2022 or 2026.

There will be no financial outlay towards the project by the council but its involvement in supporting the funding model will bring in a £4m-£5m annual security fee.

According to the report "EFC intend to use the stadium move to facilitate a vital legacy project at Goodison Park, delivering health, education, affordable housing and public spaces for the local community".