Everton's new stadium closer to fruition after landmark lease agreement

Everton can finally begin the process of building a new stadium after agreeing to a 200-year lease with a UK property group.

The Toffees secured land at Bramley Moore Dock on Thursday, ending a year-long search for a construction site. The area is earmarked for extensive restoration as part of a £5.5-billion regeneration project in north Liverpool.

Everton's agreement is "conditional upon gaining planning consent for the proposed new stadium and securing funding for its construction," according to a club statement.

Everton said the stadium would aid the process of revitalising Liverpool's waterfront. Two river terminals, a host of entertainment complexes, and residential and office buildings are also in the works.

"We know that a world-class stadium, on the banks of the River Mersey, will act as a trigger for even more investment and jobs which will be of huge benefit to the whole city region," Ian Pollitt, assistant project director at Liverpool Waters, added. "We've been working very closely with all partners to get to this stage and we're excited to move on to the next phase of the project."

The Merseyside outfit has called Goodison Park home since 1892, but the stadium's limited 40,000-seat capacity is considered a detriment to the club's evolution.