Stadium was previously expected to cost around £300m

Everton’s chief executive has revealed that the cost of the club’s new stadium has grown by two thirds – with the new ground at Bramley-Moore Dock now tipped to have a price tag of £500m.

The stadium was previously expected to cost around £300m. 

Leaked everton

Speaking at the Liverpool stand at French property fair Mipim this week, Denise Barrett-Baxendale said Everton had “no option” but to progress with plans despite the price hike.

She said: “Each month costs can change subject to the market but we will be ensuring costs are appropriate.

“If reconfiguring Goodison Park was an option we would have done it years ago, so there’s no option for us to say we won’t be progressing with a new home.”

Barrett-Baxendale also revealed the club was hopeful it could be in the ground within the next five years, saying it could be operational by 2023 or 2024.

Everton ran its first consultation on the scheme, which is being designed by US architect Dan Meis who was responsible for the Manchester Arena and the Staples Center in Los Angeles, last November.

A second consultation is due to run this summer, with detailed designs for the project expected to be made public by the end of the year.

While preliminary designs (pictured above) were leaked earlier this year, Barrett-Baxendale said there were no official images of the stadium to share.