The Liverpool city council have approved Everton's plan to build and finance a £300 million stadium on Bramley Moore dock.

Under the agreement the council will provide security for Everton’s loans and receive £4.4 million a year from the Premier League club as a security fee.

The proposed new stadium would form part of Liverpool’s bid to host the 2022 Commonwealth Games.

“We are not funding a billionaire. We are doing a great deal for Liverpool city council,” Anderson said. “I have met Farhad Moshiri several times and he will invest in the football side of things but he wants the club to stand on its own two feet.

“It is a win-win for us as a council. It is a great deal for the council regarding funding but it is important to recognise that it’s going to be a driver for the regeneration of north Liverpool. It’s great for Everton as an institution but for Liverpool city council it brings in £4.4m a year, probably a bit more, and hopefully kick starts the regeneration of north Liverpool.

“We are using our financial strength to securitise the deal and we have securitised ourselves against all eventualities. We are serious about a Commonwealth Games bid and want Everton in their design to look at that and they are doing. We are truly well securitised. I don’t believe Everton will be relegated in the near future but, even if they were, we have the security of season ticket revenue, the TV deal, the value of players and the value of the club.”