In bullet points
- We've agreed to buy the land and peel have given it over to Everton. We will pay for it and it will become ours legally upon completion of the stadium.
- The council and Everton have jointly agreed to enter into an SPV (a company created for a single purpose). This company will go to the market to raise the £300 million with the council as the "guarantor" for the loan.
- The loan money will build our nice new stadium.
- The SPV will own the stadium but Everton will receive all revenues from running it.
- Everton will pay interest to the SPV to service the loan and also give a payment to the council for being guarantor. This will be £14 million a year in total.
- At the end of the term (is it 30 years?) the loan will be paid off and the SPV will be dissolved.
- Full ownership of the stadium will pass to Everton.