Everton's plans to build a new stadium have cleared the first hurdle after Liverpool City Council approved the establishment of a scheme to help with funding.
The council's cabinet met on Friday and rubber-stamped a report that agreed to the setting up of a special purpose vehicle (SPV).
That will allow the club to borrow the necessary money, guaranteed by the council, to finance the new £300 million-plus ground at Liverpool's Bramley Moore Dock.
Everton can now begin the planning process, which could 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 forecast £9m in economic benefits to the city each year 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 council report, "EFC [Everton] 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."
The development comes days after Everton took a significant step toward their goal of a new stadium on the banks of the River Mersey when they secured a deal to acquire land at Bramley Moore Dock.
The club agreed Heads of Terms to acquire the site, two miles from Goodison Park, in the beginning of the process which will see Everton leave their home of 125 years.