Everton announced plans for a new stadium at Walton Hall Park in North Liverpool on Tuesday.
The club has the support of Liverpool's city council for the project and will work with a housing association to help redevelop the area around the proposed stadium site, which is located about one mile from Goodison Park, Everton's current stadium.
More from Everton chairman Bill Kenwright:
“For several years now I’ve also thought ‘If only it was available for our new stadium’, it ticks all the boxes. It would fill me with great pride, it could be something very special for our city, the residents of north Liverpool and all Evertonians – a new home that goes beyond football and does what Everton does better than anyone else.
“Of course there’s enormous work to do – that again involves fixing a huge financial jigsaw – but we are certain it’s an opportunity we should pursue with great commitment, endeavour and ambition.”
A formal planning application for a stadium could be submitted within 12 months, according to the club. The stadium would seat around 50,000 people, a higher capacity than Goodison's 41,000.
Everton has played at Goodison since the stadium opened in 1892. Goodison Park is less than a mile away from Anfield, where chief Everton rival Liverpool plays.
- Ben Estes