The costs of building a new stadium for Everton have escalated by £200m due to inflation and the works needed at the site, the club has said.

Everton agreed a deal on Liverpool’s waterfront in March 2017 for about £300m but that has risen to £500m.

Two-thirds of the money for the Bramley Moore Dock scheme is being secured through Liverpool City Council.

The club is finding the rest but chief executive Robert Elstone said they would walk away over high costs.

During a General Meeting on Tuesday, Mr Elstone said: “There is a point at which the stadium will become too expensive so we have to keep a real close eye on that. Can we do that? I’m confident we can.

“We still have a third to find, a third is a big number. It’s a big financial commitment with long-term consequences on the club so we have to get it right.”

Mr Elstone said the work required to transform the 19th Century dock into a site for a stadium, its “premium” waterfront location and inflation have all increased the cost of the project.

Iranian businessman Farhad Moshiri bought a 49.9% stake in Everton in February 2016 and quickly outlined plans for a move from Goodison Park, which has a capacity of 39,572.

An initial plan was to build a stadium at Walton Hall Park, a short distance north-east of the club’s home since 1892, but those plans were abandoned in May 2016.

Everton had previously abandoned plans to move to King’s Dock in 2003, and Kirkby in 2009.

The club hopes to start work at Bramley Moore Dock next year.

At the meeting plans were also unveiled for Goodison Park to be transformed into a space for the community to include health, education, housing and leisure facilities.

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