Liverpool co-owner Tom Hicks has admitted that the projected cost of building a new stadium for the club has risen considerably but insists it will provide the fans with what they have been missing at Anfield.

Hicks and fellow American George Gillett took over in March and have since revamped plans for a new ground and hope to get Liverpool City Council's approval at a meeting on November 5.

Originally the stadium, expected to open in August 2011, was expected to cost around £250m but Hicks conceded figures have had to be revised radically and that they had risen to "at least £400m".

New funds will be acquired shortly for a stadium that, while initially holding 60,000 fans, will be designed to accommodate an additional 10,000 whenever permission can be secured.

"Our fans are wonderful and over time we'll be able to give them the amenities, comfort and ease of getting tickets they have never had before," said Hicks.

But he and fellow co-owner George Gillett had no intention, Hicks said, of cashing in on any future revenues.

"People get involved in sport mainly because they have a passion rather than for the money," he said.

"There are far better investments I could make than buying a football team."