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Everton chief Elstone admits stadium plans hit by credit crunch

Everton chief executive Robert Elstone admits the global economic downturn has hit their plans to move to a new stadium in Kirkby.

"The current market will make it harder than we expected to raise finance," he said in a webchat on Everton's official website.

"However, we have a mix of financing options, including stadium naming rights, and we remain optimistic on that particular project of securing a substantial contribution to our overall funding requirement.

"We are looking all the time at different options, and remain confident that we will be successful. The downturn is also likely to benefit us by way of cheaper construction costs and keener pricing from all our suppliers. Of course, this will reduce our funding challenge."

Elstone believes the move will be crucial in helping Everton beat the negative effects of the current financial downturn and help the Toffees' finances rather than hinder it.

"It's a proven fact that clubs moving to new stadia enjoy a significant uplift in attendances," he said.

"I believe Everton will experience the same, I also believe we are capable and qualified to ensure that uplift remains permanent."

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