Liverpool City Council is set to lose hundreds of thousands of pounds it spent on due diligence fees in relation to the Bramley Moore project.
The council spent around £700,000 on fees after it agreed to help fund Everton FC's Bramley Moore stadium on the waterfront. Everton later sought alternative sources of funding and did not accept the proposed loan.
A report to cabinet made public on Thursday has revealed that local government commissioners have accused the council of a 'failure of governance' over the proposed loan. The ECHO now understands that Everton FC is prepared to pay around half of the outstanding amount.
