The main construction contract sees Laing O鈥橰ourke bear the major risk for cost overruns on construction of the 52,888-capacity waterfront stadium.
The main works contract follows on from the pre-contract services agreement (PCSA) signed in February 2021 and the enabling works contract (EWC), including the in-filling of the dock that was completed in December.
Contract price was not disclosed but overall costs have previously been estimated at around 拢500m.
Everton FC said that the deal gave it greater certainty as to the cost of the remaining stages of the project. It was clearly mindful of cost overruns on other stadium projects, including Tottenham Hotspur鈥檚 拢400m initial estimate reaching 拢1bn eventual cost. Laing O鈥橰ourke will also be mindful that it was losses on the Cardiff Millennium Stadium that led to the fall of the old John Laing Construction, enabling Ray O鈥橰ourke to buy it for 拢1 in 2001.
Everton chief executive Denise Barrett-Baxendale said: 鈥淭his is an important agreement at a crucial time for the club and the stadium project. Our agreement with Laing O鈥橰ourke follows on from last year鈥檚 pre-contract services and enabling works agreements and brings clarity on the overall costs of our new stadium.
鈥淲e are now able to lock-in construction costs, while also benefiting from Laing O鈥� Rourke鈥檚 economies of scale in what is an ever-fluctuating marketplace.聽
鈥淥ur new agreement signifies that we have the utmost confidence in Laing O鈥橰ourke, who are using the very best digital engineering expertise and industry-leading knowledge of modern construction methods to bring our stadium vision to life.鈥�
Construction work on the stadium began in the summer of 2021. Non-listed structures have now been demolished, heritage assets removed and preserved, the dock basin repaired and infilled, foundations laid and the concrete structure of all four corners of the stadium are now starting to emerge from the ground.
Got a story? Email news@theconstructionindex.co.uk
