Everton's bid to build a new �300 million ($373 million, 349 million euros) stadium received a boost on Friday as Liverpool City Council approved the establishment of a funding scheme.
The Premier League club want to leave their historic Goodison Park home and will be allowed to borrow the necessary money, guaranteed by the council, to finance a new arena at Bramley-Moore Dock.
Everton can now begin the planning process which will potentially lead to the submission of a formal planning application by the end of the year.
The cabinet report claims a new stadium will bring a forecasted �9 million in economic benefits to the city annually and could play a part in its Commonwealth Games bid for either 2022 or 2026.
There will be no financial outlay towards the project by the council but its involvement in supporting the funding model will bring in up to �5 million in an annual security fee.
"This deal is a great step forward for Everton and it's a great deal for the city of Liverpool," said Mayor of Liverpool Joe Anderson.
"This new stadium has the potential to kick-start the regeneration of the area and will provide a massive boost to the city's economy.
"The ball is now in Everton's court to sort the finance package and design a stadium that will make the world sit up and take notice."