Everton have taken a significant step towards their goal of building a new stadium on the banks of the River Mersey after securing a deal to acquire land in the city.
An agreement has been reached for a site at Bramley Moore Dock, which has long been the preferred option of the club, and will form part of a £5bn Liverpool Waters scheme subject to planning consent.
While there are a number of hurdles to be negotiated, including planning permission and funding for the expected £300m-plus project, it represents the beginning of the process which is likely to see Everton leave Goodison Park - their home since 1892.
"We can now move forward into the next phase of work with much greater confidence," Everton chief executive Robert Elstone said.
"Clearly, it is vital we have clarity on cost and we have to recognise that the stadium will be significantly more expensive at Bramley Moore Dock.
"To get that certainty, and ensure the stadium is affordable, we need to confirm stadium design, capacity and configuration. And to do that, we need to talk to fans, partners and all stakeholders in the project.
"We're committing to that consultation. We're also committing to keep fans fully informed as the project develops and as other milestones are reached.
"Receipt of a successful planning approval at some point early next year will be the most significant step towards bringing the stadium to life."
Lindsey Ashworth, Director of Development at Liverpool Waters, said: "We are delighted to have agreed Heads of Terms with Everton Football Club regarding the development of a state-of-the-art football stadium at Bramley Moore Dock.
"It's been an exciting and progressive couple of weeks for Peel, first unveiling our vision for the new Central Docks neighbourhood at Liverpool Waters and now reaching an initial agreement with Everton for a new waterfront stadium.
"It's important to remember that this is the start of a long process and we will be working very closely with Everton, Liverpool City Council and Historic England to better understand the site and develop the proposals.
"As the current owners, we have a level of knowledge and experience of the site which we believe will help Everton deliver not just a new stadium but a stunning addition to Liverpool's northern waterfront."
Over the last two decades Everton have suffered at least three failed attempts to find a site for a new stadium fit for modern football.
In 2000, they announced plans to move to King's Dock in the city only for that to collapse when the necessary investment could not be found, and in 2009 a controversial move out of the city to Kirkby as part of a Tesco superstore redevelopment foundered after a public inquiry ruled against the plans.
Most recently Walton Hall Park, the closest site so far to Goodison Park, was proposed last year as part of a housing, retail and leisure development but questions were raised about funding and viability and that too failed to come to fruition.
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