Everton believe that the proposed move to a new 50,000-capacity stadium is essential if the club are serious about wanting to compete with the elite of English football, not to mention the attraction it would hold for would-be investors.

Only yesterday Bill Kenwright, the chairman, said that he was searching for a billionaire investor who could help to catapult the club into the top four. “We are disappointed by the decision,” a club statement read. “It is important to stress that this decision does not spell the end of the Destination Kirkby project but it will precipitate a period of reflection, assessment and re-evaluation.”