Everton's training ground bought by Liverpool Council
Everton Football Club's Finch Farm training ground has been bought for £13m by Liverpool City Council.
As part of the 40-year deal the ground will be leased back to the club at a reduced price.
The agreement was struck after the previous owners of the land went into liquidation.
Liverpool City Council said the deal could bring in an income of "tens of millions" of pounds has been independently valued and verified.
Mayor of Liverpool and city council leader Joe Anderson said: "Everton retains a long-term lease on the site and the new rental arrangement secures a reduced annual rental cost to the club and an attractive commercial return for the council."
He said the "much needed revenue" will be invested in essential services which was "vital in enabling it to meet its on-going budget challenges".
Everton chief executive officer Robert Elstone said the innovative scheme "works for both parties".