We won't feel financial sting of Everton FC moving

"It's presence has arguably been an inhibiting factor in attempts to regenerate the area.

"(Liverpool) councillors have said there would be a hole left in the local (Walton) economy if Everton's £51m turnover was relocated to Kirkby.

"This is comic book economics.

"Everton's turnover has virtually no impact on Walton."

Mr Fleming went on to ask whether any of Everton in the Community's projects that Mr Elstone highlighted in his evidence on Tuesday were specific to Walton.

Mr Elstone replied: "No, but I believe that the economic value provided to the local community is a real factor.

"We have 200 people going in and out of the stadium every day; shopping in the local area and buying food. The reality is that we contribute and help sustain the local community."

In addition, he added, the club is also working on producing a lasting legacy for the area should Destination Kirkby get the green light in 2009.

Mr Elstone suggested that redeveloping Goodison Park for housing would bring more families into the area providing more revenue for Walton.

But Roger Lancaster, speaking for the combined authorities opposed to Everton's plans, said the stadium bid was a commercial enterprise and had little to do with regeneration.

He said: "You are trying to steal a march on the competition, and I don't blame you, by getting a stadium you can't really afford, aren't you?"

He suggested that the club did not urgently need to relocate and that the Kirkby plan was simply a means of Everton getting ahead of its rivals.

He added: "If the club is sold then the £52m will still be safe for the club and the owners will take away that value with them, won't they?

"There would be an outcry if any hypothetical company got planning permission on these grounds to buy a factory and then sold out."

Mr Elstone agreed that club owners Bill Kenwright had said the club was up for sale to the right buyer with the right attitude and there were clients who were looking for buyers.

But this was probably the case for most clubs in the Premier League.

He also repeated his belief that Everton were in immediate danger of falling behind their rivals, having "punched above their weight" for a long time.

Rather than stealing a march, this bid would shore up a club with a long heritage, he claimed.