The clock on European funding, which comes via the north-west regional development agencies, is ticking and Liverpool has been told that as this money is coming from this year's budget the club must convice them that they are serious about this new stadium by the July 31, or the money will be allocated elsewhere.

However, progress on the new stadium has been so slow that costs have risen inexorably. Having started with an original estimate of £70 million the stadium could cost £190 million. One of the main problems has been finding an investor. On Tuesday rumours swept Merseyside of yet another consortium bid, which would be Liverpool's seventh potential bidder in the last year.

The latest rumoured bidder consists of Dermot Desmond, Celtic's largest shareholder, with John Magnier and JP McManus, once friends of Sir Alex Ferguson and investors in Manchester United.