Liverpool's plans to build their new 60,000-capacity stadium on Stanley Park have today been given the go-ahead by the city council.

A 999-year lease has been agreed for the property but the club must meet a deadline of the end of this month to prove they have the financial backing to fund the project.

The Stanley Park stadium will cost a reported £180 million and will be built just 300 yards from Anfield, Liverpool's home since 1884 which currently boasts an all-seater capacity of 45,362.

Planning permission for the new ground was originally granted back in July 2004 but a series of hitches have delayed its construction.

After hearing today's decision, Reds chief executive Rick Parry said 'The council decision is another big step forward in the realisation of our plans and is great news for the whole of Liverpool."

Commenting on the funding issue, he added: 'We are well aware of the timescales involved and remain confident that the funding will be in place for the new stadium.'

When complete, Stanley Park will be one of the largest capacity football grounds in Britain and will hold a similar capacity to that of Arsenal's new Emirates Stadium and Celtic Park, home of Scottish champions Celtic.

Only Manchester United's recently expanded Old Trafford, which can now take 76,000, is substantially bigger, although the debt and delay-riddled new Wembley Stadium will hold 90,000 when completed.