Liverpool FC owner Fenway Sports Group marked its two-year anniversary of buying the storied club by announcing that it plans to redevelop Anfield, Liverpool’s home stadium, in partnership with the city instead of moving to an entirely new stadium.

"LFC celebrated its 120th year in 2012 at Anfield and there is no doubt Anfield is the spiritual home of the club – our preference was always to remain at Anfield,” said managing director Ian Ayre. “This is step one as there is land to acquire, plans to be approved etc., but this is a significant moment. Questions about capacity and cost are not for today – not until we have certainty," he added.

Of course, redevelopment hinges on acquiring all the necessary permissions; the club, the city, investors, and Anfield area residents still have some way to go on that score. Meanwhile, the Press Association reports that developing a new stadium was ultimately not financially viable for the club, which would have had to spend more than $482 million to build it and whose capacity would only increase by 15,000 seats.