Everton is edging closer to moving away from Goodison Park, their home since 1892.

The Toffees released a statement on Thursday saying they’ve exchanged contracts on a lease to buy the land at Bramley Moore Dock where they hope to build their new 60,000 capacity stadium.

It is believed the new stadium would cost over $400 million, while the total for regeneration work in the Bramley Moore area in north Liverpool could be over $7 billion.

The club and Liverpool City Council have worked together tirelessly to make this stadium plan a possibility after several failed attempts to build Everton a new home in the past.

Everton called it a “significant milestone” in their stadium move and added that the club “effectively now controls the land upon which a new stadium would be built.”

This is a huge moment for Everton and their owner Farhad Moshiri who has made building a new stadium his top priority since buying a 49.9 percent share of the club in February 2016.