Everton Football Club has outlined the financial reasons for the need to move to a new £120m stadium at Kirkby, Liverpool.

The plans for the new 50,000-capacity stadium have been called-in by the government, despite approval for the scheme from Knowsley Borough Council.

In an extraordinary general meeting (EGM) of shareholders last night, the club's acting CEO, Robert Elstone, revealed that the new stadium would bring a substantial boost in revenue compared with current levels generated at its current Goodison Park stadium.

"Information from the latest published accounts show that we are the ninth-ranked club in terms of wage spend, and in that season we finished sixth," said Elstone. "Our wage bill is £10m below the Premier League average. We have to do something to catch up that gap. The area we have to do the most work on is matchday revenue."

Elstone explained that comparative figures for other clubs in the Premier League are not favourable to Everton, with a vast difference between clubs in terms of matchday revenue. He said: "Every time we open the gates at Goodison, we generate about £800,000. Every time Arsenal opens the Emirates [Stadium], its £3.3m.

"The differentials over the course of a season are phenomenal. We would have to play an additional 62 games over a season to match Arsenal's matchday revenue. To move up to a level around Tottenham [Hotspur], we would have to double our matchday revenue. That would mean an average attendance of 74,000, paying the same ticket price, or an attendance of 37,000 paying double."

The date for the start of the public inquiry into the plans has been set for 18 November. The stadium project is part of a wider £400m joint development between Everton Football Club and supermarket company Tesco.