LIVERPOOL, England (AP) _ Work on Liverpool soccer club's new stadium will start in July after the local council gave final approval for the project Monday.

Liverpool's new owners, American businessmen George Gillett Jr. and Tom Hicks, will bankroll the new venue in Stanley Park, close to the 45,000-seat Anfield ground where the Reds have been since 1892.

``Tenders for the refurbishment of Stanley Park will go out in April with a contractor to be appointed and work starting by the end of July, with the work completed by the end of 2008,'' a joint statement from the club and the council said.

Gillett and Hicks watched Liverpool's 4-1 win over Arsenal in the Premier League on Saturday, then held talks with the Liverpool City Council, which gave the final go-ahead.

The new stadium has been designed as a 60,000-capacity venue but the club said the plans were being reviewed in ``consultations with fans.''

``Our new owners have taken the sensible decision to review the plans to enable us to create an even better stadium that will serve the needs of the club and the fans for the next 50 years,'' chief executive Rick Parry said. ``Already, some very exciting ideas are emerging and we are working closely with the city council on the best way forward.''

The news ends any possibility of a new joint stadium with local rival Everton.

``Despite full and frank talks between the city council and the two clubs, the proposal had too many unknowns and would have created significant delays which could have put the entire new Anfield and Stanley Park project at risk,'' the statement said.

Hicks, owner of the Texas Rangers and Dallas Stars, and Gillett, who owns the Montreal Canadiens, completed their Liverpool takeover last week.