No financial details were provided but the company said it sold the shopping centre which it bought in April last year for £65m, at a value which equates to the book value and the original cost incurred by it.

Development Securities planned to redevelop much of the existing town centre with a supermarket and other shops but no football ground while Tesco’s £400m rival scheme comprises a shopping district as well as a new stadium for Everton.

It is thought that Tesco's scheme had the backing of Knowsley Council.

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