Liverpool are considering selling the naming rights for the new main stand at Anfield in a bid to finance the £75m redevelopment cost of the stadium.

Last month, Liverpool City Council’s planning committee unanimously approved the club’s application to rebuild two sides of Anfield, with work expected to begin in early 2015 subject to a six-week consultation period with local residents. Now Liverpool’s new chief commercial officer has admitted that the club are exploring the possibility of financing the redevelopment with help from an outside source but ruled out the possibility that the stadium as a whole could be renamed.

“The new main stand is going to be a big focus for all of us. The process is still ongoing. We’re getting closer to certainty but we’re not there yet,” Fenway Sports Group’s Billy Hogan told the Liverpool Echo. “When that certainty arrives, from a commercial standpoint we’ll be ready to get to work on that. We wouldn’t consider selling naming rights for the stadium as a whole but in terms of the name of the main stand that’s something we will look at. We’ll be looking to bring in a number of new partners. A naming partnership for the stand would make sense.”

Liverpool are one of seven clubs currently being investigated by Uefa over possible breaches of the financial fair play rules. Yet Hogan is confident they have nothing to fear given a number of new commercial deals that should significantly boost revenue this season.

“FSG have always been very supportive of FFP and that means only spending what you can generate,” he said. “We’re focused on operating the business in a responsible way. That’s been the mantra for FSG to get a winning team on the field. We want it to be sustainable. Not only have we brought on board nine new partners so far this year, we’ve also had three significant renewals. That speaks volumes about how we want to operate. We see ourselves as a family club and we want our partners to be part of that family.”

Hogan added: “When you consider where we were four years ago, on the brink of administration, where we are now is testament to the hard work of everyone who has contributed to that progress. The club has advanced so far both on and off the field, and now we’re able to talk about how strong the business is.”