Liverpool FC has been given two months to prove it has the funding to build a new football stadium.
The EU money is not going to the new stadium
Part of the plan for the £190m stadium in Stanley Park involves regenerating the area around its current Anfield Road ground with European Union cash.
The area could get £9m of Objective One Funding - money earmarked by the EU to revive depressed areas.
Officials who distribute the funds said the club had to provide evidence the stadium funding was in place.
A spokesman for the Objective One programme monitoring committee said it had received written assurances from the club and Liverpool City Council about the funding.
But he added that the committee wanted to see detailed financial statements and accounts before authorising the project.
A two month appraisal is to take place with a sub-committee deciding by 28 September if the club has given adequate proof of its financial package for the new ground.
But the committee is also looking at alternative uses for the money in case the club fails to satisfy its requirements.
Coun Flo Clucas, the city's head of ecnonomic development warned the club "the clock is ticking."
She added: "The club has had 18 months to bring forward its proposals and it is are now competing with other projects which have already been appraised.
"Put simply, it is time for the club to put up or shut up."
The European cash would pay for environmental and infrastructure improvements in the Anfield area and would not go towards the cost of the stadium.
Nobody at the club was available for comment.