The move to restrict borrowing only to lenders approved by the Financial Conduct Authority would preclude clubs from taking money from funds like Vibrac Corp who have funded the likes of Everton, West Ham, Southampton and clubs in Spain and Germany. Vibrac's location in the British Virgin Islands allowed the identity of their backers to remain undisclosed.
“[The Premier League] want to deal with greater transparency in terms of the people that are lending money to their clubs,” said Martin Blake, a London-based lawyer who, according to Bloomberg, advises both clubs and lenders.
“There is a perception that some of the funds that are lending aren't as transparent as they would like.”
Everton have had a revolving line of credit, first with Vibrac and then with Rights and Media Funding (itself linked to Mousehold Limited who share a BVI address with Vibrac), from which the club has borrowed funds secured against future television revenue to fund transfers and player salaries for the past few seasons.
The Everton Shareholders Association says that it is their information that the club's financial accounts for 2015-16 will be released within the next two weeks, followed by the scheduling of the next AGM.
Reader Comments (3)
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1 Posted 19/11/2016 at 08:03:10
It will be interesting to see the club's debts in the latest financials.
2 Posted 23/11/2016 at 10:15:51
3 Posted 23/11/2016 at 10:28:09