The deal with the world's biggest bank that covers the next three years provides a boost to the club's transfer war chest and other operations.
“There are a number of reasons we're delighted to reach this agreement with Everton," Jothann Durnall, relationship manager at ICBC London, said of the arrangement.
“Not only is it our first partnership with a UK football club, but it's exciting for us to partner with such an ambitious club. We're all looking forward to seeing the facility we've agreed playing a part in the club's future successes.”
Akin to a massive overdraft, the facility provides funds for Everton to use for transfers or day-to-day activities. As such, it is a more effective method of borrowing money than the annual loans that the club was taking out with controversial off-shore entities in the British Virgin Islands that recently came under the microscope of Parliamentary oversight and the Premier League's own watchdogs.
Reader Comments (72)
Note: the following content is not moderated or vetted by the site owners at the time of submission. Comments are the responsibility of the poster. Disclaimer
1 Posted 05/07/2017 at 21:58:16
2 Posted 05/07/2017 at 22:04:10
We are financially secure, are building an excellent squad, have a new ground in the pipeline, and now a £60m credit facility "should" we need it.
Fantastic to see the club run on these lines and with business brains and foresight.
3 Posted 05/07/2017 at 22:11:41
Are they truly an independent bank, or will we have to cow-tow to hidden "official" Chinese approval/disapproval for anything beyond a reported £60m credit in China?
No, I don't trust dictatorship-allowed companies. Sorry, just can't! But then, how much can we want for £60m from China??? Outside of China, what cost is your soul at? ;D
" ...a more effective method of borrowing money than the annual loans that the club was taking out with controversial off-shore entities in the British Virgin Islands that recently came under the microscope of Parliamentary oversight and the Premier League's own watchdogs. "
Is this good? Are we avoiding that microscope, or actually playing clean? I hope for the latter!
4 Posted 05/07/2017 at 22:13:52
5 Posted 05/07/2017 at 22:17:08
6 Posted 05/07/2017 at 22:32:38
Colin, I like the odds!! Try a cheeky tenner on Everton to win league and Rooney top Premier League scorer - £10 pays just shy of £100k!!!
7 Posted 05/07/2017 at 22:37:08
There is an analogy of sorts with the potential move for Rooney. Apart from the obvious skills and experience he could bring, he is a very marketable commodity. It's one of the reasons why Real Madrid have been happy to overpay for players for so long.
8 Posted 05/07/2017 at 22:38:50
9 Posted 05/07/2017 at 22:48:34
10 Posted 05/07/2017 at 22:51:49
11 Posted 05/07/2017 at 22:59:27
Another imaginative deal made. Fortza Everton.
13 Posted 05/07/2017 at 23:24:04
If we dip into the available funds it can be paid back easily should it be called in, but it wouldn't have to be. Moshiri is using his financial nous. He's paid off our high interest and decidedly dodgy debts and replaced it with a perfectly transparent loan facility at much lower cost. Immediately saves the club millions to boot.
All clubs would do this if they could.We got stuck with those dodgy debts in the first place because we were skint. All those deals were the business equivalent of a Wonga loan. Moshiri isn't just bankrolling us like the Chelsea/ City sugar daddy rich man's plaything model, he's using his considerable financial intelligence and turning us into a proper business that spends and makes money.
14 Posted 05/07/2017 at 23:24:18
15 Posted 05/07/2017 at 23:26:16
16 Posted 05/07/2017 at 23:37:03
18 Posted 05/07/2017 at 23:42:20
So, say we spend all of our transfer kitty by the end of July and a shit hot centre forward becomes available on transfer deadline day, we have money available and easily accessible. We wouldn't have to manoeuvre money about or sell to buy.
Mosh may have deep pockets but he probably doesn't have that kind of money just sitting in a bank account. This is a smart move.
19 Posted 05/07/2017 at 23:44:24
That alone would suggest that Moshiri is a very astute knowledgeable man who knows what he is doing financial wise.
Have some faith. This man is no fool.
21 Posted 05/07/2017 at 00:00:51
It's about leverage. Football is a seasonal business like say a holiday camp or a/c repair. The bulk of the TV cash comes in the summer as does a lot of revenue from season ticket sales. In say January there's not much coming in.
The line of credit gives us the means to access capital when we need it then pay it down when we have more income. Generally businesses don't max out a line of credit and just maintain the debt.
22 Posted 06/07/2017 at 00:35:49
24 Posted 06/07/2017 at 00:40:08
25 Posted 06/07/2017 at 01:05:09
26 Posted 06/07/2017 at 01:27:09
27 Posted 06/07/2017 at 01:40:56
Yen is the Japanese currency :)
28 Posted 06/07/2017 at 01:45:37
29 Posted 06/07/2017 at 01:50:17
30 Posted 06/07/2017 at 03:09:35
32 Posted 06/07/2017 at 03:55:43
33 Posted 06/07/2017 at 04:02:15
Alex Sandro costs £60 mill.
I'm going to just make a totally random connection and hope this means we will sign him.
35 Posted 06/07/2017 at 05:34:19
Right, carry on.
37 Posted 06/07/2017 at 07:04:53
38 Posted 06/07/2017 at 07:09:48
This is just good business because Moshiri can't be expected to bankroll the club from his own pocket as that would ultimately lead to disaster and administration.
39 Posted 06/07/2017 at 07:10:30
Financial Fair Play is seeing clubs forced to sell players to balance books at below market value; this protects us with assets and could mean more new players or we keep players contracted rather than sell.
40 Posted 06/07/2017 at 07:13:13
"It's just one of those songs."
41 Posted 06/07/2017 at 07:37:57
43 Posted 06/07/2017 at 07:48:41
Teams like Man Utd and Arsenal recognised the potential of Sky and acted accordingly. We appeared to sit back and not do a lot.
44 Posted 06/07/2017 at 08:00:57
Moshiri cleared the existing debt with a zero-interest loan. This facility carries interest, so the club will incur some costs. The cost will be lower than those BVI schemes, granted. Further granted, this is an onshore loan funded by a proper bank, not some shadowy shell in the BVI.
But... Ryazantsev (or however he spells his name) said the club now had its own source of funding.
Then again... I think Moshiri has put his hand in his (or Usmanov's) pocket already. I think he provided the funding for Schneiderlin and Lookman, and may also have bridged the net transfer outgoings this summer.
Here is my guess at the overall funding into the club by Moshiri (excludes what was paid to Kenwright and cronies for his 49.9%):
From Last Season:
1. £80-odd million to clear the club's historic debts
2. £30-odd million for the January purchases.
1. Transfer Outgoings – £100-odd million (including agents fees and signing on bonuses) or less if purchases on instalments.
2. Net of Incoming from Deulofeu, Cleverley and McGeady, around £20-odd million or less if sales on instalments.
3. So net £80-odd million difference funded initially by Moshiri and the club's cash (eg, from the new Sportpesa deal, USM sponsorship).
4. £60m of Moshiri funding repaid by new OD, making the club fund a big chunk of this summer's transfers which is then consistent with Ryazantsev's statement
5. Moshiri funds outgoings on remaining transfers, perhaps Giroud, Rooney, Jimenez.
6. Lukaku, Barkley (and maybe Niasse) sold at the right price and right time for the club. OD paid down. Bridging provided by Moshiri for the net transfer outlays above £60m also paid down.
7. If not sold then both OD and bridging remains in place.
8. The Sky money arrives (August?) probably earmarked to cover the ongoing costs (wages etc).
1. Is the £60m a bank borrowing? Abso-fucking-lutely. It is not some magical form of funding that the Echo made it out to be.
2. Has Moshiri put his hand in his pocket? Yes. We have spent way more than £60m on net transfers.
3. Is this £60m OD a bad thing? Not in my opinion. Moshiri is taking a balanced approach (remembering he owns 49.9%). We are spending beyond our means because he is providing the difference directly or through arranging deals such as USM.
4. What does it say to me about how the club is run? It says these guys are fucking smart. They did not let off-the-field matters influence the on the field strategy. Koeman has got who he wanted. Lukaku and Barkley have not been able to hold the club to ransom and disrupt our summer.
5. Caveat: ICBC is a humongous bank, but it is a bank and this is a large amount of debt which we will be able to carry, whilst spending freely, so long as Farhad and his mates stick around. Moshiri had better not fall out of love with us anytime soon.
45 Posted 06/07/2017 at 08:03:24
46 Posted 06/07/2017 at 08:10:10
£10M for Deulofeu.
£8M for Cleverley,
£85M for Lukaku,
£25M for Barkley on one side...
And up front: £24M for Klaassen,
£7M for Onyekuru,
£5M for Sandro..
Then, not saying I agree with these, but £13M a year for Rooney's wages over 2 years...and £20M for Giroud, we will have still only spent £4 million.
We will have some small change to come from McGeady etc and I think I'm right we spent £22 million net last year. In which case we've still got a way to go.
This is just a facility to do good business quickly at the right time. It's a very exciting time to be a blue after so many years in the trophy wilderness.
47 Posted 06/07/2017 at 08:12:52
48 Posted 06/07/2017 at 08:19:13
Great to see real businessmen actually running the club and as a good PR deal, leaving Cleggy to front it all. Thanks Mr Moshiri. Pity you weren't around 20 wasted years ago!!
49 Posted 06/07/2017 at 09:00:37
We have smart people running the club, commercial deals being signed weekly, and I had to laugh at Radio 2's Drivetime show yesterday who were jokingly finishing off any transfer rumour segment with "and Everton interested in another player today".
50 Posted 06/07/2017 at 09:09:06
51 Posted 06/07/2017 at 09:18:23
Someone mentioned on a board we have a nice combination of a strategy to get change early, get youth for no risk, asset build over time and add cutting edge, strength, aggressive winning mentality, fitness, pace and goals.
The recruitment team has a nice combination:
Mr Walsh – knowledge, contacts and proven process for reaching out early to many many targets that fit the criteria so we are not under pressure.
Koeman – Reputation, approachable and reaches out as well. provides strong clear leadership.
Kenwright – Provides the heritage, the patter and it would seem when the finance is available can cut a deal real quick.
Moshiri – has his contacts and network - has credibility as a football man and a smart finance operator with huge backing of both his own money but also USM AND his pal . very Cleverley leveraging the council, the property drive on the waterfront and his billionaire contacts.
Finch Farm, Coaching and Backroom team – it appears that getting players to finch farm is part if the process and meeting the EFC family has had a real impact on the signings.
This is a very powerful mix which has delivered in droves already and is marching on. Totally nuked the Rom/Ross potential ransom saga and summer soap opera.
52 Posted 06/07/2017 at 09:19:40
53 Posted 06/07/2017 at 09:24:06
54 Posted 06/07/2017 at 09:24:17
55 Posted 06/07/2017 at 09:24:47
Of course we'd have to pay it back but obviously Moshiri feels it makes sense for our business model.
And you obviously agree, so no need to highlight my post in such a disagreeable manner. It isn't magical funding, but it also isn't technically a loan, although I accept that once we use the money then it comes at a cost.
Call it whatever you want, Amit, but have no fears, Mosh is here to stay and clearly knows what he's doing.
56 Posted 06/07/2017 at 09:29:21
Whatever you think about Kenwright, he's a true blue and he promised he would find a decent new owner. I wish we could just cut him some slack and move on. :-)
58 Posted 06/07/2017 at 09:33:06
Still I don't mind me and my family spending on this seasons stuff if the people now running it are doing their bit!
59 Posted 06/07/2017 at 09:37:05
60 Posted 06/07/2017 at 09:48:03
David (#54). You're right, David, and he would be the first to admit it (in private) BUT he did know what the club needed and he held out until he found exactly what the club needed. He takes far too much stick on here from people who know next to fuck all about him and his business.
It's taken a long time to find our perfect benefactor/major shareholder but with the promise of a new waterfront stadium and a transfer window that's made everybody sit up and take notice I think there should be credit given where credit's due.
I know I'll get all the Kenwright haters on now giving it "What about this; what about that", but just look where we are and where we're soon to be.
61 Posted 06/07/2017 at 10:01:05
So we've got a plan then.
62 Posted 06/07/2017 at 10:13:06
63 Posted 06/07/2017 at 10:22:12
64 Posted 06/07/2017 at 10:40:43
Fingers crossed it prompts Chelski to start a bidding war and push price up.
65 Posted 06/07/2017 at 10:44:13
66 Posted 06/07/2017 at 10:46:07
Offers been made, Everton have turned it down. No further talks planned at the moment.
67 Posted 06/07/2017 at 10:49:44
How do you know the club has rejected it? The news has only just broken.
68 Posted 06/07/2017 at 11:12:10
69 Posted 06/07/2017 at 11:18:29
I think it was the pressure that impacted on his health as well.
Glad he has had a part in securing our future; whatever his faults, he can now hold his head up and be proud of what he has finally achieved.
70 Posted 06/07/2017 at 11:21:55
Everton made a statement saying "Romelu Lukaku is an Everton player, Wayne Rooney is a Man Utd player, we have offers from other clubs for our players. We have made offers for players of other clubs. No further talks are planned at the moment between Everton and Man Utd."
71 Posted 06/07/2017 at 11:45:08
72 Posted 06/07/2017 at 13:38:45
Not only that he has made more money out of Everton than any other fan since 1878... But let's forget all the lies, deceit and false promises they don't matter. He is one of us...
My fuckin' arse.
73 Posted 06/07/2017 at 13:46:42
75 Posted 06/07/2017 at 14:50:45
76 Posted 06/07/2017 at 15:07:43
Terry (#75), I will continue to write every word as long as people continue to flatter Kenwright.
77 Posted 06/07/2017 at 17:39:29
78 Posted 06/07/2017 at 19:39:01
There are a number of brilliant posts on this thread. They put their point of view well and if they disagree, it's done with a bit of respect. And generally, people take more notice of what they're saying rather than how they're saying it.
80 Posted 06/07/2017 at 19:42:24
81 Posted 06/07/2017 at 20:02:14
Gordon (#78) obnoxious? I have no respect for Kenwright the way he has behaved as chairman of Everton FC.
It seems you don't think Kenwright has looked after his own interests more than he has the welfare of Everton? I find that very surprising.
82 Posted 06/07/2017 at 22:43:48
83 Posted 07/07/2017 at 02:00:23
I assume this facility is at a better rate than we have had before via Green (could hardly not be) and is actually quite handy in boosting our negotiating position with people like Lukaku whose bluff can now be called, if absolutely essential.
In the old days, Bill would have just had to drop his trousers...
Add Your Comments
In order to post a comment, you need to be logged in as a registered user of the site.
Or Sign up as a ToffeeWeb Member — it's free, takes just a few minutes and will allow you to post your comments on articles and Talking Points submissions across the site.