Shareholders Association Release

21 July 2004

1. Today, the Everton Shareholders Association (ESA) called on True Blue Holdings Ltd to act like true blues and dissolve the holding company.

2. Steve Allinson, Chairman of the ESA which represents the shareholding supporters said: "True Blue Holdings has served the Club poorly over the last four years.  The Club is in a far worse state than when they took over and the situation is now intolerable".

3. He confirmed that a formal petition for an Extraordinary General Meeting would be served on the Board this Friday.

4. This will force the Everton Board, now depleted to just three directors of True Blue Holdings Ltd, to face an increasingly concerned body of owners during the first month of the season.

5. Mr Allinson had no words of comfort over the EGM.  "We will have answers," he said.  "We've watched with growing alarm the mounting debt and lack of investment under True Blue, and now we are expected to sit here and watch them pull themselves apart".

6. "If they truly care about the security of Everton's long term future, they must dissolve and lead the Club as individuals from a level playing field.  Only then can the Board of Everton seek new partners and directors and embark on the full structural changes at Executive level necessary.

7. "The biggest tragedy is that while the Board is locked in a struggle over control, the lifeblood of this Club slips away.  How can they continue to ignore the real crises facing Everton that threaten our very future as a Premiership Club?  Where is their responsibility to the Club and Everton community?"

8. The ESA believes that nowhere is the Board's inactivity more evident than in the ongoing saga over Wayne Rooney's contract.

9. "In financial terms alone, the issue over Wayne has to be the most pressing," said Mr Allinson.  "Quite simply if Wayne doesn't sign a new contract, we will either eventually lose him for minimal compensation or he will be sold for a fraction of his true value before that.  The impact on Everton would be devastating."

10. The ESA are incensed at the failure of the Board to challenge the performance of ProActive Sports, Wayne Rooney's agents.  They know that the nurturing of England's most exciting player in years by the manager and playing staff has been exemplary, and that at only eighteen he can only benefit from the support structure of his home environment.

11. The ESA are determined to highlight the activities of Proactive and urged the Football Association to mount an enquiry into the conduct of Rooney's agent. Colm Kavanagh, Executive member of the ESA confirmed: "We are preparing a report on the whole issue, the irony is that this should be coming from the Club, not its shareholders."

12. Ian MacDonald, another Executive member of the ESA and spokesperson for the Independent Blues demanded raising the banner of the "People's Club" and called for the unity of supporters and shareholders. "Remember the shareholders are just fans lucky enough to have that little certificate on their wall at home. We must speak with one voice and we must demonstrate that this state of affairs cannot be allowed to continue.