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Is the tide turning?
6 December 2004

Blue Bill: No surprises left for tomorrow's AGM?

For Everton Shareholders and those fans who have some interest in the machinations that underlie the Club off the field as well as on, the Annual General Meeting of Everton Football Club Co Ltd often seems to be a highly anticipated event — and this year is no different.  Two key issues were expected to be resolved: the dissolution of True Blue Holdings, and confirmation of the Fortress Sports Fund millions.

At the eleventh hour, we understand in a statement from Paul Gregg that, as of last Thursday, 2 December 2004, the first objective was achieved; True Blue Holdings was liquidated, with its Everton shares being transferred to the individual True Blue investors.  And about time too! 

As for the second objective, that remains as elusive as ever... although there is a belief that it is contingent on Item 1 above; so the path will now have been cleared for Christopher Samuelson to take a place on the Board, and the money to come rolling in to swell David Moyes's transfer budget...???  Well, not exactly... at least, not just yet anyway.  That's the message from the Club that quickly followed Paul Gregg's statement about the dissolution of TBH.

There was much concern on review of the AGM Agenda items (published with the Annual Report two weeks ago) that the absence of these topics seemed to eliminate all likelihood of there being any dissolution of TBH or conformation of the Fortress Sports Fund money.  With neither of these crucial items explicitly included on the agenda, fears were rife amongst many Bill-watchers that, once again, the Chairmen has encouraged the verbal rhetoric to get a long way ahead of reality (I'm trying to be constructive here but the real issue is Broken Promises...)

So, the dissolution of TBH has gone ahead, without it appearing on the AGM agenda, but the announcement of forthcoming investment from FSF has been put on hold due to "extensive administration with international regulators"...  The issuance of new shares to facilitate the first tranche of the FSF buy-in cannot occur without a formal vote by the existing Shareholders (merely a formality due to the overwhelming majority of shares owned by the ex-TBH crew).  But what is to stop the first tranche of £12.8 Million being used to buy up the existing Everton shares now held personally Paul Gregg, Bill Kenwright and others?  Obviously, this would then be just a transfer of current ownership, with none of that money actually going to the Club, or — more importantly — to David Moyes.

Why does it matter, especially when team is riding high in the Premiership?  We have just signed up for five more years the best young manager of a generation, and we have the mega-millions rolling in from the sale of Wayne Rooney — for the oft-quoted sum of £27M. 

• Success in the Premiership.  The run so far this season has been brilliant, and the Bolton game was widely hailed as our biggest win, for the nature of the comeback and the incredible atmosphere it generated at Goodison Park. Yet the margin of error is continuing get narrower, with Man Utd now snapping at our heels on a run of five consecutive wins.  We have been very lucky with injuries to our apparently threadbare squad, and we have two key players on 4 yellow cards, just one away from automatic suspensions.  Most significant is our inability to totally rout our opposition.  Every game is a close-fought battle; every point is hard-won, while those around are winning often by 3- or 4-goal margins.  Long may it continue... but will it?  Some say we must sign significant reinforcements in January; that needs money — money that the Club may or may not have...
   
• Manager Moyes the Messiah.  We don't hear that so much any more... after last season's dire nadir.  David Moyes signed his contract extension apparently on the basis that funding would be in place for him to expand the team and build on the good work he has achieved with remarkable results so far this season.  So the perception builds that money for transfers is a vital part of Moyes's future plan fro the team — some insist it is more critical than that: if he does not get the money in this coming transfer window, he will resign.  Personally, I find that very hard to believe... but then I found the thought of Wayne Rooney wanting to leave his beloved Everton impossible to even contemplate...
   
• The Rooney Mega-Millions.  Talking of the Roonster, here's a little quiz for those who've been keeping up with the news.  How much have Everton received for the transfer of Wayne Rooney to Manchester United:
   
  • £50 Million?
  • £30 Million?
  • £27 Million?
  • £20 Million?
  • £10 Million?

If you read the newspapers, it's a toss-up between (b) and (c).  So no argument there... or is there?  Well, yes there is.  Everton Football Club have only received £10 Million for the sale of Wayne Rooney.  They are due another £10 Million in NINE MONTHS from now; and as for the rest?  Well... can you say "Michael Ball"?  The lesson is simple: nothing is certain in football.

Those who are persistently upset by ToffeeWeb's apparent preoccupation with the business side of Everton FC, the activities of the Shareholders Association, and our less-than effusive support for Blue Bill, question the motives underlying our skepticism of the big theatrical statements and the heartfelt emotional tone that Bill Kenwright suffuses his every word on Everton FC.  As we've stated many times before, it is very simple. 

Blue Bill has been on the Everton Board of Directors throughout the dismal 1990s; in the last five years, he has overseen a progressive and worrying decline in the financial fortunes of the Club, accompanied by the repeated liquidation of our home-grown talent, essentially to balance the books and hold the creditors at bay.  Meanwhile, David Moyes is doing his utmost to turn the trend around; we simply want to see the same level of achievement from Bill Kenwright. 

If he ultimately succeeds with the Fortress Sports Fund, we will be delighted to flip-flop into Blue Bill's strongest supporters...

But if he once again fails to deliver, while no doubt waxing lyrical about the reasons for yet more broken promises, we shall remain highly critical of him for yet another failure to deliver.

Come on, Bill: make us turn around and trust you.  You know how good that would make you feel!  Or is this smoke and mirrors for the AGM, with the promise of a positive resolution just tantalizingly out of reach?  Worse still, just another stalling tactic before we are told that negotiations have broken down and there will be no FSF money...??? 

One thing is certain: we won't be given the answer tomorrow night. 

Michael Kenrick
A Concerned Everton Shareholder

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