Of course this question depends on what you consider to be the “end” of the saga. For the purposes of this article, I’ll define “the end” as the final removal of Farhad Moshiri from the club in any official capacity (he’s already mentally checked out).

As of the writing of this, the club has just taken on yet another loan, this time from 777 Partners, the same group “confirmed” to be acquiring the club from Moshiri. As has been reported, this loan is intended to finance operations at the club, meaning to cover the day-to-day costs.

We know already that cashflow is a problem at the club since the revelation of the scale of our debt servicing commitments (£30-odd million per year, as it stands) but the need for this loan reveals an even tighter cash crunch that is hindering the ability for the club to run day-to-day operations without defaulting on interest payments, payments to Lang O’Rourke (the construction company building the stadium) or any other financial commitments the club has outside of wages and overheads.

This latest loan from 777 Partners is likely to be convertible to equity in the event that their acquisition of the club goes through. It could also be treated as a bridging loan to our next tranche of broadcasting money due in April. As always, the details are shrouded in opacity from the club.

In light of this cash crunch and the need for urgent financing, such that we would tap up our prospective buyers for a short-term loan, as we did with MSP Sports Capital, who ended up being blocked from buying into the club, the foremost question is:  What happens if the 777 deal doesn’t go through?

Like Paul the Esk, who wrote in the wake of the 777 Partners acquisition being announced by the club, I am highly pessimistic of the deal happening. For one, I don’t believe they have the capital to pull off the capitalisation of the club plus the funding of the stadium (let alone any sale price that has been agreed with Moshiri). 

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For another, I think there is too much stink around these guys for them to pass muster with the Premier League or the other decision-makers in this process, not least our other creditors in the form of Rights and Media Funding and (ironically enough) MSP Sports Capital. 

If the deal doesn’t go through, then – well, for want of a better word – we are fucked. Barring a white knight coming forward, with deep pockets, who is willing to buy the club (and they surely would’ve come forward already if they were out there), then our cash crisis will resurface very quickly. 

And it will be worsened by the fact that we would now have an additional creditor to pay interest to, in the form of 777 Partners. This situation would almost certainly be terminal for us as a Premier League club and potentially (although I doubt it) as a viable football and commercial entity in any form, as the club would be thrust into administration in short order.

If you want “good news”, it’s that administration would effectively end Moshiri’s tenure at the club. The bad news is that it would draw the sort of punishment from the Premier League that would almost guarantee our relegation. The administrators would need to negotiate long-term restructuring of the outstanding loan commitments in order to make the club an attractive prospect for a buyer. This is no easy feat, especially with the club staring down the barrel of relegation.

There is no question that players would need to be sold ASAP, namely Onana and Branthwaite, plus anyone else whose sale would be profitable. Whatever fixed assets the club has, which are few and basically include Goodison Park and some surrounding property, would need to be part of whatever attempt is made to make the creditors whole.  This could mean the selling and renting back to the club of Goodison Park, though this seems very untidy given the situation with the new stadium at Bramley-Moore Dock.

Personally, and tragically, in light of my pessimism over the 777 deal actually happening, I see administration now as a foregone conclusion. I therefore would like to see it happen while we are still a Premier League club. Even if we don’t go into administration, we will need to sell important players in January to make ends meet and we’re likely facing relegation anyway. I’d sooner take a punishment from the Premier League, sell the club out of administration as a Premier League club, and avoid further punishment in the Championship that might see us down to League One quickly.

Here’s where I’m less pessimistic. With Moshiri out of the way and therefore no longer trying to claw back any of his investment, a prospective buyer out of administration would only really need to tackle the club’s debt, capitalise the operations and finance the stadium. Of course that’s still a tall order but the reason I have optimism is simple:

We’re still Everton. Of all the clubs that have been in dire straits over the years, we are the biggest by far with a rich history and committed fanbase. It’s also not for nothing that we have a halfway-completed state-of-the-art stadium that would immediately improve the commercial fortunes of the club. 

I believe that, if the club were financially stable and it was only Moshiri’s asking price on the table, there would be more credible bidders. In the same vein, I believe that, if Moshiri is forced to sell for next-to (if not) nothing, and the only cost is the debt and stadium, there would be more credible bidders.

As it stands, the only way we get rid of Moshiri is under such circumstances. But if I’m correct and the 777 deal is a busted flush, then we’re going to have to accept that not only is administration inevitable but is beneficial to the long-term survival of the club. The longer Moshiri piles on debt after debt, the harder it becomes to sell the club. 

And if administration is to be the way, then we’re better off going into it sooner rather than later. If we get docked 9 points by the Premier League but the financial situation is stabilised before starting a season in the Championship, that is far preferable to being relegated (possibly without being docked points) and then being punished further by The Football League because we’re in administration. That could lead to us dropping like a stone into League One or worse.

This is what it’s come to. The perfect storm brought every chicken back to roost at once. The pandemic followed by the Russian invasion of Ukraine kicked the weakened legs out from under the shoddily assembled Everton table. Financial mismanagement compounded by the sanctioning of Usmanov, and followed by the ensuing financial challenge of climbing interest rates, are about to bring the table crashing down.

However this plays out from here, we are now and will forever be the great cautionary tale for Premier League clubs and the poster child for football mismanagement. We supporters will carry the burden of humiliation, possibly for generations, before ever seeing this club back at its true station in the game.

Reader Comments (138)

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Paul Kossoff
1 Posted 20/09/2023 at 19:24:19
Jacques, thanks for the article.

I've said for a few years now that someone at Everton wants us relegated for their own ends, probably Kenwright. I think he's intentionally driven Moshiri out of the club, taking his millions and stabbing him in the back.

The club gets sold for a lot less, he oversees the sale and pockets a few million in the process, and possibly staying as life-long chairman, and, also getting to say, "I've saved the club."

My opinion, but whatever happens, surely our long-standing horrendous bad luck has to change some time? I just hope it does before it's too late.

Colin Glassar
2 Posted 20/09/2023 at 19:38:08
Jacques, if we get a points reduction leading to relegation, not only will we go into administration but I can see us being sold off piecemeal and being wound up.

Didn't Moshiri talk of an “existential threat” last year? Well this is it. This is the end as Jim Morrison sang.

Unless a White Knight comes riding out of the desert like some modern-day Saladin, weighed down in gold and jewels, then we are well and truly fucked.

Kieran Kinsella
3 Posted 20/09/2023 at 19:45:44
I couldn't get excited about the Arsenal game nor can I about the next one as I have come to the same conclusion. Any points we get might be wiped away in administration. Any players who start performing will be sold off in January.

However, I have managed to reframe my outlook and am now looking forward to the next game because there may not be many games left for Everton FC. It's true we are bigger than other clubs who have gone into administration but the flip side is that we have much much bigger debts.

I just get angry thinking about Kenwright and all these years of lies, deception and dodgy dealing all while running a PR campaign to rival that of Kim Jong Un's within North Korea.

Mike Hayes
4 Posted 20/09/2023 at 19:57:29
I wonder if the fans who were kissing Blue Bill's ass have finally seen the penny drop or are they thinking he's the hero that's going to save the club, for fuck's sake! 🤷
Barry Hesketh
5 Posted 20/09/2023 at 20:01:49
If we as supporters give up on the team, it'll be the worst possible reaction to all the other crazy and bad things that have happened and maybe are about to happen to the club.

Where's the defiance in the face of adversity spirit gone? We need it to reappear, we can't do anything about the finances, we can only suffer the consequences of that.

Every player connected to the club has to know that they, even if they are not of the standard required, are backed to the hilt by the fans. They as players have to realise that every goal they score and every point they gain will be the only hope for the fans and the club in the short-term.

I'd like the players to stop worrying about losing or dropping points and be far braver by looking to win matches, whether they are the best team or not.

Points not pounds make prizes and our prize is to remain in the Premier League. If we go into administration or worse than that, I hope between times we have a bloody good go at enjoying a few positive results and the fall-out from the financial shenanigans doesn't do the damage that so many of us seem to believe it will.

Kieran Kinsella
6 Posted 20/09/2023 at 20:01:51
Mike,

I imagine those types have already taken to wearing Everton/RS half and half scarves. 18 months from now, they'll be in the Kop lauding Bill's triumphant return to his spiritual home after his epic quest to destroy Everton.

Alan Smith
7 Posted 20/09/2023 at 20:03:20
Everyone needs to calm down! This is all because of The Esk's axe-grinding 3,000 miles away.

A points deduction is highly unlikely given it's our first offence in breaching P&S Rules and we are taking steps to put it right.

£30M a year in interest payments sounds a lot but it's only Kevin de Bruyne's wage packet. We could sell Onana for £60M and that's that paid. There's about £30M a year in players' salaries ending in the summer.

This loan and the MSP loan is about funding a stadium that will increase revenue by £30M a year and the loans will be converted to shares when the club is sold.

If we remain a Premier League side and the stadium is finished, we are guaranteed about £250M a year in revenue. And this increases year on year.

Finances are tight now but it's to give everything all the fans wanted. You all celebrate Dan Meis like he scored the winner in the European Cup final for us and talk about the stadium like it's 10 Premier League wins in a row!

You all need to give your heads a wobble.

How about fight against any potential punishment from the Premier League because we had a stadium to build during Covid amongst other worldwide economic factors?

Do you really think we'd have brought in six new players if we were headed into administration?

Mike Hayes
8 Posted 20/09/2023 at 20:12:40
Keiran more than likely – it's enough to make a grown man cry as the song went.

One minute, we think we have a Billionaire saviour… the next, we've got two burks who couldn't run a bath.

If anything bad happens to the club, the pitchforks should be out for Kenwright for bringing a bigger stain on the club than him. Put that on your epitaph, you RS rat! 😡😡😡

Dennis Stevens
9 Posted 20/09/2023 at 20:13:32
Even if the Club goes into administration and suffers relegation as a consequence, somebody out there will stump up the cash to take over – probably picking up a bargain, albeit one with a shit load of expensive issues to resolve.
Mike Hayes
10 Posted 20/09/2023 at 20:24:55
Barry,

I don't think the players would care (except for Seamus) what happens to the club; their agents will quickly find them another club, even if they signed for a lower fee and wage until another offer comes in.

The whole Everton fanbase get behind the team but we are constantly let down match after match, as has been witnessed this season, and in particular against Arsenal judging by the comments.

I think the fans who are full of optimism either have to be passionate or completely cracked or both. Hats off to all those who travel away to come home dejected, and the same for the home fans and those who come from abroad, from USA, Australia etc, only to be let down by a lousy performance.

Kenwright has caused this – if rumours are correct, we could have been where Man City are now. All routes of cause can be pointed out: Heysel for one… lack of investment another… but in the last 30 years and in particular the last 7 years, Kenwright has been the one factor in the club's demise.

Moshiri is the idiot who let the baby play with the loaded gun as he had hold of it first. I hope Everton come out of this scratched and not battered and bruised, and these two clowns are booted out of Everton for good 💙

Barry Hesketh
11 Posted 20/09/2023 at 20:29:17
Mike @10,

The fans have indeed pulled the players over the line in recent years; however, en-masse it hasn't happened until deep into the season.

What I'm saying is that it has to start now, and not at some point in the New Year.

Jacques Sandtonian
12 Posted 20/09/2023 at 20:38:13
I just can't fathom the club being wound down. There is too much value in the brand for someone to not take it on. Debts can be restructured and secured against other assets that a buyer might have. But to get a club with our history for £1 because administrators have driven out Moshiri, I can see that being attractive to many buyers.

I thought to myself in the aftermath of the MSP deal falling through, how ironic it is that Rights & Media Funding, who don't give a shit about the club, are now the adults in the room. They baulked at Moshiri's valuation in the MSP deal because it would overvalue the assets against which the R&MF loan is secured against.

As for the supporters, one of my Kopite mates asked me what I'd do if the club dropped, went into administration, etc. Would I find another club? I didn't even think about it: “No, I'll just support whatever husk of Everton washes up in the lower leagues.”

I don't get to many away games. I hope our most devout keep attending. These are dark days but it's still an honour to watch the blues, shite as they are.

Mike Hayes
13 Posted 20/09/2023 at 20:47:54
Barry, right behind you on that - it's going to take a big noise to galvanise these players which the fans do home and away.

Are they affected by what's going on or does Dyche tell them to just concentrate on winning the game? Obviously he does as they can't alter anything other than the scoreline.

On paper, and from their displays at the clubs they came from, we should be a top 10 side not struggling at 18th. Fingers crossed when all players are available, like Harrison etc, and Dyche puts round pegs in round holes, we can climb to a level that at least keeps us in the top flight, if we get penalised, but hopefully not!

Charles Brewer
14 Posted 20/09/2023 at 20:51:11
It's hard to see any way in which Jacques's analysis can be faulted. The club has been as badly managed, from the point of view of finance, player acquisition and reward, and investment in the future, as it is possible to imagine.

It has behaved like some taxpayer-supported mess convinced of its own immortality. Something like the BBC which has turned itself from a moderately well-funded producer of mostly adequate programs for a wide demographic into a politically driven mess producing utter crap, where the chosen, talentless, few (Lineker) are firehosed with money, while the lowest grade staff (and external ones such as extras) are treated worse than dirt, by people who claim to "care".

The only possible route to survival is to find a buyer who wants to improve their global standing, has unlimited cash and no qualms about spending on an unlimited scale. We are looking for someone who fitted the description of a Russian oligarch in the 2000s, an oil-rich royal family in the 2010s or, possibly, a Silicon Valley trillionaire – Bezos, Gates or Musk would be the sort – but of course we'd get Zuckerberg or Steve ("Developers, developers, developers") Ballmer. Either that or we'd get Musk just as everyone realises that electric cars are the worst idea in transport history and Tesla shares go to zero.

Kenwright blew up the potential deal with Abu Dhabi, which would have been perfect. The Emiratis are, in my experience, a very decent crowd, trustworthy and well disposed towards Britain (they don't trust American governments in the slightest), but tend to think that the rest of the world doesn't hold them in much regard. They would have loved the traditional aspect of Everton, history is a very big deal, and they would probably have done much good for the city of Liverpool as well, since it's a place based on trade and maritime skills.

I tend to agree with Jacques's analysis that administration now would be better than administration after relegation. But it is a bit like asking if you'd like to be shot or hanged first thing tomorrow morning.

Ooops, I forgot: Fuck Off, Kenwright!

Rob Halligan
15 Posted 20/09/2023 at 21:15:32
The manager, his backroom staff and most important of all, the players, have no control over what's happening off the pitch. What they do have control of, is what happens on the pitch. They are the ones who can, and will, obtain enough points this season, to finish outside of the bottom three, even with any points deduction.

I've seen comments the last few days about we were only a Jordan Pickford save from having 0 points so far. I've yet to see any counter post saying we were only a poor refereeing decision (disallowed goal against Fulham) or a crossbar, or some outstanding saves by the Fulham and Wolves keepers and we would have 7 points. Things would look a lot rosier had we had Calvert-Lewin and Beto for those first two home games.

The Arsenal result was disappointing, of course it was, but they did not finish runners up last season, will be challenging for the title this season and, as it stands, lead PSV Eindhoven 3-0 at half time in the Champions League, without good reason. They simply have better players than us, and are a very good team, albeit they know how to time waste and stop a game due to “fake head injuries”.

We simply have to beat all those teams outside the so-called Top 6, but the way Chelsea and Man Utd have started the season, they are definitely beatable at the moment.

Our start is grim, no disputing that, but as I said, we could, and maybe should, be sitting on 7 points. Things will improve!!

John Raftery
16 Posted 20/09/2023 at 21:27:11
Rob (15) I agree.

The ease with which Arsenal are brushing PSV aside tonight is making our performance on Sunday look better with each passing minute.

I have heard a few say we might as well ‘have a go' and lose by a few goals as be beaten by one. No. For a club near the bottom of the league, a heavy defeat at home just erodes morale.

Hopefully sooner rather than later, our luck will turn.

Danny O’Neill
17 Posted 20/09/2023 at 21:27:38
Long way to go Rob. A lot to play for. See you John, Neil and a few others in West London on Saturday.

We've got enough to come good on the pitch and we will.

We will have points on the board before we go that cesspit. And we can take them too.

John Raftery
18 Posted 20/09/2023 at 21:35:17
Looking forward to it, Danny and Rob.
Andy Crooks
19 Posted 20/09/2023 at 21:35:50
Alan @7 good post.

We will not be docked points. Does any believe that we are the only Premier League club in breach of P&S Rules? That Man City can go unpunished and we will carry the can for the lot? That all is above board at Forest?

Thread after thread, post after post, there are Blues wallowing in misery. People who are not in the know getting some thrill from pretending they are. What do they get from it? The poisonous joy of "I called it all along"…

Things are grim and there is not a fucking thing we can do about it other than cutting out the climbing on the "crisis club Everton" bandwagon. The original article is opinion, conjecture and ultimately pointless. What difference does it make?

Two wins and a draw will make a difference. No-one sane can argue that we have not been horrendously mismanaged. Or that Kenwright has not been an appalling blight on our club. We are not dead yet, though.

Tony Abrahams
20 Posted 20/09/2023 at 21:40:25
Everyone is feeling it but three people who devote a lot of their time to watching Everton have all just posted and are trying to remain positive, which is hopefully a good sign.

Hopefully the three of yers get something to celebrate on Saturday night and help ease away a lot of the major worries that everyone is feeling right now.

Dennis Stevens
21 Posted 20/09/2023 at 21:43:38
The Club will never die, Andy.

If it came to EFC being completely wound up, there would be Evertonians who would start all over again at the very bottom, playing on park pitches. Everton would live on in some form and the long climb back up would begin from scratch.

Andrew McLawrence
22 Posted 20/09/2023 at 21:55:48
Wonder if the players know something the rest of us don't?
Kieran Kinsella
23 Posted 20/09/2023 at 22:10:59
Well, I don't know what is going on but I was feeling very down after reading Esk's Tweets earlier about imminent doom.

Now, all of a sudden, apparently everything is fine with The Esk saying MSP are okay with 777 (although Alan Myers says they contractually have no say anyway).

Apparently the MSP £100 million – which 2 days ago was said by The Esk and The Athletic to have been used to pay off IOUs dating back to May – is now suddenly an unused credit towards upcoming stadium costs.

Also, Josh Wander – who apparently "concerned senior staff" by rebuffing a discussion with Thewell about a team rebuild 3 days ago – was apparently at Finch Farm today and had "very positive discussions" with Thelwell and Dyche.

So do all of these insiders – The Esk, El Bobble, Alan Myers, The Athletic – just make all this shit up? Because the narrative seems to swing from one extreme to the other from one day to the next.

Nick Page
24 Posted 20/09/2023 at 22:43:36
Lol Kieran. Kenwright is still Chairman… is all you need to know. 20+ years of managed decline. Poor old Everton. We've got no money. The stadium is failing. It won't be open next year. I'm looking for investors 24/7. Nobody knows the club better than me. I'll retire when I'm 70.

One of the Big Five. 9 times League Champions. But Bill's ego mattered more.

Every fucker going is having a go at us… every club in the last 2 years that was relegated have stuck their oar in. Why? Because we are an easy target, always have been. No one in the club fights back. Mud sticks in the media cos the bastards all have an agenda, usually paid for.

“Fucking Everton, it was their fault for being so shite, the total cunts”. Meanwhile, Chelsea have spent a billion quid, FC Barcode got bought by Saudi Arabia sportwashers, and Forest the pile of shite bought 600 players and massively outspent their top line. But fuck off, Everton.

This is what I've been crowing about for years, boring the shit out of everyone… Kenwright doesn't care. He's an appeaser. He lets them keep the status quo. Won't moan or scream or stick up for us cos he knows they'll screw us over.

He's a cunt. All his mates are cunts, and everyone involved with him that has ever defended the cunt is a cunt. If they'd had a fucking spine 15 years ago, he'd have been gone. They didn't and still haven't.

So fuck 777 Partners or the rest, it's irrelevant now. The vultures are circling and no one gives a fuck. Blue Bill has taken £40-odd million out of the club.

This football club is going to hell in a handcart and it will be a struggle to get back. Maybe one day we can do what a small club on the south coast did and blow everyone away… but I won't hold my breath.

Peter Moore
25 Posted 20/09/2023 at 22:53:21
UTFT. COYB.
We ain't dead yet.
UTFT, COYB.
And repeat. Ad infinitum.

Turning on-pitch results around will help lift the gloom, starting Saturday.
UTFT, COYB.

Barry Hesketh
26 Posted 20/09/2023 at 22:53:28
Kieran @23,

There is a school of thought that ringing the financial alarm bells so loudly, by certain media outlets, might lead to the majority of the fanbase being rather less critical of the imminent arrival of 777 Partners than they might otherwise have been, ie, a choice between a broken, beyond-repair club – or stomach the arrival of new owners who wouldn't be the first choice of many.

Perhaps, it's been orchestrated by various people within the club, perhaps not, who knows?

I'm still hoping, probably foolishly so, that 777 Partners have a big-hitter behind them, and are able to do the things that we'd like to see in the coming months and years that help to improve the club off and more importantly on the pitch.

Brentford on Saturday is the next match on the agenda, and that's enough to worry about for the time being. It's never boring being part of this soap opera that is Everton; we just don't know how it will all resolve itself.

Kevin Molloy
27 Posted 20/09/2023 at 22:55:53
Worst Case Scenario even: Everton will never die. There are just too many people who will instantly resuscitate it.

We may plunge the depths for a few years, Gandalf style, but we will eventually find our place again – if not in the top league, then the one immediately below.

Jacques Sandtonian
28 Posted 20/09/2023 at 23:02:17
Andy @19 and Alan @7,

Just to be clear, I'm not talking about getting docked points for so-called P&S breaches. I'm talking about getting docked points for going into administration.

They're two different violations and the latter would certainly result in punishment while, as you say, the former might produce just a slap on the wrist (and a possible lawsuit from Leeds, Burnley et al).

Gareth Stephens
29 Posted 20/09/2023 at 23:05:41
#14 (Charles), and #24 (Nick):

Unfortunately, I don't share your optimism. Things ain't good.

However, nobody's died and it's only football.

Kieran Kinsella
30 Posted 20/09/2023 at 23:23:07
Barry,

You mean like when we had to move to Kirkby because Goodison wouldn't pass the safety check?

You may be right…

Jamie Sweet
31 Posted 20/09/2023 at 23:37:05
Taking on loans to help pay off your loans is a pretty significant step towards financial ruin.

I find it hard to comprehend the damage that Moshiri and Kenwright have done to our club.

They have both been so far out of their depth since the very beginning and both far too blind to their own incompetence that there was never a chance of them turning things around. Utter shambles the pair of them.

Derek Thomas
32 Posted 20/09/2023 at 23:39:38
How it ends? All the wheeling and dealing comes to naught. FFP / P&S jump on us even quite lightly... maybe even go into administration and thus we're effective toast.

Moshiri just plain bales, sells the whole shooting match to Jenny Seagrove for a tenner. Our new (proxy) owner and her vastly experienced (his words) Chairman husband float off to The Championship on a tide of parachute payments.

Meanwhile... not only does stadium work grind to a halt due to lack of cash, we find that this new incarnation of the club doesn't even own it now.

The closing scene shows The Boardroom and a pamphlet containing a copy of the even stricter Championship FFP / P&S rules being discovered poking out from under The Chairman's blotter.

Dave Lynch
33 Posted 21/09/2023 at 00:08:46
To be honest – and I'll probably be shot down in flames here – I've never taken much notice of what The Esk and other so-called financial experts espouse on here.

It's all guesswork and conjecture, number crunching without knowing the exact numbers and financial state of the club is – for want of a better word – "scaremongering".

Nobody on here knows the "exact" state of the club financially, what happens will happen and what will be, will be.

Kieran Kinsella
34 Posted 21/09/2023 at 00:39:15
Dave,

I've decided to stop listening to them all. They cause me stress.

The Esk alone this month: no evidence of MSP loan, oh wait we got it in June we are solvent, oh wait it all got swallowed up on overdue debts, just kidding it didn't. 777 Partners are not close to a deal. Oh wait they are but MSP and R&MF will block it. Kidding again. They'll approve it but 777 have no money. Oops, maybe they have.

So, as you say, all guesswork. It's like if Tony Marsh and Richard Dodd were still around but everyone taking their opinions as facts as they do with The Esk and El Bobble.

Stephen Vincent
35 Posted 20/09/2023 at 02:00:52
Whilst the club has been able to secure longer term funding facilities during the year end 30 June 2022, some of these facilities include a covenant that assumes the club will remain in the Premier League, therefore the Board have had to consider the scenario of relegation and the availability of these facilities in that scenario. The providers have indicated that they remain supportive to the group under each scenario. However, at the time of approval of the financial statements, there are no contractual commitments in place that would guarantee a waiver of the amounts payable in full or in part and therefore relegation would require a material repayment of debt as per the contract.

The Club is in advanced negotiations for additional long-term funding which we are confident will conclude favourably, however, the Board have acknowledged as part of their going concern preparations that at the date these financial statements are approved, there is no contractual commitment to this funding, and as such cannot be guaranteed.

The Club is also in advanced negotiations to secure the next stage of funding for the Bramley-Moore Dock development for the new stadium. Heads of terms have been agreed in this regard and we expect to have concluded in the next couple of months. However, these are not legally binding as at the date of approval of the financial statements and thus also cannot be guaranteed.

The Club remains reliant on the support of its majority shareholder, who has provided a letter of support to the Board confirming the intention to provide ongoing financial support for a period of no less than 12 months from the date of approval of the financial statements but this does not represent a legally binding commitment by the majority shareholder.

Collectively, the above conditions indicate the existence of a material uncertainty that may cast significant doubt about the Group's ability to continue as a going concern. The Board are confident that if the Club is relegated funding will be secured or refinanced and that they will be able to achieve the levels of revenue and savings to allow the Group to continue in operational existence for a period of 12 months after the date of signing these financial statements. However, whilst the Directors acknowledge these uncertainties may cast significant doubt on the entity's ability to continue as a going concern, they still feel it is appropriate it is to prepare the financial statements on a going concern basis.

The above is a direct quote from the auditors report on the 2022 set of accounts, the first paragraph says everything about the club's predicament if we are relegated. As at 30th June 2022 the uncapitalised debt to Farhad Moshiri was £380,751,000. Remember as well that our previous auditors, BDO, walked away from us and I think it is safe to assume that the Going Concern issue may well have been the reason.

A really good piece Jacques, you do say that Goodison Park could be used in a restructuring. Unfortunately, the Rights and Media funding is secured on Goodison Park and anything owned at Finch Farm.

I have to say that I have never been more scared for the future of my club than I am right now.

Dupont Koo
36 Posted 21/09/2023 at 04:15:58
Jacques, I'm totally with you on the Hiroshima Option.

It all depends on the October independent commission: if we get docked for more than 5 points, Thelwell should make everyone in the first team available to the highest bidders for the January Window.

A la the movie "Margin Call", all need to go. No salaries are to be retained: only outbound and all incoming transfer fees need to be paid in one go and up front.

Considering the size of the financial black hole we are in, it still might not help that much. But at least the January Window will be short enough for Thelwell to start bidding wars and squeeze desperate buyers as much as possible (instead of having the whole summer for buyers to squeeze us).

By 1 February, should the fire sale go through well, we would field an U21 starting XI (with Billy Crellin in goal and the recalled Stan Mills at right-wing!) for the rest of the season: that would be "excitement" for all of us! The young guns would either be outclassed completely or bring us some unexpected surprises!

By the first week of August, we shall then be starting the farewell tour of Goodison Park with a season in the Championship.

Leeds fans from early 2000s swung their heads in sympathy from afar...

Cue Alfred Pennyworth, played by Sir Michael Caine, in "Batman Begins":

"If you pretend to have some fun, you might have some by accident."

Tony Everan
37 Posted 21/09/2023 at 2023/09/21 : 07:34:39

I’ve stopped craving success , I just want the club to be well run with a simple line of command. Financial simplicity, living within our means and everyone knowing where they stand. 

I don’t want a financial predator like 777 Partners and their spider’s web of companies.  I fear for the club’s future within this financial maze. Is it really this outfit or bust? I’m heartbroken and praying an alternative option comes forward.

Also,  I’d like an owner not to spend like a madman but to stabilise and grow the club, get the debts down and at sensible rates to a point where we can try to improve the squad quality year on year.

I think the fans would accept it if they were told we can’t spend more than a certain figure or can’t pay certain wages for a player or it would destabilise the club.  

I want Everton to get back to being Everton again, a tough in-your-face football team that can play front-foot football and do it consistently. Above all, I want us to be a united football club from top to bottom, that trains hard, plays hard and is supported like nowhere else. All pulling in the same direction.  

If there are any billionaires reading, and I’m sure there’s quite a few 😂, this club could really go places with the right person stabilising this situation and bringing everyone together.  It’s a force that’s ready to be tapped into.  

Okay, I’ve not stopped craving success, but I am prepared be realistic and patient.

Danny O’Neill
38 Posted 21/09/2023 at 07:44:02
We all want success, Tony, but I think above all, we just want to be competitive.

There has only really been two dynasties and we might be seeing a third emerge. We've never been in that space, but if we compete, we can win a trophy.

Scott Robinson
39 Posted 21/09/2023 at 08:55:43
@Tony 37, you are right. We need to be united; and that is the root cause of the problem? We simply haven't.

The fans have almost literally driven away managers where the team hasn't been performing. In hindsight, this has been a big mistake - ie. Allardyce, Silva, Benitez...

It's this short-termist behaviour that has created a dysfunctional team and culture at the organisation.

Dave Abrahams
40 Posted 21/09/2023 at 09:23:42
Tony (37), very good post, I agree with most of it.

I'm with you on that last line I too want success but am prepared to wait and for Everton to be a well run club again in the meantime.

Dennis Stevens
41 Posted 21/09/2023 at 11:42:05
Aye Scott, it's all the supporters fault!
Michael Kenrick
42 Posted 21/09/2023 at 11:43:46
Kieran @34,

Sorry to see you've been put through the ringer on this stuff, possibly putting too much faith in our so-called ITKs…???

I hate Twatter, but it is where The Esk and other purveyors of crap thrive. Have you seen the "not really a letter as such" from Jamie Yates, questioning his credibility and motivations.

Dennis Stevens
43 Posted 21/09/2023 at 12:06:50
Paul Quinn - the guitarist from Saxon?!
Craig Walker
44 Posted 21/09/2023 at 13:40:15
Rob @15. Spot on.

I worry about Brentford away. I can't see us getting anything there. The following two home games are massive. I really hope the crowd are up for it and they can raise the team.

Goodison just seems like a mausoleum at the moment. Our history is all around the place but the players are some of the worst we've had. I never thought I'd say this but we need to be shot of Goodison and start again at BMD. The bad home form started during COVID and has progressively got worse.

I'm in the minority but I think Dyche is the right man for our predicament. The players need to start turning up though.

Mick Davies
45 Posted 21/09/2023 at 13:57:27
People keep mentioning 'the board' but who are they? Is it just the fat parasite, or has a new set of members magically appeared from nowhere?
Ian Bennett
46 Posted 21/09/2023 at 14:04:50
There is clearly a narrative being created that 777 are putting loans into the clubs to save the day.

This in my view is to convert the picture of fans not wanting 777 because of their appalling media profile and shady past.

For me I think it's fiction. Moshiri clearly has been putting up money to cover the day to day losses. He might have called time on that, but there's no way he would allow the club to collapse into administration. That would mean instant relegation and a less valuable asset.

The narrative of 777 saving the day is one of convenience to derisk the blocking attempt of this deal falling over.

Don't believe everything you're being fed.

Michael Kenrick
47 Posted 21/09/2023 at 14:05:27
Mick,

The Board now consists of:

Farhad Moshiri, Majority Owner
William Kenwright, Chairman
Colin Chong, interim CEO
James Maryniak, interim CFO
John Spellman, non-executive Director

Michael Kenrick
48 Posted 21/09/2023 at 14:14:40
Dennis @43,

Ah... now it all makes sense.

We're being played like a 12-string!

Eddie Dunn
49 Posted 21/09/2023 at 14:17:13
Whatever your take on the financial meass we are in, it is clear that apart from a few clubs, a ridiculous portion of turnover is going into the pockets of players and coaches.
The gravy train has no certainty of continuing. Everthing changes and there will always be surprises along the road.
We along will many other clubs are only in business because of the crazy TV money.
The clubs should all be making good profits but becuase the banks know we are going to get paid twice per year, we can all live in the red.
A daft way to exist.
It's a place full of the most unsavoury institutions and individuals.
Even the suposedly unaware players are culpable for their greed.
If they cared a jot for the future of the club, they would all have a meeting and agree pay cuts.
Dave Abrahams
50 Posted 21/09/2023 at 14:26:16
The question of whether The Esk knows his onions or not can wait but Stephen Vincent (35) certainly does know what he is talking about and quotes Everton’s own auditors at 2022 with the dire situation the club is in.

I’ve met Stephen, a nice quiet man who doesn’t speak for the sake of speaking or to impress so I think he is well worth listening to even if what he says doesn’t exactly lift our spirits.

Having said that I watched Brentford against Newcastle and they never impressed going forward so I think if Sean Dyche releases the team going forward we could get something out of the game.

I’d put Onana on the bench and put Garner in the central midfield it’s only my opinion but when Onana starts we are virtually playing with ten men and I know plenty will disagree with me but just watch him when he hasn’t got the ball, he just drifts around aimlessly.

Dennis Stevens
51 Posted 21/09/2023 at 14:30:43
Agreed Dave, maybe Onana needs the challenge of having to compete for his place.
Eddie Dunn
52 Posted 21/09/2023 at 14:33:53
Also with you on that Dave...Garner needs a chance in centre mid.
Brian Harrison
53 Posted 21/09/2023 at 14:36:40
Michael 42

You seem to have something against Paul the Esk, or as you now call him, Paul Quinn. I don't think it's right that you call him a purveyor of crap seeing he is a regular contributor on this site.

We would all like to be positive about our club but they haven't give us much to be positive about. Also, if we had an owner and a chairman who told the truth to the fans, then we wouldn't need Paul to put his slant on things.

We all post our differing views and Paul posts his thoughts either here or on twitter but I think most people are accepting that they are his views and aren't gospel information from the club.

Anthony Hawkins
54 Posted 21/09/2023 at 14:42:56
I'm of the belief that the club would most likely be forced into administration with relegation into the Championship. We have no money and would lose so much revenue dropping down a league that even with parachute payments the gap would be too much to endure. Sale of players would help but we're already short on squad size and getting in new players...? What about sponsorships? They'd be renegotiated or cancelled with lower income generation.

We already know there's a hole in the financials and without the sale of the club as a whole, or investment we don't have the cashflow. Player sales temporarily mask the financial position which is not sustainable.

I'm pretty sure I read somewhere the previous Auditors quit because they didn't see us as a viable going concern (my mistake - it was the new Auditors):

https://www.consultancy.uk/news/33981/new-accountants-find-everton-survival-in-doubt

I also agree that if the 777 sale falls through, we'll enter administration unless a white knight appears from nowhere, which is an extremely remote possibility.

Jim Lloyd
55 Posted 21/09/2023 at 14:48:52
I haven't put this before, but this is the time. I've thought, when reading some lengthy imputs by a critical observer of the running of the Club, that they were posited on the premise, "If only I was in charge" Might be well wrong; but that's how I've viewed his columns.

I think the veritable deluge of news/rumours and bad luck that we have been suffering is enough to drive us to despair. That fact that we haven't buckled, is because we're followers of a great cub, that's been a great club right throughout the history of the football league history.

Our "bad luck" really began a) with Heysel and a poor board following that disaster, then an even worse disaster when Kenwright took over.

.Due to his selfish reasons, his poor running of the club. Kenwright. Two major disastrous decisions.

1) Refusing the loan or the "Reverse Mortgage", the Liverpool Echo called it" the that his partner Paul Gregg offered the club, to provide our share for the purchase of the Kings Dock, over 20 years ago, where we would have been playing in a world class stadium on a world class site.

2) Then refusing the offer of Sheik Mansour to takeover Everton. You can probably guess why! He wanted to stay in control.

Then he found what he thought was his dream come true a green investor (Mr Moshiri) something he wanted in his dreams landing on a plate for him. It makes me think who was the spider and who was the fly.

I've read Steve's post (35) and as far as I'm concerned, he's told us the truth of if. Because of is postiion and his profession, he is a good as anyone outside the Board to tell us the true state of our Club.

We will be lucky to get ourselves out of this horrendous situation.

However! There is one thing we can do, is support our manager and our players. I've expressed my doubts about Sean dyche, I' thought "I'd play this bloke or that bloke, get rid of the midfield, buy this feller, sell those ones etc Whatever happens, even as one lad's posted, it means back at Stanley Park with the coats down.

. But I'm with those lads who've written in our darkest times, who we are and what we do. We're Evertonians; and we support our team, whether we go home and away, or we go home, whethe we watch it on tell or only got the wireless (radio for those who don't know) All over the country and all over the world; that's us!

A special mention to Lyndon and Michael. There efforts keep us informed and allow us to have our say. well done lads. Excellent jobs.

Jim Lloyd
56 Posted 21/09/2023 at 14:56:01
Brian,

I don't remember Paul beginning his columns with "My thoughts" nor do his posts.

Could be wrong but I read his posts as if he's on the inside but a frustrated shareholder who uses a pseudonym.

Could be wrong but anyone using a pseudonym seems as though he's got something to hide.

Dave Lynch
57 Posted 21/09/2023 at 14:56:46
Brian@53.

The Esk posts with what "appears" to be financial "fact" and "knowledge" with regards the financial state of the club and also the possible outcomes of our predicament.

Without the true facts and verified accounts, what he posts is bollocks... it's nothing more than uninformed opinion.

Why? Because he is not in receipt of the full picture, nobody outside of the snake oil salesmen that run the club know what is happening and the possible outcomes.

Sorry to be so blunt but... as a scouser, it is what it is.

Jim Lloyd
58 Posted 21/09/2023 at 14:59:30
dave, you could be in the scouse diplomatic service :)
Mike Doyle
59 Posted 21/09/2023 at 15:02:04
Brian #53,

Well said. As the club generally say nothing it's very helpful to have people such as Paul the Esk to give a perspective of the state of the club and likely implications.

As I recall Paul was raising concerns about future viability of the club well before the auditors confirmed it. Even Mr Moshiri referred to an existential threat. The Esk has never, to my knowledge, claimed perfect knowledge and often admits to not knowing certain details.

I'm sure he'd like nothing more that than to publish pieces pointing out how well we are doing/how well we are being run etc… perhaps one day he'll be able to.

Mick Davies
60 Posted 21/09/2023 at 15:07:27
Michael, thanks for that, I thought it had been wound up after F M decided to escape
Steve Brown
61 Posted 21/09/2023 at 15:27:44
The pessimism on here is getting a bit much, although I understand why after the dysfunctionality and abysmal leadership of the last 25 years.

1) We are still a premier league club in receipt of huge TV income; that is atractive to investors.
2) We have full house crowds every week and 23,000 fans on the waiting list for season tickets
3) We have a new stadium under construction which will vastly increase our commercial revenue and it will be completed within 2 years.
4) We have big debts, but that only becomes an issue if lenders won’t extend loans and / or we cannot service the loans we have.
5) We have removed a huge amount of cost in the last 2 years.
6) PE investors like 777 will remove all under-performers from the business at all levels in short order.
7) 777 appear willing to provide cash to support operations until the takeover.
7) Moshiri and Kenwright will finally be gone.

777 are the least attractive option of all potential investors in my opinion, but they will likely control the club until the stadium is built, commercialise it and cut cost before selling it on for a profit. After they have done the dirty work, the club will actually be a reasonably good investment prospect.

Of course, all of that only makes sense if we remain in the premier league so they will need to sanction some modest squad investment. I also don’t believe we will face a points deduction given the issue appears now to be a taxation issue relating to stadium loans.

Don Alexander
62 Posted 21/09/2023 at 15:49:30
TW is all about opinions on what we've seen, "what ifs?", and speculation based on nothing like the full, accountable picture courtesy of the maladroitness, to put it mildly, of the entire Kenwright ruinous tenure.

So I've always found The Esk's opinions and analysis interesting and informative. The fact that they've been generally downbeat in tone is surely now careering towards "proven" given the serial loans now being accepted to pay off serial loans previously accepted as OUR club plummets further down the road to potential oblivion.

Paul's a messenger - not the cause!

Jimmy Carr
63 Posted 21/09/2023 at 15:54:39
A whole thread - with the exception of the quotes from the auditor's report - based on limited information, hearsay and guess work.
Yet Paul The Esk, someone with financial expertise, gets called out for also speculating.
Go figure.
Mick Davies
64 Posted 21/09/2023 at 16:13:36
Just when we thought it COULDN'T get any worse - Merseyside Police are investigating racist abuse aimed at an Arsenal player at Goodison
Paul Kossoff
65 Posted 21/09/2023 at 16:33:18
Here's an interesting article at how a top premier League team runs the club and let's someone else run and own the stadium, Tottenham Hotspur.
https://www.thstofficial.com/thst-news/understanding-the-ownership-and-corporate-structure-of-tottenham-hotspur#:~:text=THSL%20owns%20and%20operates%20the,Limited%20(%E2%80%9CTHSDL%E2%80%9D).
Are we heading the same way?
Mike Doyle
66 Posted 21/09/2023 at 16:34:29
Mick #64,

Perhaps they could investigate “Headlockgate” at the same time?

Barry Hesketh
67 Posted 21/09/2023 at 16:56:08
I don't have a worry about Paul's analysis of the financial side of things, or that he may have an agenda all of his own. What I do take issue with, is that his take on things, particularly when it's a negative take, and due to our financial woes, it very often is, will then be picked up by the mainstream media and he is then seen as the expert voice of the supporters.

That's not his fault, but it shows that he has a lot more power and influence than most of the rest of the fans have. Certainly a great deal more than the regular or first-time posters on this site.

I also fail to see why any prospective new owners should be requested by him to meet him, so that he can question them, what's that all about?

One of the best things that any potential new owners could do, would be to speak directly to the likes of TW and GOT and any other reputable supporters sites, to outline their vision for the club and then take heed of the replies on the thread that is created. It's very likely that'll never happen and potential new owners probably aren't even aware of this or any other similar sites, which is a great pity.

Mind you, if they did read most of what we write on here, they'd probably run a mile. :)

Craig Walker
68 Posted 21/09/2023 at 17:00:12
I value Paul the Esk's contributions. I remember he forecast that we wouldn't buy anyone when we were linked with Zaha at Palace and he said we didn't have the finances. Pretty sure he said that we wouldn't spend much this summer, as well.

He's always written and spoken with eloquence and summed up our dire financial constraints. Steve Ferns was another that was derided on these pages over his enthusiasm for Marco Silva but was really knowledgeable, a massive Blue and ultimately, proven correct.

I think we'd have been better off if we'd stuck with Silva and he made one of our only decent transfer signings in recent times with Richarlison.

I know things are dire but why do we have to turn on one another? People have different opinions but we all love this football club.

Ray Jacques
69 Posted 21/09/2023 at 17:19:25
Kenwright has overseen the biggest decline in our history over past years due to chronic mismanagement and philandering cash.

He is still in situ as Chairman.

Tells you all you need to know.

Larry O'Hara
70 Posted 21/09/2023 at 18:43:13
I too think attacks on Paul the Esk unfair: he only writes stuff because the club lie and/or shroud everything in secrecy.

We all know he has to speculate to fill in some gaps: and nobody gets it right all the time.

Colin Glassar
71 Posted 21/09/2023 at 18:55:16
Steve 61, I hope and pray you are right.

On another note regarding Paul the Esk. Is that his real name or his nom de plume as our French friends say?

I asked him once on Twitter (formerly known as X) but he didn't reply.

Alan McGuffog
72 Posted 21/09/2023 at 19:01:07
I have it on good authority that Esk is short for Eskimo although we prefer to use the word Inuit these days.
I knew his brother, Quinn.
Les Callan
74 Posted 21/09/2023 at 19:26:34
Nice one, Guffers.
Kieran Kinsella
75 Posted 21/09/2023 at 19:26:46
Barry,

He alludes to inside information with his Tweets: I can categorically state, contrary to rumors, I've been informed, sources tell me, I can now reveal, etc.

And as you say, it gets taken as fact and is usually wrong when it comes to specific events like buying or selling the club etc. In contrast, other people will say “my neighbor told me so it's probably bullocks but …”

Raymond Fox
76 Posted 21/09/2023 at 19:40:02
Apart from the terrible management of the club, the reason we now have a financial shortage is probably because the Russian fella had to exit stage right, the curse continues.

As if we haven't had enough pain already, it looks doubtful that things will improve much in the short term – there's not going to be much money spent on players.

On the other hand, hope springs eternal and all that. I think things will improve on the field this season and, if we can get the all-clear on the alleged rule infringements, the picture will look a bit brighter.

Mike Doyle
77 Posted 21/09/2023 at 19:55:28
Craig #62,

You are right, Steve Ferns was always worth a read.

Steve, if you are still reading, quite a few of us would like to see you back posting – and can you bring Ken Buckley with you? His “From my Seat” reports were always a highlight.

Barry Hesketh
78 Posted 21/09/2023 at 19:55:41
Alan @72,

A giant coincidence and nothing at all to do with anything going on at the club or those who comment on it, but I was looking through some past Everton squads, a little earlier today, and the name Brian Quinn came up, who's he I thought.

He never made the first team at Everton but he did well for the USA. He was on Everton's book between 1979 and 1981.

Quinn earned 48 caps for the US national team between 1991 and 1994 upon becoming an American citizen.

A midfielder, he was a final cut for the 1994 World Cup squad. He scored his only international goal in a 3–0 win over Guatemala. He made his debut against the Republic of Ireland in a friendly played at Foxboro Stadium.

Quinn was most recently nominated to US Soccer's National Soccer Hall of Fame Veteran's ballot.

Trevor Bailey
79 Posted 21/09/2023 at 20:23:24
Craig @68 absolutely
Ed Prytherch
80 Posted 21/09/2023 at 20:31:35
Unless another prospective buyer appears, then 777 Partner are the only game in town. I have not read anything to convince me that they are a shady outfit.

You may say that they are speculators but so what? Often times speculators are the only prospective buyers and without them the sellers would have zilch. Buying low, improving and selling at a higher price is good business.

If 777 Partners get Everton for a song and turn the club around and make a profit, then everyone except Moshiri wins.

Dennis Stevens
81 Posted 21/09/2023 at 20:34:39
Could be, Ed.

Unless there are other interested parties waiting for it all to go tits up and then move in with an even lower offer. It's hard to imagine MSP aren't at least considering the possibility.

David Currie
82 Posted 21/09/2023 at 20:46:10
Barry 78,

I moved to San Diego from the UK many years ago to coach in youth soccer and for the last 2 years have worked under Brian Quinn. He is a Great guy and has fond memories of his 2 years at Everton.

He told me he could not get in the first team because Andy King was too good. He said Colin Harvey was really good and tough, when he left Everton, he came to the USA. He is also the Head Coach for University of San Diego. The Everton reserve team that he played with included Ratcliffe, Sharp, Burrows, McMahon to name a few.

Mick Davies
83 Posted 21/09/2023 at 21:28:10
Ed @ 80,

777 are the only game in town. I have not read anything to convince me that they are a shady outfit.

777 Partners are currently fighting several court cases in the US, the joint head of the company has a drug dealing conviction and is a weird conspiracy freak in the David Icke mode. Plus they haven't provided evidence of where the funds are coming from yet.

So, I am personally very worried.

Love Everton, hate Kenwright

Denis Richardson
84 Posted 21/09/2023 at 21:38:21
Wow, that’s a really uplifting article!

I take a slightly different slant. Our life support right now is being in the premiership. Take over or no take over if we can maintain that then we can stumble on. We simply have to get better as the likes of Luton and Sheffield Utd are not premiership standard, just to name two. Burnley also struggling and no doubt another one or two will struggle this season.

Dyche and the players need to try and put off field matters aside and focus on getting points. The fans can obviously help in keeping support for the players. Other than a white knight, staying up is our only chance, we go down and it’s game over. We simply need the sky money.

The off field stuff is a shit show and there’s not much anyone on this forum can do about it. Let’s focus on the players on the pitch and try and get points on the board. When fit we have a first XI that has no business being near the drop zone.

Keep the faith.

Tony Abrahams
85 Posted 21/09/2023 at 21:39:21
I keep reiterating that they are not the only group in town. It’s coming to me second hand, but what I’m getting told is that us Evertonians, are getting taken for a ride by our current owners.
Jim Lloyd
86 Posted 21/09/2023 at 22:01:58
Tony, have you had on whatsapp, 4 pages detailing what's going on? If you haven't, ask Derek for a copy. I don't know where it originated and it has no author. Disturbing though.
Denis Richardson
87 Posted 21/09/2023 at 22:20:18
Jim 86, could you send me what you’re referring to?
Les Callan
88 Posted 21/09/2023 at 22:20:58
Jim, what’s that all about ? How does a technophobe like me get access to a copy ?
Barry Hesketh
89 Posted 21/09/2023 at 22:21:21
David @ 82,

Thanks for the information, I thought I knew about most of the players at Everton at that time, it was easier then, as there weren't as many players to know about, unlike nowadays, and thus I was surprised to see a name I didn't recognise.

Happy to hear that Brian has fond memories of his time at Everton.

Ed Prytherch
90 Posted 21/09/2023 at 22:21:31
Mick,
He had 30 odd grams of cocaine 20 years ago. Hunter Biden probably goes through that much every week. 777 handle litigation insurance so sure they are involved in law suits. The first thing that pops up when I Googled them is a Bloomberg article about them winning a $9 million suit.
You appear to be among those who for some reason are dead against them and you are looking for supporting evidence.
Barry Hesketh
91 Posted 21/09/2023 at 22:24:48
Ed @90
What's that old adage that managers sometimes trot out, "Once you cross that white line. the whitewash not the other one, you overpaid idiots"


Derek Thomas
92 Posted 21/09/2023 at 22:47:04
Andy @ 19; "Do any believe that we are the only Premier League club in breach of P&S Rules? That Man City can go unpunished and we will carry the can for the lot? That all is above board at Forest?"

Not too many actually believe it Andy but plenty, me included on an insecure day, (infamy, infamy, etc) fear it could happen, or some variation thereof...Pour les encourages les autres...and to be seen to be doing something.

Kieran Kinsella
93 Posted 22/09/2023 at 00:15:38
Tony 85

This is why I like you better than Paul Quinn Esk. You always share rumors but portray them as such instead of stating them as fact.

Don Alexander
94 Posted 22/09/2023 at 00:43:07
Keiran, maybe it's my background but I'm as likely to consider The Esk's articles, albeit to me substantially articulated by him as only "his take", as I am Kenwright's on his own ridiculous version of "the truth".

I need corroboration of an account to even start to believe it.

The Esk, and all of us, now has abundant corroboration from sources to whom he's unattached to credibly substantiate his input.

Kenwright's never had any, ever.

Give the bloke a break mate. He's a Toffee.

............and, for the avoidance of doubt, I don't mean Kenwright!

Kieran Kinsella
95 Posted 22/09/2023 at 01:00:19
Don

I totally agree in the denigration of Kenwright. And I enjoy Esk’s articles based on his expertise as an accountant. But his “in the know” Tweets alluding to inside information that always prove to be just conjecture have put me through an emotional roller coaster. If you come on here and spout common sense I’m like “yeah I agree with Don”. But Paul Quinn puts out Tweets as fact insinuating he has secret knowledge. That’s my issue because I’ve been gullible enough to believe him

Danny O’Neill
96 Posted 22/09/2023 at 01:08:19
I'm not sure why this turned into a slating of an individual who, like all of us, gives an opinion and puts a lot of time, effort and detail into his views and research.

God knows what some thing of my emotional ramblings. Well I do as I get told off frequently by family and a friend I met through this site amongst others.

I read Paul's articles and they worry me, but then as matchday approaches, there's only one thing that matters and on my mind.

Brentford Saturday and for 90 plus minutes, all we will care about is the 3 points. The 2000 who are travelling and those watching and listening will switch off from the noise and madness surrounding the club for the day.

Dyche's interview was interesting. Main points I took were his open and honest comments about the takeover (although I couldn't hear the interviewers too well). And his comments about the players needing to be braver on the football.

A day on the west London Thames to look forward to. See some of you there. The shortest trip I have to make to watch Everton.

Kieran Kinsella
97 Posted 22/09/2023 at 01:21:47
Danny

It’s not slating an individual it’s about the he fact he represents himself as ITK on Twitter when clearly he’s not. He also claims his great grandad is an Everton player who had no kids. And Dan Meis sent him early BMD plans when Dan Meis didn’t. So consequently, I and others who took him as having some kind of insight are disillusioned. He’s nothing like you. You state your undying love, get annoyed, kick off the dog reset. You don’t pretend to have some secret insights whereas he does.

Laurie Hartley
98 Posted 22/09/2023 at 01:36:43
Steve # 61 - the voice of sanity.
Craig Harrison
99 Posted 22/09/2023 at 02:21:54
We won’t go into administration. If 777 falls through and we are heading to administration someone will step up and offer a fraction of what mosh wants. Faced with the option of administration and getting nothing back or say £200 million which do you think he would take.
Mick Davies
100 Posted 22/09/2023 at 04:42:04
Ed, Peter Sutcliffe only killed 13 - that's because he got caught. In the eyes of the law, a drug dealer is a criminal. Even worse, when it's a rich kid, who doesn't need to distribute vile narcotics through the post, destroying lives and hurting communities. Honestly, some people would forgive Genghis Kahn if they thought they could get something out of him
Alan McGuffog
101 Posted 22/09/2023 at 06:56:36
Les that is you from the days in Rivington ? How the devil are you ?
Colin Glassar
102 Posted 22/09/2023 at 07:02:55
Vasco de Gama (our new cousins) won 5-1 yesterday.
Derek Thomas
103 Posted 22/09/2023 at 07:28:42
Tony @ 85; I'll take that to mean, if moshiri has a choice of who to sell to it will be the dealthat suits him best. Not what is best for The Club - No real surprise.
David Currie
104 Posted 22/09/2023 at 07:42:34
Barry 89, I should have added that when Brian got released from Everton he was set to go back home to Belfast and become a teacher.
Mick Lyons took him to one side and told him not to go back home as he was convinced that he had a good future as a footballer.
The only bad thing about him is that he supports Manchester United. Every time I see him he talks Everton and feels the pain that I'm going through. He is going back to watch Everton again when they move to BMD. I hope to make it back this Christmas or 2024 to watch one more game at Goodison.
Jason Li
105 Posted 22/09/2023 at 07:48:12
I find it hard to believe the club has few options to manage the loans.

Surely there are banks queuing up to loan to a business that is only temporarily creating an asset that will generate more revenue. Like a lot of businesses from airports to logistic companies that build huge expensive buildings.

For example, a bank could make the loans very long term with lower interest rates so it's sustainable, and allow Everton to re-negotiate after 5 years. Even by offering more competitive lower rates, the bank will still earn £100s of millions in interest charges. I just find it hard for a bank not to come in at a slightly better rate which Everton would find works too.

Of course, I don't know the details. Maybe 777 have access to more banks or billionaires and see an easy one here by getting a better loan agreement to take the club.

Jim Lloyd
106 Posted 22/09/2023 at 08:03:38
Denis, (86) Yes, I'll do that. I got it from a friend via whatsapp.If you send me your number, I'll forward it on. How true it is? I haven't any idea But it's disturbing if it is; and if you have a look at Steve's post (35) who I know and rate, then maybe there's cause for concern
Tony Abrahams
107 Posted 22/09/2023 at 08:18:15
Paul The Esk, has been doing something that I admire, and that is calling out the Owner, his Chairman (who is still fucking here) and the whole board, because let’s face it none of them have ever been good enough for Everton Football Club, and that’s why “our club” is suffering so badly right now.

Graeme Sharp the player was obviously good enough, but only out on the pitch, as I remember him reading the backpass, nicking it around the keeper, and putting a delightful little chipped ball into Andy Grey, to open the scoring in Rotterdam, or putting one in off the post at Wembley, when we hadn’t won a pot for 14 years!

Jim Lloyd
108 Posted 22/09/2023 at 08:20:49
Les (88) I'm no Technophobe at all mate, but I just thought( 8.15 in the morning so think ing is even slower!). I'll have a go right now. (what I'll do is try and print it out on here and see if Michael will sort it. Jim
Phill Thompson
109 Posted 22/09/2023 at 09:16:00
One of the saddest aspects of our current mess is that all across Everton Forums and social media people’s views on The Esk dominate, often more people are discussing him than Moshiri/ Kenwright. He’s undoubtedly a strong Evertonian, but then so is Bill, he gets things right, equally he gets things wrong and doubles down on it. I read his stuff, it would be stupid to ignore him, equally I read lots of others stuff too for balance. I suspect I read too much and should give it a rest, but Everton does that to you.

For me it’s not now about whether you agree with him or not, he’s now become a side distraction diverting attention from the real culprits and from what is actually going on.

Jim Lloyd
110 Posted 22/09/2023 at 09:39:22
I've just deleted the whole post I copied out of the whatsapp post. I've just looked at Phil's post and agree with him. The main issue is the real culprits and what's happening to our club.

Barry Hesketh
111 Posted 22/09/2023 at 10:00:17
Jim @110
If that's the full transcript, then there really is nothing new or shocking to see there, as you say it could easily be compiled by someone trawling through the web and drawing their own conclusions. I don't think any right-minded Evertonian believed that Moshiri opened his wallet and directly paid for anything that was purchased on behalf of the club.

I read somewhere that the charges that were made last week on Goodison, that appeared on the Companies house website, were due to a change of the lease-holding and not because the club needed an extra loan.

As Steve's post at 35 highlights, Moshiri agreed to keep the club running albeit it wasn't legally binding, obviously once he agreed to a deal with 777, he's decided that it's now their responsibility.

There might be questions surrounding some of the players we bought and the contracts that they were offered to come here, but we know that certain agents were involved in some of those 'stranger' deals, but I'm sure that most clubs could point out daft deals, perhaps, not on the scale that we've seen at Everton.

It's all to do with a poor operating structure at Everton, bad business decisions and financial difficulties, usually flow from that.

Les Callan
112 Posted 22/09/2023 at 10:06:47
Fine thanks Alan. I’ve tried to post a response to you before, but Michael has vetoed them. He said it’s not a site for trading things like that.
Danny O’Neill
113 Posted 22/09/2023 at 11:08:35
Tony, don't start me on the nostalgia with that goal off the post right in front of my then young eyes.

I'm bad enough getting in the zone for tomorrow and you'll have Brian shouting at me!

Let's get with the team tomorrow, then we can rant about the club in the week. Until Wednesday. Then start again. Until Saturday.

Thanks Kieran. I still get intrigued by Paul's reports. I'm not informed enough or know enough qualify, but he does call out the club. As do many of us, although my opinion is on assumptions and assessment, not qualified knowledge.

Anyway, tomorrow at Brentford, it's all about the team and the result.

Stephen Davies
114 Posted 22/09/2023 at 11:22:21
Jim #86.
What is supposed to be going on?
And what is disturbing?
Tony Abrahams
115 Posted 22/09/2023 at 11:25:10
That last paragraph will already have Brian shouting at you again Danny!

I bring in nostalgia because I’m a great believer that if something has been done before, then it can definitely be done again, mate!

I had a nice little thought before when I drove over the little bridge on Boundary St, and saw the stadium at Bramley-Moore, which is beginning to look mightily impressive, as the roof is slowly continuing to be erected,, and that thought was “that is soon going to be our new home”

I’m waiting for the rain to go off now before I walk the long way back to the garage (walking right past the stadium) to pick my car up.

Best ground in the championship, or the catalyst to a much brighter future? Just keep the jinx away, and I’m going with my catalyst suggestion, especially when you consider it’s going to house 50.000 Evertonians on a regular basis - singing we shall not be moved”💙💙 EV-ER-TON!!

Brian Harrison
116 Posted 22/09/2023 at 11:48:16
I see there are a lot of reports about the new TV deal that will start in 2025. They are suggesting that a new televised kick off time will be 6.30 on a Sunday night, I guess the likes of Danny may struggle to get back to London if we play games at that time. They are also saying there will be a lot more Saturday night games, obviously whoever gets the rights to the TV deal want the games played at weekends where they can reach a bigger audience and so charge more to companies wishing to advertise during these games. Again just highlights the total lack of thoughts about the match going fans, maybe we need to organise like the German fans did when Sky tried to introduce a Monday night game to their league. The fans boycotted the first couple of Monday night games and Sky quickly dropped the Monday night games.
Stephen Vincent
117 Posted 22/09/2023 at 11:55:35
Barry # 111, Just been on Companies House and as far as I can see there have been no new charges registered since August 2022.

There are currently 5 charges outstanding and 70 satisfied. Of the 5 outstanding 1 is to Metro Bank covering unspecified assets but the charge states 'all the property and undertaking of the company' and 4 to Rights & Media Funding Ltd. Although some are redacted they basically cover:
Metro Bank PLC Sterling and Euro Accounts
25 Goodison Road
55 Goodison Road
47 Goodison Road
53 Goodison Road
51 Goodison Road
Land on the East Side of Goodison Road
1 Finch Lane
Finch Farm
Land on South Side of Lower Road
Any land or intellectual property belonging to the company

This isn't rocket science guys it is information in the public domain just go to:
https://www.gov.uk/government/organisations/companies-house
and click 'Find Company Information' and make up your own mind.

The information goes all the way back through ViBrac, Adam & Co, Bank of China etc.

Jim Lloyd
118 Posted 22/09/2023 at 12:13:00
Barry (110) Yep, I think it was that, and agree with your post. As far as I understand it, We had a loan of £220m from that Wirral group, and that was the only loan they have made, and, as I understand it, that was purely on our assets i.e. Goodison Park and any houses we own and Finch Farm.

I looked at the post on Whatsapp and panicked. last night.

Stephen (114) Hope this answers your query.

As I was writing it out this morning, I looked at it more closely; and that's what I concluded. That's why I read it all again after I copied it out, and scrubbed it. Of all the posts looking at our near future. Of all our posts of the current mess we're in I think Steve's at (35) is the most accurate account of where we are, and most perceptive of our future. He doesn't write much about the running of our club, but when he does, I rate him.

Me? I think 777 are to be our owners if all goes through the whoever it is, that want to investigate. If all goes well, then, there might well be other problems to try and overcome. Then we can comment on it as it comes along.

Firstly, there's the trauma what the club's going through. Let's hope to the God's that 777 get the Board sorted out and meet what problems that come along in a businesslike way.

Secondly there's the football. It's difficult to separate the two at the minute, as you can see in our posts. But I think we've got enough good players when all fit, and then we'll see what difference we see in our football. I don't think we have the money to change the manager.

Stephen Vincent
119 Posted 22/09/2023 at 13:08:06
Tony #107, Danny # 113, As Blues we have to spend so much time looking back or total depression would set in. I agree with Danny that I have the utmost admiration for the young fans who follow us everywhere and have never seen us lift a trophy.

This week was the 60th anniversary of our first European tie at Goodison a 0-0 draw with Inter Milan, in front of 63,000. I even got the programme out, it cost 6d and has tobacco adverts. There is an advert for Threlfalls bitter that says 'Bitter Blue', what a prophesy that was!!! I was at the game with my Father and Grandfather and although I don't remember an awful lot, it is still a memory that I am afraid an awful lot of young blues (lads born after 1990) will never have. You know what I despise Kenwright for that.

Funnily enough we were talking about that game with John Snr and about Tony Kay outside the Harlech last Sunday. What a game he had that night.

Anyway we need to start thinking about football again and how we can help the boys get 3 points tomorrow. Lots of noise no matter what.

Andrew Ellams
120 Posted 22/09/2023 at 13:16:07
With the way football has gone over the past 30 years it was always obvious somebody at the top table would go belly up eventually. The question here is if it were to be Everton will it trigger a domino effect? There must a few financial skeletons in closets across all of those clubs.

Anybody criticising the numbers and the points that The Esk puts out there, either counter them or you're criticising for the sake of it.

Raymond Fox
121 Posted 22/09/2023 at 13:23:29
Most will be wary of lending money to us because of where we are in the League and the penalties we might have to pay. Thats not to say they definitely will not, but our published accounts cant make good reading.

As for Paul we have a few self appointed experts on here, we all think our views are the right ones.

For myself I don't post to gain brownie points, I like to take the opposite view to the popular one.

I just enjoy reading others views, although I have to admit I do have a rant often sat here, its not good for the blood pressure.

For some reason I feel quietly confident that we will get a result tomorrow, 3 points will be very handy, in fact its vital we start to win some games.

Barry Hesketh
122 Posted 22/09/2023 at 13:28:30
Stephen @117

Best you get in touch with Kieran Maguire, as it was his tweet that started quite a lot of the fans going all a flutter. My previous response was that his 'news' wasn't factual or at least the reasons for it weren't strictly factual. The list of properties is the same as you have listed.

Kieran Maguire @KieranMaguire

Looks like Everton have also renewed/extended their loan with Rights & Media Funding Ltd, the mysterious company with no employees, hardly any assets except a loan book and £300M of debts from Cyprus & the Bahamas

8:28 pm · 18 September 2023

So much smoke, but no sight of flames, but that doesn't stop the click-bait sites putting out dis-information. Echo says MSP won't call in the loans, click-bait sites continue to peddle that MSP will scupper 777 and call in the loans if MSP don't approve of the takeover.

Tony Abrahams
124 Posted 22/09/2023 at 13:41:37
Although I would not put anything past our front man, I do think it would be incredibly naive to get a loan off someone and then six weeks later, find out that the lenders are now stopping you from selling the club?
Bob Parrington
125 Posted 22/09/2023 at 14:09:48
Nice to see democracy in its full pace on here, with so many differing points of view. From Michael Kenrick's comments re Paul The Esk, through Don's, Barry's, Brian's, Tony, Jim's and others to Danny's. What a wonderful world!

I'd just like to see us win a game!!!

Anthony Hawkins
126 Posted 22/09/2023 at 14:19:20
Those questioning The Esk's validity and position to comment should check on Twitter.

He's in contact with multiple parties and has access to far more info than many of us.

Kieran Kinsella
127 Posted 22/09/2023 at 14:30:33
Anthony Hawkins,

The reason his name came up in this is because I did check his Twitter and whilst he claims to have all kinds of contacts, the information he gets from these mysterious "sources" is incorrect as he keeps changing his bold insider statements from one day to the next.

Jim Lloyd
128 Posted 22/09/2023 at 14:48:37
Bob, I don't think there'd be many arguing with that! :)
Jerome Shields
129 Posted 22/09/2023 at 15:23:07
Jacques,

The concern I have is that Kenwright is still Chairman and owns shares in Everton. This leaves him in prime position to profit and even increase his control of Everton. There is no doubt that buyers in the situation you have described will come out of the woodwork, the only thing is that Kenwrignt can't be written out of the equation and Kenyon and the consortium are still at large.

The only other hope is that ownership of Premier League clubs is entering a new paradigm shift to a new multi-club structure and that 777 Partners are at the forefront of it. But I doubt this is the case having seen the short-termism of private equity buyouts.

John Gall
130 Posted 22/09/2023 at 16:36:32
Up until recently, that 1963 Everton v Inter game was on YouTube. Everton playing in white and competing well against a very slick Inter team. The picture quality was terrible but the atmosphere of the game really came across.

It now seems to have disappeared, probably for copyright reasons. I too now take all my pleasure from old games, most from the period before I started going to games in 1975. We have been shit for so so long...

Jim Lloyd
131 Posted 22/09/2023 at 17:54:38
Yeh, we had a good team then, John. Until, in my opinion, Catterick got rid of Collins and brought in Stevens, I think we scored 88 goals for in that season, with 44 against. Alex and Royston scoring 40-odd between them, but it never carried on in the Sixties. Got the cup in 66: Brilliant, lost it in 68.

Liverpool always seemed to get above us, so played in Europe much more due to the "one team per city" rule in the Inter Cities Fairs Cup. From 1965, when they won the League, they were always on the up.

Except for 1970-71, we were mainly drifting downwards until 1984, when we got our golden period for a few years. Then bleak times again until the Cup win in 1995 under Big Joe.

After that, John, yes, you're right.

Denis Richardson
132 Posted 22/09/2023 at 19:02:56
Jim 106 - it's 07841 337520

Btw I've been through the accounts up to June 2022 so post 35 is nothing new. Ultimately we've relied on loans from Moshiri (Usmanov) for a while.

Key thing for me as noted above is simply staying up and so getting the £100m+ Sky money every year. If we spend more wisely and stay up, then we can get our heads above water again after a couple of years.

Need to stay up!

Ta.

Jay Harris
133 Posted 22/09/2023 at 19:16:51
I think the criticism of the Esk is well over the top.

We should be more concerned with a campaign to get Kenwright out of the club for good and getting some proper football people in to unite the club instead of nitpicking.

Danny O’Neill
134 Posted 22/09/2023 at 19:22:24
Brian, those Saturday night matches at Goodison or Bramley Moore are going to mean overnighters for me and many others who travel hundreds of miles for home games. The last train from Lime Street is 19:48. Or a National Express, which is effectively an overnight trip as it takes about 6 hours and then I have to get home from central London.

I feel for those travelling the opposite way tomorrow. A 17:30 kick off means a late night home whereas it's my closest Premier League ground, a mere 12 miles away and although not direct, the tube connections are okay.

Stephen, Tony, I'm going with my son tomorrow. He's 28 and although 5 months old when we won the cup in 1995 and technically watched it in the old Dunlop's Social Club in Speke, he has never seen Everton win a trophy. He has had to endure what has happened since. A season ticket holder whilst at Uni in Liverpool, went to Wembley for the United Semi Final and 2009 Cup Final. These young supporters never cease to amaze me. At least I can reflect and look back. They have nothing but keep going and believing.

He is more realistic than me, but come tomorrow he'll be there and be just as passionate as me once we are in the ground and the players cross the line of departure.

Safe travel blues. London calling.

Jim Lloyd
135 Posted 22/09/2023 at 19:57:49
Denis 134. have sent you a text. Jim
Barry Hesketh
136 Posted 22/09/2023 at 22:46:53
Dave Powell of the Echo, gives his thoughts on the potential takeover of Everton and implores Mr Moshiri to ensure that Everton is passed on safely to the new custodians.

Everton under Moshiri has been a case of blind ambition. His time at the club appears to be almost at an end, provided that the appropriate clearance arrives from the relevant bodies for 777 Partners. There is a strange mix of sympathy, frustration and anger about his time in charge of the football club. But it isn't over yet, and while concern and worry remains among the fanbase, the final act of his own Greek tragedy is one that should involve him ensuring that the baton passes safely and what needs to happen financially in the interim period does so.

Farhad Moshiri cannot or will not fund Everton now – but he still has one final job

Don Alexander
137 Posted 22/09/2023 at 00:22:02
This thread is as good as any other to say what I want to say as we consider Brentford and more or less every other club including, gawd-love-us, Doncaster Rovers, the lowest team in English professional football, as a worrisome opponent.

What do Everton players think?

As professional footballers in this day and age of obscene salaries for next to no personal accountability they will, I venture, be far far closer to their professional agents who cream off obscene amounts from their players' salaries whilst giving less than a one-second fuck (my wife tells me they're disappointing, for some unknown reason by the way) for the fate of their player's club.

I venture further in stating that almost all of these professionals (and they're in coaching and management too of course) will knowingly pass the buck to others amid them in their useless club, before swanning off in their luxury cars to their luxury gaffs to, when demanded, run off some tritely optimistic words for the "education" of the eejits who actually crave happiness from their club – the club they've devoted their lives too.

Still, UTFT eh, regardless of doom-laden reality?

Mick Davies
138 Posted 23/09/2023 at 00:56:49
Jay Harris @133

We should be more concerned with a campaign to get Kenwright out of the club for good.

Best post in the thread; straight to the point, and the only hope for Everton is removing the parasitic fungus that has put the club in this position.

Eric Myles
139 Posted 23/09/2023 at 04:38:38
Ed #90, I read it was 3.25 grams of cocaine for personal use.
Chris Jones (Burton on Trent)
140 Posted 24/09/2023 at 11:55:36
Having just viewed a video of how the new Everton Stadium at Bramley-Moore Dock is progressing, I can almost forgive any and all of Moshiri's faults. What a legacy.

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