A Message to Everton Shareholders

, 6 December, 23comments  |  Jump to most recent
Everton Shareholders Association have issued a another reminder to the smaller shareholders who account for around 30% of the ownership of Everton FC Co Ltd. The deadline for submitting the petition they have organized to have AGMs reinstated is due next week.

Quotes or other material sourced from Everton Shareholders Association



Reader Comments (23)

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Clive Rogers
1 Posted 06/12/2012 at 16:32:41
Kenwright won't wear that, he doesn't want awkward questions like why has everyone got a better ground than us and more cash to spend. Swansea and Fulham are increasing their ground capacities. We can't do that coz Kenwright sold it l!!!!!!!!!! Say no more.
Terry Myers
2 Posted 06/12/2012 at 19:35:49
Not sure if Phillip Green still on the board but he's made a right few quid today selling top shop off. We won't see nothing of it though.
Michael Kenrick
3 Posted 06/12/2012 at 20:40:10
If you're talking about the Everton Board of Directors, Philip Green is not and never has been on the board — officially!

Some have claimed, however, that he is a 'silent director' in all but name, and Bill calls him 'a good friend of the club'. I don't believe that the exact nature of any financial assistance he may have provided has ever been made public, has it?

James Flynn
4 Posted 06/12/2012 at 21:57:38
Michael and Terry - God knows what Green is doing with the profits. Certainly not needed to fund any family youngsters' university education. What the hell, I'll take a shot. He sold off to fund EFC's future.

Can't imagine a fellow like him not being aggressive in business. Since any land development including a new stadium over there appears dead, maybe he's thinking of going the old-fashioned route. Build a winning club and they'll come.

Fingers crossed.

Ciarán McGlone
5 Posted 07/12/2012 at 07:36:05
Maybe he's sold it to pay his and his wife's tax liabilities.

People go on about 'dodgy foreign owners'.. for me Green's as odious as it gets.

Dave Lynch
6 Posted 07/12/2012 at 09:23:58
James.

Why would he put his own hard earned into a football club that is a "black hole"?

No-one makes money from football clubs in England, the structure and blueprint is very different to that of the USA and our clubs are either playthings for the mega rich or money laundering scams, aka Chelsea.

I wouldn't blame him one bit for not putting a penny into us because I certainly wouldn't with Billy Boy at the helm.
Ciarán McGlone
7 Posted 07/12/2012 at 09:37:32
Dave Lynch...

Will Kenwright make a loss or break even whenever he sells? or Earl?

Of course people make money from football clubs.

As for the phrase 'hard earned'....pppfftttttt!!!!

Dave Lynch
8 Posted 07/12/2012 at 09:45:09
Ciaran.

You have got to admit that Kenwright is in a totally different position than most chairman: he bought the club with other people's monies and my guess is they are asking for way too much money for a club with no infrastructure, assets or vision for the future.

So... No, I don't think he will make a profit and I think they are looking to break even which in today's economical climate will be a big ask. But hey-ho the 24/7 search continues...

I will concede the 'hard earned' statement, I haven't woken up properly yet mate.
Derek Thomas
9 Posted 07/12/2012 at 10:11:23
James Flynn; you're living in a dream world if you think that Green will invest one penny... It's about taking out — not putting in!
Gavin Ramejkis
10 Posted 07/12/2012 at 10:57:31
Green wouldn't take a shite unless he could make a profit on it so don't expect investment.

Now opening a loan shark company in the BVI and lending money at astronomic interest rates to a pillock out of his depth — that might be a goer.
Drew O'Neall
11 Posted 07/12/2012 at 12:42:28
I gather the money has been raised to further globalise Topshop after some success in US after some further reading.

He's only sold 25% not the whole thing but that represents c£500m.

My heart says.. with FFP coming in, and Everton on the brink of potentially their most important transfer window of all time, it's now or never for potential investors. But my head says we'll announce the return of Victor Anichebe from injury on deadline day to be like a new signi.......

Christine Foster
12 Posted 07/12/2012 at 12:42:14
As far as I can remember BK is on record stating that Green is one of his most trusted friends and businessman. Rather speaks volumes about BK really doesn't it? Generally people value friends because they think alike, have the same values, beliefs and drivers?

Already we have seen legal, if not morally reprehensible tax avoidance by Green (Daily Mail) and a mirror reflection in BK, legal if not morally reprehensible abandonment of AGMs.

It's like watching Only Fools And Horses, Del Boy and Rodders...

What a pair of plonkers..

Ciarán McGlone
13 Posted 07/12/2012 at 13:11:30
Dave,

So you think breaking even, that Kenwright and the others will sell for about £30 million?

I think you're ridiculously out of range... In my opinion, Kenwright, at the very least, will have tripled his initial stake.

Dave Lynch
14 Posted 07/12/2012 at 14:27:32
Ciaran what he paid for the club is irrelevant .
What do we owe Now after all the bridging loans, interest etc ?
Clive Rogers
15 Posted 07/12/2012 at 15:00:39
It seems to me that Kenwright is not really looking to sell at all. He loves being in the limelight and will even let Moyes walk rather than let go. He's already seen off Mansoor (Man City) and the Jane Group, and probably others that we don't know about. He's reportedly buying up shares. All the evidence is he's there for the long haul. Another 15 years at least.
James Flynn
16 Posted 07/12/2012 at 15:25:03
Of course I was dreaming. Why not? Green and them are who we're stuck with.

And Dave Lynch, the EPL is awash in cash. It's TV contracts dwarf the other European top leagues put together. You think our owners don't take their cut off the top?

Ciarán McGlone
17 Posted 07/12/2012 at 15:58:49
Dave,

What he paid for the club is cetainly not 'irrelevant'... in a calculation of his likely profit.

Dave Lynch
18 Posted 07/12/2012 at 16:01:27
James, the vast majority of the cash flow goes in paying the astronomical wages we pay the players which is why all and sundry want to come and play here.

Don't for one minute believe the Sky hype about it being the best and most exiting league in the world. The football by and large is mediocre at best and at times watching games like Stoke v Sunderland is anti-football.

Ciaran. What he payed and what it's worth now are very relevant, the club has been mortgaged to death, the ground is a shite hole, all assets have been sold off and... well, need I go on?

Any perspective buyer would have to pay well over the odds to cover what BB and his circus clowns owe or pay a reduced price and take on a massive debt with no collateral or viable assets other than the players.

In a nutshell. We're fucked.
David Israel
19 Posted 07/12/2012 at 21:12:29
You have sat too long here for any good you have been doing, Mr Kenwright!. Depart, I say, and let us have done with you. In the name of God, go! (with apologies to Oliver Cromwell and Leo Amery).
Christine Foster
20 Posted 07/12/2012 at 22:11:06
Mr Elstone was interviewed over on Bluekipper and his answers were in the main entirely predictable, the questions were poor and rather contrived BUT when questioned about the AGMs his reply was as disgraceful as I have seen for arrogance and lack of governance.
See below:

Q:     Which brings me to the Shareholders Association and their call for an extraordinary general meeting. What is the club's position on that?   

A:  Let's be clear with why we stopped. The meetings had become negative and had been hijacked. There was very little positive about them.

Company law changed and we had the option to avoid that scenario.

On a personal level, I don't think I have ever turned down meetings with shareholders. I have suggested quarterly briefings with the shareholders' association.  I am more than happy to meet shareholders to discuss the Annual Report and Accounts when published. I even offered to re-instate the shareholder forum.

As for the reasons for the EGM, I don't think any Club has explained its finances and strategies more comprehensively than Everton.  And as I said we have a continuous dialogue with as much of our fan base as we can. We clearly want to have good, effective liaison with our shareholders and we value goodwill and constructive suggestions. Meanwhile, my door is open to any sensible dialogue and proposals.

Hijacked, negative? Why is that Mr Elstone?? Could it be that the shareholders didn't like the lies or lack of transparency? Or the fact that the major shareholders where embarrassed being exposed for what they were really up to?

The fact remains it was the club who chose to lie to fans and shareholders and the fans demanded answers, the arrogance persists to the detriment of every shareholder and fan. I wonder just how many other premier league clubs have changed their constitution to ban AGMs?

If he is so adamant that his door is always open, then prove it, reinstate the AGMs requested by the Shareholders Association, revert the company constitution back to where it was, be as open as any other club.

Disgraceful.

Barry Rathbone
21 Posted 07/12/2012 at 21:38:32
In terms of multi-millionaire/billionaire types, it goes with the territory that morality doesn't figure. But Kenwright's ability to attract monied characters like Green and Earl shows he is a good facilitator... but a businessman and leader in the normal sense of the word? clearly not.

If he was second in command and instructed to attract rich investors I have no doubt he'd have them lining up. Undoubtedly he has ability to charm with his gladhanding bonhomie just the sort to woo egomaniac billionaires.

But once he's got them in the office he needs to step away, there's something wrong with his terms and without pressure or accountability he has no need to compromise. It's exactly the Hicks and Gilette scenario pre-Anfield meltdown eventually resolved via a 3rd party.

I can see us going the same way.

Ian Bennett
22 Posted 07/12/2012 at 22:32:55
Christine – more worrying for me was despite selling £13m+ of talent last August and shifting £5m+ off the wage bill, the debt, reading between the lines, is slightly up not down.

Yes, we weren't on the telly as much and attendances were down, but we did have a decent cup run and all of the above. It seems we are miles away from running at break-even, with no reasonable bid is ever going to be turned down. Gutted.

Gavin Ramejkis
23 Posted 07/12/2012 at 22:32:44
Barry — straight from several mouths at Glyndebourne when I was there many years ago, their perspective on BK is that he is a clingy hanger-on, desperately out of his depth, mooching about in circles and cliques he is desperate to be part of...

Most theatricals of the level present thought he was a joke figure.

It seems he wants to play the part but is more Del Trotter than Sir Peter Hall — even in his own specialism.


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