Prentice's in-depth cash probe of the missing Everton millions.

, 26 April, 32comments  |  Jump to most recent
In today's Echo, David Prentice identifies the missing millions that are lurking so close to Bill Kenwright, but seemingly just out of his grasp.

» Read the full article at Liverpool Echo



Reader Comments (32)

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Kevin Tully
1 Posted 26/04/2013 at 10:09:05
Looks like the Echo have finally grown a pair!!
Robbie Shields
2 Posted 26/04/2013 at 10:47:26
Kevin #881, looks like the pressure from the Blue Union and the mighty ToffeeWeb is paying dividends. Well done David Prentice and the Echo, this is what we need, now all we need is for Moyes to grow a pair and stuff the Kopites.

COYB

Kevin Tully
3 Posted 26/04/2013 at 11:06:17
Gone off the front page already, though Robbie, the call from the press office must have come in earlier!
Robbie Shields
4 Posted 26/04/2013 at 11:23:44
WTF!!!!!!!!

Honestly...... Seriously, surely not ??????

If so, this shows exactly what pressure Prentice has been working under!!!!

This is absolutely unacceptable, we need a free press to report exactly what is going on, if Prentice and the Echo get banned from Goodison then 'We' as Evertonians need to follow, without us there is no club, and it's about time those on the board realized this and accepted it.

We are Everton FC, my son, me, my Dad, my Grandad (God rest his soul) and all those to follow us, not Kenwright, not Earl, Not Grantchester, not Green, us, Evertonians!!!!!!

Chad Schofield
5 Posted 26/04/2013 at 13:52:05
Kevin #881, maybe they'll put some more pressure on in 2025.

Patrick Murphy
6 Posted 26/04/2013 at 14:59:21
What a wonderful piece of investigative journalism, if only we had known that those so closely associated with Everton FC had so much dosh, we could have planned a demo or something or the small shareholders could have brought it up in an EGM. Whilst it's welcome that the local newspaper is taking an interest it will hardly shake the board to its foundations will it?
Bobby Mallon
7 Posted 26/04/2013 at 15:36:46
Guys what's all the fuss about? We have known for donkeys years that those three had loads of cash. The problem is they don't want to spend any. Grantchester hates Kenwright, Earl is a massive Spurs fan and ain't going to help us over them, and Green don't give a fuck cause if he did he would have sold lots of our kits in his clothes shops that he owns.

Demonstrations and hassle to the board the only way this club will go forward.

Brian Harrison
8 Posted 26/04/2013 at 16:37:30
I don't think Lord Granchester or his mother Lady Granchester have any intention of putting a penny into Everton and the difference between them and BK is they have the money to help. Lets not forget this pair sold the club to Johnson, I am amazed that they still own shares in our club. Wonder if like some of our other board members do they actually attend any games at Goodison.
Paul Gladwell
9 Posted 26/04/2013 at 16:45:03
Prentice knows why Grantchester won't invest, he basically said so when he responded to my email last year, I think he is pretty pally with him.

Strange how the luvvie is actually disliked by a good few who know him best.

Chris Keightley
10 Posted 26/04/2013 at 16:44:38
Certainly wasn't in-depth, you could unearth that on the tinternet. To be honest, they already hold shares in the club — why waste millions of their own fortunes in the hope that we might make the Champions League? You work the squad you have, you utilize the younger squad members, and you try to coach the players to play winning football — I seem to recall Werder Bremen adopting that philosophy a few years back.

t's all 'coulda, woulda, shoulda'... Do I want Everton to do a City, or Chelski? I probably did a few years back!!!

Ernie Baywood
11 Posted 26/04/2013 at 16:50:25
Can someone tell me how this investment from these people would work. We're talking gifts or loans aren't we?

If it's gifts then I don't blame them.

If it's loans, well, we've already got a few of them.

Jeremy Benson
12 Posted 26/04/2013 at 16:55:29
Breaking News: People in The Times Top 100 Rich List are... rich.

Journalism at its finest.

Brian Harrison
13 Posted 26/04/2013 at 16:53:03
Obviously neither of Sir John's or Cecil Moore's children inherited their business acumen: one sold Everton to an Xmas hamper seller, and the other sold Liverpool to two Texans who made JR look like the Archbishop of Canterbury.

Eric Myles
14 Posted 26/04/2013 at 17:21:49
Investigative journalism my arse. My cat could have done better.

I think Michael was being a tad mischevious with the title there!

Luke Berry
15 Posted 26/04/2013 at 18:56:03
Well that was enlightening. Who would have thought the money was there all along?! Kenwright has always been the blocker on Everton's progression as a club. This however does nothing for the fans or the club.
Matt Traynor
16 Posted 26/04/2013 at 19:33:23
So Robbie, between your post at #887 and #896 you actually read this snippet from the Echo? Lesson learned young man, did you really think they'd do such an about face all of a sudden?

The personal wealth or otherwise of directors (and Lord Grantchester is not a director) is, largely, immaterial unless they are providing personal guarantees. In the murky world of Everton finance who knows? Except that's probably why Earl bought in after BK fell out with his "good friend" Gregg over King's Waterfront, and needed to maintain the power base.

The fact is that Boys Pen Billy wants to make a profit on his investment. A huge profit. Despite Everton's inability to capitalise on it (through signing front-loaded deals with Kitbag etc), the Premier League is awash with cash, largely driven by the increased media value from the overseas TV deal - which is why Liverpool desperately want this changed to reflect global brand value of the club, rather than equal share (of course there's no way 14 clubs will vote for that when only 5-6 will benefit at the expense of others).

If he'd delivered King's Waterfront, I wouldn't have begrudged him making a mint as the club would've been in great nick off the pitch. He didn't. The desperation that was Kirkby was an attempt to get a planning assent and then sell and make a more moderate profit, he couldn't even deliver that.

As a Director he's supposed to improve the position of the business. He hasn't, time to go. Except no-one's paying the fantasy money, so we're stuck with him till he croaks or falls out with more "friends" and they sell from under him.

James Flynn
17 Posted 27/04/2013 at 01:48:49
Forget the King's Dock and Kirby. It's the TV contracts that dictate.

Our current owners appear to have invested for property/retail potential that fell through.

By mistake, they tripped and fell into a position to rake in the cash falling from the sky generated by the TV contracts, contracts not nearly valued as they will be for the foreseeable future.

The Club has debt? So? They only have to make the monthly nut on the mortgage, no different than me with my house. And they're better positioned financially.

They're not selling and have no incentive to invest.

Keep going on about who manages their property.

Robbie Shields
18 Posted 27/04/2013 at 04:12:20
Matt #995, in between my 2 posts the Article was taken off the Echo's website. Michael copied the posts from another thread but missed out Kevin's post stating the article had been removed from the website.

Now that it has come back, both the title and the content has been changed and is much more toned down!

Some strange editing is going on at the Echo.

Michael Kenrick
19 Posted 27/04/2013 at 06:31:07
Sorry I missed that one, Robbie, Matt. It's there now.

I guess the version I read then was the second, so I'm wondering what was in the first?

Matt Traynor
20 Posted 27/04/2013 at 08:58:49
Robbie/Michael, the article there now is the one I saw. Absolutely nothing newsworthy in that - par for the course at the Echo. Would be interesting to see what the original one said.

James #057, the overseas deal has heaped sponsorship opportunities onto the EPL. Everton's problem is financially we are not performing as well as we could. A new stadium would increase matchday and commercial revenue streams, and that has been the "plan" for many years. After Kings Waterfront fell through, they put their eggs in the retail-led development basket (with developer contributions replacing the EU and public funding "subsidy"), meaning that could only ever happen outside of the city. All of this is to increase the asset value, so they can make a mint - which was the objective from day 1.

For me the real problem is the ground we are losing off the pitch. Typical Everton we'll eventually arrive at the party when everyone is hooked up and we're left in the corner.

John Keating
21 Posted 27/04/2013 at 09:07:17
Joke article by a joke reporter working for a joke newspaper.
Prentice will be there this afternoon with O'Keeffe throwing down as much freebie booze he can get.
They'll be bezzie mates with the riff raff that run our Club plotting the strategy to keep the plebs at bay.
Throw in a completely useless article like yesterdays every now and again to keep the plebs quiet.
Prentice and O'Keeffe are a complete disgrace and until they ask a few searching questions of Bill and the Board the they can both F... O.. !!
Paul Gladwell
22 Posted 27/04/2013 at 09:38:06
I wouldn't mind them asking a question that many have been asking them about that NYPD badge that has been revealed on the net on memorabilia for sale? This is a serious joke that looks like coming true and despite people voicing there anger at it to Okeefe and Prentice on Twitter etc all week there is no mention of it in either of their weekly columns, pair of shithouses won't say boo to a goose.
Barry Rathbone
23 Posted 27/04/2013 at 09:33:12
It's the conclusion that none of the "names" will invest without enquiring "why?" that raises suspicions about the point of this piece.

To effectively deduce no-one in the world will touch us with a barge pole if our own Knights in shining armour won't smacks of Bill's "no-one is buying football clubs".

Investigative journalism or sleight of hand propaganda?

Paul Gladwell
24 Posted 27/04/2013 at 10:16:04
Anyone heard anymore about these takeover rumours?
I only read it on that Everton rumours site, but I will read anything in the hope something will one day happen.
Matt Traynor
25 Posted 27/04/2013 at 10:13:56
Barry, BK doesn't have that kind of wealth - and certainly if I had "a few million" I wouldn't touch football. Same goes for Jon Woods, although he does have "a few million".

People always ask "why doesn't Lord Grantchester invest?" Well, the matriarch still rules the roost in that family, and I'm sure the bulk of his wealth is already tied up in investments, rather than sitting earning sod all interest in his current account. Lord Grantchester isn't on the board, he's just chosen to retain his shareholding (which isn't earning him anything).

BK and JW are the two remaining of the original 3 investors. BK never had the money at the time, and had to borrow it (the crap about remortgaging his home - it wouldn't have covered the value of the loan). Of course, he didn't borrow from a recognised financial institution, but no problem, use the club you're buying a control of as security.

The obstacles to a sale of the club to the right kind of buyers lies in the boardroom. The problem when you tangle up the finances and business transactions of a football club is, it becomes such a costly mess to untangle it puts buyers off. We have to accept that whoever comes in to buy Everton is doing so as they think they can turn a profit in the medium-longer term. As long as it's financed properly there shouldn't be an issue. But these people have other opportunities in sport/wherever to put their money, and an over-valued mess of a business is going to see them scoot on by.

Kevin Tully
26 Posted 27/04/2013 at 10:27:18
Matt, you have to ask why all these obstacles are there in the first place?

I think it was your good self who once listed many conditions of sale, which included funds for a new stadium?

I firmly believe at least two of the three main shareholders have no intention of selling, unless they are made a ridiculous offer. They know the value is only rising, and Sky pay for the upkeep.

Ian Smitham
27 Posted 27/04/2013 at 10:40:59
Matt, at the end of your third paragraph, I wonder whether it is appropriate for a few extra words, perhaps " and get the club, once bought, to meet the loan repayments from operating expenses"?

The loan would be off balance sheet and the costs merged in to a section of the accounts that can only be viewed by a very select few.

Colin, any thoughts?

"Who owns Goodison Park?"

Matt Traynor
28 Posted 27/04/2013 at 12:21:55
Kevin/Ian, you raise valid points. The increase in revenue in the EPL has spawned an industry in itself, and seen revenue costs (wages) rise exponentially - this doesn't just apply to players, it now extends to executives with some CEO's earning £1.8-£2.0m per annum.

For me, Everton is grossly under-performing revenue-wise, and the answer isn't wholly due to the restrictions posed by Goodison Park. This in part is due to front-loaded deals signed, which would cost seven figures to get out of (putting off potential buyers) but which Everton were happy to sign due to getting cash up front.

The problem is the Premier League is a moving beast (upwards). Man Utd just settled with DHL to cancel a £4m per year sponsorship of their training kit, and move AON into that position (including sponsoring the training ground) when General Motors move in as shirt sponsor. They have third and even fourth tier sponsors - fair enough they are one of the top two or three global sports brands, but this has all come about due to the overseas TV deal. The domestic deal does nothing more for reach, and the price only remains high as long as the likes of ESPN, Al Jazeera and BT Vision (!) are willing to bid big bucks for rights. ESPN are probably out of the picture now for the UK market, preferring the lower cost overseas TV deals. But if these other broadcasters drop out, you can bet Sky's offer will plummet, and the finances of clubs like Everton who are far too dependent on broadcast as a proportion of turnover would suffer.

Ian - I've always been led to believe there are off-balance sheet loans. I've no proof, but always suspected that OOC in part services those loans.

Of course Football Finance is one of those industries that has spawned off the back of the EPL! Bizarre though it may seem, there are football agents out there who work with marketing agencies and financiers to "broaden their client-base". In layman's speak, these are the agents that don't have a Ronaldo, Rooney or Messi on their books.

Eric Myles
29 Posted 27/04/2013 at 12:57:44
Matt "I've always been led to believe there are off-balance sheet loans"

I've always suspected this also and it would explain why the asking price is so high.

Thomas Windsor
30 Posted 27/04/2013 at 13:21:13
Leave bungalow Bill alone — he is still working 247 to find us new owners, isn't he???
James Flynn
31 Posted 27/04/2013 at 18:37:23
Matt (077) - Agree on all points.
Kev Johnson
32 Posted 30/04/2013 at 09:19:04
I normally try to keep out of discussions about The Echo, as I don't live in Liverpool any more, but I was there for a couple of days last week and I picked up the paper on the day they ran that story. Agreed, it was a bit obvious, though still worth saying. I was more impressed by the little article of Suarez. I think it was entitled 'From villain to victim'. It really tore into him and was a good piece of writing. From reading TW, I got the impression that Prentice was in EFC's and LFC's back pocket and just tip-toed around the issues. Well, he wasn't from what I read.

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