In answer to some recent questions surrounding the surprise availability of funds at the end of August here are two statements from Keith Wyness that can be found in October?s Evertonian:
?We?re now in a stable state and are in a better shape than twelve months ago?
?I don?t think the TV deal was the main point; Robert Earl, being a new director on the board, can see the value of the new stadium project going forward for the benefit of the club and is prepared to support the squad. It was a combination of factors that allowed him to help and support us in bringing players in. Robert was very supportive in making this happen.? ? He?s now more active which I welcome because he is a very astute businessman and you need that at board level.?
As can be seen below, on the 24th August, the day after the Kirkby stadium vote closed, Barclays Bank PLC submitted the paperwork on a £25,000,000 loan for Everton Football Club secured against the combined TV & Merit revenue streams for the 2007/08 season, the loan being in the form of an overdraft facility at 8.75%. This new arrangement follows an earlier £14,000,000 charge obtained by Barclays in April of this year, which appears to have been finally satisfied using part of this new loan.
At the end of August Everton broke their transfer record by signing Yakubu and to the astonishment of everyone Manuel Fernandes extraordinarily disappeared in somewhat bizarre circumstances.
In recent years the current custodians of our club have not only increased the clubs borrowings but they have systematically endorsed the sale of the clubs assets. After disposals of the Megastore, Netherton, Bellefield, Finch Farm and the Eileen Craven Car Park sites Everton Football Club have little assets left but they do appear to have one massive liarbility! The Everton board has sold the family silver and continues to borrow heavily in order to mask this shortsighted business strategy.
None of the money derived from this strategy has been spent on any tangible ground redevelopment projects. These could have provided the increased and sustainable revenue streams that would have perhaps funded the much needed on field activities that we all desire and removed the necessity and associated costs of continually borrowing money and sale of irreplaceable assets.
On Thursday night, expectant Evertonians packed out Goodison Park only to witness a shambles both on and off the pitch, a shambles that is a consequence of this strategy and its advocate. Evertonians deserve better, they deserve better from this Board and they deserve better from the local press who appear to be content to print impotent articles and sycophantic interviews at the expense of decent investigative journalism.
?We?re now in a stable state and are in a better shape than twelve months ago??
?It?s the deal of the century??
?It?s a red herring??
?The club will be left with minimal debts??
?Everton Football Club acknowledges that a majority of those Evertonians who were eligible to vote in the ballot do support the Club in its desire to relocate to a new home in Kirkby???????
(Quick lesson, those eligible to vote = 36,662, those voting yes = 15,230, therefore 15230 / 36662 x 100 = ?)
The 2007 accounts will be available shortly, in the phraseology of management doublespeak (i.e. bullshit) ?moving forward, someone?s position is rapidly becoming untenable?
As Lincoln said: ?You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time?
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1 Posted 23/09/2007 at 07:31:31
2 Posted 23/09/2007 at 09:39:53
3 Posted 23/09/2007 at 10:08:08
Sorry, what do you mean you’ve no money??? But surely .............
4 Posted 23/09/2007 at 10:10:54
Do you think the average fan really stays awake at night wondering where the additional financing comes from?
Clearly, the bank is satisfied with the clubs financial status even if you continue with your ’one man hate campaign’ against all things Everton.
Thursday nights performance was awful, whats that got to do with Evertons off-field activities.
5 Posted 23/09/2007 at 10:26:23
6 Posted 23/09/2007 at 10:57:17
Fatty Keith and his inept cronies should do some cash in hand plastering during the week, as the cracks they are currently smoothing/hiding over are quite impressive...
although it will all end up in tears.....
No to Kirkby
No to Moyes
No to Hibbert
No alcohol in Uefa ties...misery..
No more clapping like a hyperactive sealion Phill Neville, just pass the twatting ball properly.
7 Posted 23/09/2007 at 11:11:29
8 Posted 23/09/2007 at 11:15:14
Appreciate your constructive comments which are far more relevant that the banality from the two previous commentators. I have to disagree with the last part of your post, what happens on the pitch is a direct consequence of the activities off the pitch, by this I mean the activities of the custodians of the club. I?m not a purveyor of a one man hate campaign against all things Everton, I passionately support Everton and I?m far from alone in believing that we are being led down a garden path to second rate oblivion. I cling to the belief that BK does hold Everton dear and that other mere employees are here for a short while, are concerned about their CV?s and will move on leaving a debris trail of destruction in their wake that will eventually come home to roost and which their successors and the fans will inherit and have to resolve.
9 Posted 23/09/2007 at 11:21:16
In any case, a short-term loan like this is not always a bad thing - as long as it is done within the wider context of fixing the long-term problem or lack of revenue. Whether you agree with it or not the Kirby proposal is about increasing the revenue streams in the long-term, so in the eyes of the custodians they are doing exactly that - borrowing in the short-term to help us compete, while making a plan for the long-term.
As it happens, I am against the Kirby proposal if only because I don’t think all the other options have been properly explored by the club, despite what they say.
10 Posted 23/09/2007 at 11:39:35
*mental note not to be so careless in future*
11 Posted 23/09/2007 at 11:41:34
12 Posted 23/09/2007 at 11:46:27
As for the shambles ’off the pitch’ on Thursday night it’s become increasingly obvious since then that it is in fact HM Royal Mail’s fault and (according to at least one of this mornings national tabloids) some of their RS employees suspected of dumping the sacks they collected from the club last Monday.
13 Posted 23/09/2007 at 12:03:15
You’re as bad as the impotent sycophants really aren’t you.
Stop bleating. Go to the pub. Let it go.
14 Posted 23/09/2007 at 12:17:57
After reading your post I think I’ll take your advice and go to the pub and let it go. Perhaps the "majority" deserve what’s happening.
15 Posted 23/09/2007 at 12:35:17
16 Posted 23/09/2007 at 12:37:41
I can’t get my head over the fact that these same people are in no way worried about the increasing debt. One thing to note is that this 25 million won’t be visible in the accounts until next year, they will not show up in this year’s.
The club can’t even sell anything any more, because everything has been sold already.
17 Posted 23/09/2007 at 13:11:23
18 Posted 23/09/2007 at 13:36:57
19 Posted 23/09/2007 at 15:03:31
20 Posted 23/09/2007 at 16:00:51
21 Posted 23/09/2007 at 16:12:25
22 Posted 23/09/2007 at 17:20:27
23 Posted 23/09/2007 at 17:58:38
24 Posted 23/09/2007 at 18:02:42
tell me where in that excellent post by colin were he has a go at yes voters? and what is your obsession with the vote?and what is it with your rediculous defence of the men who are currently running the club.
some excellent points their colin and stripping the club of all its assets is in my oppinion a disgrace, also our we about to announce record losses as well?
wyness is a man not to be trusted and the shoddy handling of cup ticket distribution was once again a shambles, the club are to blame no-one else.
25 Posted 23/09/2007 at 18:10:36
26 Posted 23/09/2007 at 18:37:58
James Smith ? the blank pages are part of the form, they are for the additional detail that some charges may contain, you can download this information yourself from company?s house if you don?t believe me, there?s nothing sinister.
Magicjuan ? think that?s where Barclays capital process this type of business, again don?t think there?s anything strange, it?s just a standard straightforward short-term business loan.
Andrew Gilbert ? Sorry if my post appears slightly ambiguous, you?re correct in your contention that it?s madness to sit on viable assets that could be realised for the good of the business, the point I?m obviously unsuccessfully making here is that the monies derived have not been used for the good of the business i.e. establishing sustainable revenue streams. What in the three years before we move to our new home, which is obviously intended to be our salvation, are we to do for the extra revenue that we clearly require?
27 Posted 23/09/2007 at 19:26:55
In todays unstable financial climate if a bank like Barclays say yes then they must be sure it will be paid back.
28 Posted 23/09/2007 at 19:40:20
29 Posted 23/09/2007 at 19:54:22
Shag me! What’s next, the wheel?!
And sack off all the vote stuff. It’s slam shut and the result was yes.
30 Posted 23/09/2007 at 20:12:13
31 Posted 23/09/2007 at 20:53:39
32 Posted 23/09/2007 at 20:59:10
33 Posted 23/09/2007 at 21:39:10
Don’t trust this man - he’ll be gone long before some of our naive fans realise his real priorities.... with a wad of cash and another ’success’ on his CV. He won’t give a toss about Everton and the mess we’ll probably be in. Why would he? It’s only a job to him. Are any of you really worried about the effects your work has had for an employer you left 5 years ago say? Think about it...please!
34 Posted 23/09/2007 at 22:58:04
Posted 23/09/2007 at 09:39:53 Oh for the love of god.......... get over it, were moving yeeehaaaa no more having to go to that awful ground, dodging the dog turds, having your car broken in to, sitting behind a great big pillar, using toilets that wouldn?t even be used in Africa....... whoohoo lets move, quicker the better.
You obviously don’t care for Liverpool as a city and don’t come from Liverpool, so what right have you got to support a club who’s roots are strictly scouse?
35 Posted 23/09/2007 at 23:17:15
Comes a time you simply can’t be arsed trying to be informative.
I bet my last quid that if I’d have written a piece on the latest mortgage the other week when finding out about it I’d have been hammered from pillar to post by some of those fcukwits and the usual cries of "dem [insert expletive] at ToffeeWeb hate Everton anyway."
Evertonians, a vast majority of them, are getting the Club they EXACTLY deserve.
My days are rapidly becoming numbered thanks to the current so called custodians of a Club we all love dearly.
36 Posted 23/09/2007 at 23:22:04
Every one of your articles is laughable, you just come across as bitter and twisted because you can’t accept that the vote didn’t go your way. I hope you eventually find this ’smoking gun’ you’re looking for, hopefully you might turn it on yourself so we get some peace from your constant whining.
37 Posted 24/09/2007 at 00:01:36
Apart from the fact you are unable to comprehend that if you pay off 14M using a new loan you still owe it, that if you could take the time to read the details of the original mortgage you?d have discovered that it?s at the same rate, and that the subtleness of the article has completely passed your intellect by, I find your final comment, in light of recent events surrounding a supporter of our club, grossly offensive.
38 Posted 24/09/2007 at 01:13:35
39 Posted 23/09/2007 at 22:58:02
We actualy have players that other fans talk about (Joleon, Arteta, Yobo etc) for the first time in many a year. So come on lets get behind the club (the whole club) and make the most of things.
If we do move and I am with holding judgement, let's get to this out-of-town arse stadium and make it ours. The Reebok is shit cos its always empty (the fans' fault not the board's). By the way I like the JJB deal because you can now buy the shirt all over the country. And ticket mishaps do happen (Royal Mail are bloody useless). Come on the Blues lets show the country that what we can achieve. Well please start an orderly clue to bash me.
40 Posted 24/09/2007 at 06:45:00
41 Posted 24/09/2007 at 07:45:26
"I say to all these barrack room accountants and fans who think they can do better and know better, ?have you found someone else to invest in the club??"
You shouldn’t be expecting the fans to do the club’s work..... some of these people are paid massive sums to do that. Perhaps your question should be aimed the club..... how come when so many clubs around us have been snapped up by new investors no-one has shown any interest in EFC? Even mighty Portsmouth managed that much.
I also find it strange that some of Colin’s detractors cannot at least do him the courtesy of disproving his theories instead of making childish remarks. Some people need to get out of the "us and them", "Yes and no-voter" mode and start listening to the points being made, and responding directly to them if necessary.
42 Posted 24/09/2007 at 08:26:22
Like virtually every other Premiership club we are taking out debt. Everton’s debt is actually fairly manageable, secured against guaranteed future revenue streams (Barclays wouldn’t lend otherwise). The problem is?
And we have decided to invest in a new stadium which (a) relative to others, will put us into less debt, and (b) will generate additional revenues sooner than any other available option.
The problem is?
(The diabolical performances on the pitch are a different matter!)
43 Posted 24/09/2007 at 08:36:57
Yes, we are sensibly borrowing money, getting in new investors, and partnering on a new stadium so that we can compete in the modern Premiership. It’s all bad news!
If we were ’living within our current means’, as many of you seem to want, we probably would not have been able to resign Arteta and Cahill, and buy Baines and Yakubu (and, please, a new midfielder in January).
Is that what you really want?
44 Posted 24/09/2007 at 08:40:51
After reading Neil Pearse’s post I can see where you’re both coming from.
Neil the problem is.....oh I really can’t be bothered anymore I’ll leave you, and your cohorts in ignorant bliss.
45 Posted 24/09/2007 at 10:03:40
By the way: I COMPLETELY accept that the admin side of the club (ticketing etc.) is a major shambles, indeed a disgrace. And that what’s going on on the pitch at the moment is unacceptable.
Please help me, because I genuinely don’t see anything majorly strange with how the club is being run financially.
46 Posted 24/09/2007 at 10:36:58
47 Posted 24/09/2007 at 11:40:07
48 Posted 24/09/2007 at 11:33:12
I see a club which is fairly desperately trying to hang in there as many other Premiership clubs are becoming substantially richer. Along with many other clubs, we are taking the steps needed to raise some immediate cash so that we don’t get totally left behind.
The preferable alternative would of course be to acquire a very rich new owner willing to pump their own money in. Setting aside why we don’t have this new owner (yet), we don’t. Given that situation, I think many of the steps that are being taken (selling assets, borrowing) make sense. Of course you are right, we will see how risky these steps turn out to be when the numbers are released. Unfortuntely, things like losing budgeted European revenues because we fucked up last week, can throw out the projections quite badly.
What I do ask is, in the absence of a very rich new investor, what would you prefer? That we were very prudent and didn’t have the money to upgrade Cahill’s and Arteta’s contracts, and buy Baines and Yakubu? (That’s where the investment has gone Colin.) I’d actually prefer that Everton took some financial risks at this point to try to compete with our Premiership rivals. In fact, I don’t think we have any choice.
49 Posted 24/09/2007 at 12:29:36
Clubs taking out loans may be an accepted practice but it’s not always been successful as Leeds United found out.
That Vote has certainly provoked a lot of response.What disturbs me is not the fact that people have opposite views/opinions etc it’s the vitriolic response from some.
The smoking gun comment was appalling, I had a quick check and I see that the person who made that comment has not posted another - I am not surprised I hope he spends some time reading some of the several articles on Rhys Jones.Perhaps Andy H will then realise how sick his comments were.
Whether or not you agree with Colin can we have less of the bitterness please.Debate is one thing vitriol is quite another.After aren’t we all Evertonians ?
50 Posted 24/09/2007 at 12:37:07
If all is so well with the Everton board and their business dealings why can’t they utilise now or at least in January the monies they must have had in place to purchase Manny.We clearly need a new right back and more strength and depth in midfield. We were told Manny was coming coincidentally at the time of the vote. It appears the funds to purchase him have disappeared as quickly and mysteriously as the man himself.Perhaps they will reappear in January altho I do think it will take more than BK rubbing a magic lamp to turn around the pantomime which is the everton board at the present time. There are no monies now or for the rest of the season. We will get no more new players as we have nothing left to buy them with.After what happened with Leeds and Chester we need to ask questions of the board in a reasoned and civilsed way and to get some truthful answers.
51 Posted 24/09/2007 at 12:30:52
To be honest we?re not that different in what we desire, we?re both interested in what?s best for the club, I just don?t see short-term solutions as the answer. You keep mentioning investment and you previously mentioned our new investor Robert Earl, and we both can agree that this is a key issue. I don?t see an investment I see a loan at 8.75% for a player (let?s not debate the quality shown so far!), I see another player vanishing into the night and a doublespeak statement telling me that Robert Earl is ?supporting us in bringing players in? from, as I keep saying, someone telling me we?re stable and in a better state than twelve months ago.
Maybe Neil I?m just too cynical after all these years of Fortress, NTL and the Dock. I know we need outside investment, I know we need a white knight, I know that Bill Kenwright is an Evertonian who wants the best for Everton but he?s out of cash. David Moores was in a similar position but then again sometimes it?s maybe better the devil you know.
What I?m really saying to the club in all the articles I?ve posted is just be honest, I don?t want to be told someone is investing in us when they?re not, I don?t want to be told that we?re getting a £75M - £150M - £110M stadium when we?re getting a £60M stadium, I don?t want to be told we?re getting a stadium for very little additional debt when it just simple isn?t true and I find it insulting to be told we?re stable and in a better state than twelve months ago when we?re clearly paying more and more of our hard earned cash to Barclays.
We both know we don?t have the answers and I agree with you ?we?re desperately trying to hang in there? all I expect is that we, the match going Evertonian public, are treated with a little respect and not fed tale after tale.
If that investment was there Neil we could have supported Moyes as soon as the window was open, bought some higher calibre players in readiness for our Euro campaign and the Fernandes deal would have been done. It isn?t there and we have the dregs that we obtained for Moyes to do the best he can with once more.
Apologies for the cohort jibe, it?s a pleasure to debate with you
52 Posted 24/09/2007 at 12:52:01
Football is not just about supporting the team you are nearest to (I can’t stand Chelsea!) but it is about findign a home for your loyalties that generates the true passion that only a real football fan can experience. Everton did this to be when I was very young, and despite pressure from family to favour Chelsea, I stuck to myguns and have not a single regret, despite years of despairing performances.
Don’t ever believe Everton FC is just for Liverpudlians, because it isn’t!
Gareth "True Blue" Mercer
53 Posted 24/09/2007 at 13:43:32
Oh, and I stand by what I said earlier about this being yet another whining ’no’ article at its core, a look at who the author is and the fact he didn’t leave the stadium issue out of the article prooves my point.
54 Posted 24/09/2007 at 14:12:20
Just a quick point. Isn’t there a rumour circulating Goodison that Phillip Green has put money into the club via Robert Earl and isn’t that the true origin of the Yakuba money?
55 Posted 24/09/2007 at 14:14:02
Please don?t start commentating on LFC?s debt; you can?t even comprehend our current situation, which is a lot less complex.
Move along, nothing to add.
You keep posting mate, I don?t care where you?re from, what religion you are or what colour you are, as long as you?re not red, you?re an Evertonian and you?ve every right to state your opinion. Next time you?re up give me a shout and we?ll have a shandy together!! ;-)
56 Posted 24/09/2007 at 14:32:00
57 Posted 24/09/2007 at 14:38:46
Yeah I?ve heard that rumour for sometime now, I never mentioned it in the article as I?ve just stuck to the facts that I can prove as in the Mortgage / overdraft. Sir Phillip is rumoured to have given Robert Earl a sum of money to invest in the club, whether this is true or not I don?t honestly know, as I have no evidence, whether it?s another loan, heaven forbid, or some kind of pre-payment on a possible take over from Bill once Kirkby is signed sealed and delivered I honestly haven?t a clue. There are people on here that are far more informed maybe they can answer you. All I can tell you in complete faith is that we?ve now had to increase our o/d yet again and in light of this rumour that’s a nightmare.
58 Posted 24/09/2007 at 14:53:46
I must again say, get a life.
Why are you looking into so much depth with regards to the business dealings and the financial dealings of Everton FC? What gratification do you get out of it? Do you think your some kind of modern day Sherlock Holmes? Look into any business Colin at some point, somewhere, they will have borrowed money from the bank. The bank would not have given them the money if they didn’t think they would get it back, so think on!!!
59 Posted 24/09/2007 at 15:26:12
60 Posted 24/09/2007 at 16:04:22
Colin, it’s 41% but don’t forget those abstainers lad. Oh, but you did, because it doesn’t suit your argument.
61 Posted 24/09/2007 at 15:26:00
Quite frankly I have no idea what Colin is complaining about. So the club has increased it’s mortgage... so what! I increased mine a few years ago and got a lovely consevatory out of it (and a cruise!)Everton got Yakubu out of theirs and nearly got Fernandes too. I am sure they would have got him if it hadn’t been for his peculiar ’ownership’ circumstances. That money, if the loan is in the form of an overdraft facility, will be sitting in the bank for future use. Hopefully for a creative midfielder or two in January.
This is how individuals and businesses work and it must have been perfectly acceptable to the bank to consider Everton a good risk because (as others have said already)no bank would lend money to a dead loss... especially now after what happened in the sub-prime lending market! The bank will have perceived Everton as a going concern, with new premises on the horizon, an excellent customer base and with potential for a lot more! A club intending to improve it’s market share by improving the calibre of its staff.
I simply do not see the problem... although Colin will no doubt suggest that that is because I am not as clever as him!
By the way Colin (forgive me if I am wrong)but was it not you who (in a previous article) suggested that Everton should have increased the securitisation loan to £60m (rather than £30m) in order to pay for the King’s Dock??
What, and double the mortgage!!
62 Posted 24/09/2007 at 16:57:12
63 Posted 24/09/2007 at 16:41:03
Gareth Docherty - sorry you?ve got the wrong end of the stick there, I?m pointing out that whoever wrote that press release is stretching the truth in claiming a majority of those being eligible, the majority was from those voting that?s all.
64 Posted 24/09/2007 at 17:24:35
I am not as informed or as eloquent in these financial matters as Colin.I can’t back up his arguments in these ways.However i think a quote from the great Jock Stein is relevant here i.e. " Football without Fans is nothing".
We have every right to want to know what’s going on at the club.We are it’s supporters after all - and without us where would Everton be ?
65 Posted 24/09/2007 at 17:52:25
Dave Roberts - Nail on head mate with that reply mate.
66 Posted 24/09/2007 at 18:03:47
67 Posted 24/09/2007 at 18:45:37
68 Posted 24/09/2007 at 20:13:22
Your reply sums you up entirely,I am well aware that even though the 14 Million loan is paid off the new loan is outstanding. As a partner in a business with a turnover of £750,000 a year and a HND in business studies, you are in no way qualified to question my intellect. I was merely pointing out that it is standard practice to use consolidation against future revenue streams in any major business to assist with cash flow, or maybe you do not have the ’intellect’ to understand that this is how business is run in the real world. The overiding fact of the matter is, is that this is 2007 not 1977. Everton F.C. have long departed from the days you hanker for, when players hopped on the bus, sat side by side with the fans with their boots tied together over their shoulders. Once you understand that the only loyalty in this creation of Sky tv is money, then you will be able to move on. Your insults only serve to highlight the fact that you cannot accept any other opnion other than your own. How dare you take a euphanism and link it to the tradgedy surrounding a young boy. You really are a sick person, I’m ashamed to think that there are people such as yourselves masquerading as Evertonians. Take a good long look at yourself in the mirror.
69 Posted 25/09/2007 at 00:30:00
What have I started? what is your point? Have you got one? I have stated a fact..... any football club ceases to exist without its fanbase, comment on that.
I don’t profess to be in anyway business orientated. You start by listing your qualifications/experience suggesting you place some importance in such things, and that’s fair enough, but I think you will find that Colin is very highly qualified but slightly less inclined to list his achievements because they have little to do with his assertions here. On a personal note my wife owns a shop with approx half the turnover of your business I don’t believe that she would ever consider herself a financial wizard, and she has a degree in Business and languages.
70 Posted 25/09/2007 at 07:31:21
I think you have every right to disagree with the points made in the article.But I think you have no right to use such blatantly offensive analogies.
71 Posted 25/09/2007 at 08:17:20
Maybe you should just concede that your words were in bad taste instead of carrying it on.
72 Posted 25/09/2007 at 10:16:36
73 Posted 25/09/2007 at 10:26:38
Where is your evidence then?
Truth is you don’t know for a fact, you are summising that he won’t still be with us after the Kirkby move. It is your opinion, not fact, so get that right eh!!!
74 Posted 25/09/2007 at 18:53:35
Ill finish with this, when people arrive at john lennon airport or lime st station they will see this sign: Welcome to l’pool, the home of LFC and the beatles.
They will also see this in kirby: Welcome to knowsley, the home of Everton FC. Embarrassing!
75 Posted 28/09/2007 at 12:08:19
Stop playing with the big boys and come in for your tea.
76 Posted 28/09/2007 at 14:56:02
77 Posted 25/11/2007 at 19:00:17
Yes, what an absolute shambles on the pitch. Top 10, in the UEFA, CC quarter finals. MOYES OUT.
And you just culdn’t resist the dig at the vote could you?
Why don’t you spend your time finding the 10,000 fans who DIDN’T EVEN BOTHER TO VOTE, instead of writing such bias blind articles.
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