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The Mail Bag

Tesco: Everton Directors Would Not Sell

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This extract was taken from KEOIC website where they have secured a copy of the revised planning statement.

Everton chairman Bill Kenwright's words ?I have said for years that I am constantly on the lookout for investment for Everton" have seemingly come back to haunt him, that is if the latest document released by Tesco is anything to go by. The revised Planning Statement (document 18) released yesterday by Tesco, reveals that if there were investors who had the financial clout to wholly or partly fund any new or redeveloped stadium for Everton Football Club, then those investors would be turned away by the current board;

"6.10 A further point that is of relevance to any debate on the options that might be available to the Club to fund a new stadium, is the willingness and abilities of the Club?s directors to sell some or all of their interests in the Club in order to attract an investor who or which might have the ability in financial terms to fund a new stadium in its entirety or at the very least fund the shortfall that exists in the context of this proposals. As is pointed out in greater detail in the financial statement document 26), this is not an option as the current directors have no intention of selling any of their interests in the Club. "
Does this mean that despite his consistent claims, Bill Kenwright wasn't searching for investment "24/7" after all? Evertonians, you decide.
Luke Scott, Liverpool     Posted 16/04/2008 at 13:32:33

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Michael Kenrick
I wondered at the time exactly what Paul Gregg meant by his statement a while back that the way the share holdings are structured was a barrier to additional investment in Everton. People by and sell shares in Everton (Earl, Gregg) and iit changes the ownership of the club. But it changes NOTHING, ZERO, ZILCH in terms of the "investment" (i.e, the amount of money invested in) in the club.

The only way to change the paradigm is to have an issue of new shares that are sold on to new investors, with the generated income going into the club. The last time this happened at Everton was Peter Johnson, back in 1994. Why has there never even been the remotest whisper of this from Blue Bill? The knnee-jerk response is that he has no interest in watering down his percentage holding of the club. So no dice either way.

The "24/7" search contuinues... but has been largely meanigless because no idiot in their right mind would simply hand over "investment" to Bill without getting some portion of ownership in the club in return. Then again, (to my knowledge) Philip Green has never been listed as a shareholder in Everton. Perhaps he's talking about calling in personal loans to Bill that enabled him to by out Johnson...???

Dan McKie
1   Posted 16/04/2008 at 14:23:18

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Even if we did get a billionaire investor in, the first thing they may do is buy a couple of decent players and maybe even address the stadium issue but you can almost guarantee that the second thing they would do is double ticket and merchandising prices, just ask Man U fans!
Roy Coyne
2   Posted 16/04/2008 at 14:25:14

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So once again Bill is found out. Has he got no decency? Forget the Kirkby argument for one moment and think of all the half truths and down right lies he has told the People's Club fans. Please sell the club, Bill ? and take Wyness with you.
Ravo Stanley
3   Posted 16/04/2008 at 14:23:36

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Hang on, Hang on!

Why did they have to debate stadium funding. What with the bigger than Arsenal sponsorship and selling Goodison for about £80m+, the thing is meant to be effectively free, isn’t it

Also will the new Directors car park have a bike shed?
Matthew Johnson
4   Posted 16/04/2008 at 14:53:09

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"Even if we did get a billionaire investor in, the first thing they may do is buy a couple of decent players and maybe even address the stadium issue but you can almost guarantee that the second thing they would do is double ticket and merchandising prices, just ask Man U fans! "

I would accept that if we had a top notch stadium and top quality players to watch

Roy Coyne
5   Posted 16/04/2008 at 15:06:59

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Matthew do you not think that if this Kirkby move does happen we wont be paying more. Its a double edged sword on one hand every one wants better players ect but then baulk at the thought of the cost of season tickets going up. When if you go round the premiership our prices are reasonable .but with the lack of investment thanks to Bill's stance the only way we can pay our way is through a increase in revenue through the turnstile.
Tony Williams
6   Posted 16/04/2008 at 15:35:01

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"The "24/7" search contuinues... but has been largely meanigless because no idiot in their right mind would simply hand over "investment" to Bill without getting some portion of ownership in the club in return"

Ahhh and there is the rub, our beloved Chairman can still say he is searching for "investment" 24/7, because he probably is, in his own way.

However "investment" is not about buying the club but basically getting money for nothing, that is why he will continue to look 24/7, until he kicks the bucket, without success.
Paul Chisholm
7   Posted 16/04/2008 at 15:42:16

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Bill should direct a west end play called ’The Investors’. It could be based on his so far thwarted and lamentable efforts in trying to get investment into EFC. It would be a cert to win a BAFTA (or its equivalent) for best comedy. Break a leg Bill...
Brian Waring
8   Posted 16/04/2008 at 16:04:29

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Dan, don’t you think one of the first thing’s the club will do, if Kirkby ever come’s off, is double ticket prices and merchandising? At the end of the day they will have to pay off those crippling debt’s we will have, some how.
Paul Niklas
9   Posted 16/04/2008 at 15:52:45

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Funding for this club is undoubtedly required, however it is not a simple as it appears.

Yes a share issue at the going rate is an option and would raise a significant amount but would it raise enough is one question.

Based on the current share issue and values of current shares and with Bill and others keeping control the most you could raise would be 15/20 million. Then what after that were does the next set of money come from.

So Not really an option.

New investment is ideal howver any new investor would look at the finincial state ofthe club and the cost of the move and based on that alone would be looking for a minimum of 70% stake of the club, something I am sure the current board would be reluctant to do.

A total sale taking on the current debt and assets would be in the region of 50 million in my opinion giving main shareholders a healthy return on their original investment.

Then depending on who it is, is the decision to move or stay and invest 150 million in a new ground.

So a 200 million outlay is really what anew investor would be looking at,that is without investing in players.

They are few and far between with that type of clout, not sure a venture capitalist would look at it as the returns are to long term.

A syndicate could do therefore dispersing the overall risk to more than one individual but this would take time and is fraught with potential problems, Gillette, Hicks as a prime example.

Or just someone with a wealth so extreme that it is almost pocket money, but thats a pipe dream.

So where do we go, for me get back round the table with Liverpool city council,find someone to build a stadium on a sale and lease back basis, we dont have to own it and then find someone with wealth and financial credibility who can then focus on revenue streams and ultimately the improvement of the team.

Otherwise in my opinion on what I have seen, read and perceive ,particularly over the last few days we are going nowhere.

I still believe Bill can achieve a lot of things for this club, as he has done, it needs a fresh eye and approach to make it happen with him still chairman again in my opinion plus the benefactor I eluded to.
Carl
10   Posted 16/04/2008 at 16:40:51

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what is also annoying that there doesnt appear to be a time period in which that clause elapses. So if the stadium is part owned by Tesco for ever how long, are we stuck with the board as it stands now!!

This type of propaganda and bullshit from Billy makes my fucking blood boil. Im sick of the excuse that its ok "cos hes one of us". Fuck that we just want someone to tell us the truth and helps us move on from where we are now, back to were we belong.

If hes really one of us, he should come out and admit his position and stop the speculation in response to KEOIC.
Chris Jones (Wakefield)
11   Posted 16/04/2008 at 17:24:34

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Are we not missing the point here?

The statement made by Tesco was in the context of allaying fears that some ’Johnny Come Lately’ might pop-up, buy Everton, and announce some conflicting business plans tha put the kibosh on the whole Kirby project (thus wasting the time and money of everyone involved in a project that concerns a lot more than ’kut’ a football stadium)

So, what is being said here by Tesco, in that context, is that the people considering progress &/or permissions on the project need’t worry about EFC directors selling-out and thus pissing--off everyone about.

Er, get real guys, what else would you expect them to say in trying to get approval for their scheme?!
Chris Jones (addendum)
12   Posted 16/04/2008 at 17:34:06

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Sorry, for "kut" read "just", doh!
Dave OBrien
13   Posted 16/04/2008 at 17:51:22

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I think the move may now be out of the Window despite that cretin Wyness trying his best to force it on us. Karma Mr Wyness is relative and not edible you’ll be disappointed to hear!
Jay Harris
14   Posted 16/04/2008 at 18:28:20

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Chris Jones
In what way does stating that a shortfall of £52 million in the funding not being made up by directors not considering selling some or part of their shareholding help a planning application?

Roy Coyne
Most other top Premier League clubs find additional revenues from broadcasting and Global merchandising.
Gate receipts whilst very important are not seen as an opportunity for significant increase in revenues unless your gates go up by large numbers say 10,000 to 20,000 extra people.
Can anyone honestly believe that will happen at Kirkby.
We would be far better off creating a world class stand in Bullens Road for £20 million incorporating corporate suites and stay at GP but that will not create the smokescreen that borrowing £100 million + allows.
Ron Leith
15   Posted 16/04/2008 at 18:55:32

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I often wonder if all the people in KEIOC are JUST going around trying to find little bits of nonsence. Unfortunately, this is a planning statement it is meant to be supporting the proposal. It is not meant to be saying oh by the way we have a billionaire up our sleeve who will rebuild our Goodison site. If it did say such nonsence it would blow any such deal out of the water. Billionaires want secrecy, they don?t want it in a public document. Is the poster of this an imbecile.
Gary Simmons
16   Posted 16/04/2008 at 20:21:32

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BK has always said he is looking for investment 24/7 and I believe him and he is right for doing that. Its another kettle of fish altogether to say he should be actively looking for a complete takeover. Be careful what you wish for, a glance across the park at Laurel and Hardy tells you everything why we should all be suspicious of a non-evertonian takeover. Ideally I?d like an Evertonian billionaire to takeover the club but they?re a bit thin on the ground!
Paul Gladwell
17   Posted 16/04/2008 at 20:39:25

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One of them is trying to take us to Kirkby Gary mate, cracking blue allegedly, although has never wanted to know until he had plans for the biggest Tesco in the country.
Andrew Baynes
18   Posted 16/04/2008 at 20:53:36

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We could do a lot lot worse without BK, not many clubs have local owners who?ve been lifelong fans of the club. That said we should be after some investment, we can't wait until after the stadium is built we need new money in now. I?m not really in favour of a takeover though by people who don't feel for the club.
Tony Connor
19   Posted 16/04/2008 at 21:07:59

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As a Local Authority Planning Officer I can assure you that what a planning statement says and what is really going on rarely tally.

A business says what it wants, to best get what it wants, or it rarely stays a business for long.

I?m sure we all dream of a utopia where everybody is upfront and honest about everything they?re doing (and the RS don?t exist), but in a capitalist society it will always remain just that.... a dream
Daniel Howard
20   Posted 17/04/2008 at 01:31:29

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Andrew Baynes - you can’t have it both ways.
Jay Campbell
21   Posted 17/04/2008 at 18:43:23

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Kenwright’s favourite song:

"Tell me lies tell me sweet little lies" Fleetwood Mac.

I’d rather av Trigger running the football club.

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