Skip to Main Content
Members:   Log In Sign Up
Text:  A  A  A

24th Richest Club

By Michael Kenrick :  10/04/2009 :  Comments (0) :
So what do you make of this latest valuation exercise by Forbes? Everton slip to 24th after holding steady at 21st — down from those heady days when Keith Wyness could crow that Everton were in the Top Twenty, thanks to his diligent policies of outsourcing and liquifying assets.

Forbes have similar tables going back over the last five years, and I guess they reflect what we already know about the difficulty EFC has in holding its own with the current financial business model that has been in place through most of the Kenwright era. Does our recent slide down the table reflect the fact that there are no more assets left to liquify?

On the one hand, it is really quite remarkable that the club is where it is given the lack of heavy-duty investment, and so we must give credit to the Board for holding the ship steady-ish amidst the hurly-burly of life near the top. It reflects too the incredible value of the Finch Farm investment and the talent production line that is the Everton Academy.

People bemoan lack of investment by the Board of Directors but the reality is that securing an ever-increasing line of debt is what it has all been about. But you have to wonder: is this model sustainable as we go forward? What of the credit crunch, the recession, and the presumably inevitable impact on revenues and any further increases in the line of credit?

One thing I perhaps have neglected is the dramatic fall in the value of the pound against the dollar over the last year... although this should affect all (English) clubs the same, I assume. Still that should not have affected the increase in debt, from 30% to 49% in just one year. Which makes all those calculations about selling AJ and McFadden to buy the Big Fella somewhat moot — where the hell has all that extra money gone?

Reader Comments

Note: the following content is not moderated or vetted by the site owners at the time of submission. Comments are the responsibility of the poster. Disclaimer

There are no responses so far to this article. Be the first to offer a comment using the form below.

Add Your Comments

In order to post a comment to Column articles, you need to be logged in as a registered user of the site.

Log in now

Or Sign up as a ToffeeWeb Member — it's free, takes just a few minutes and will allow you to post your comments on articles and MailBag submissions across the site.

© ToffeeWeb

We use cookies to enhance your experience on ToffeeWeb and to enable certain features. By using the website you are consenting to our use of cookies in accordance with our cookie policy.