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So, what about some interest-free loans?

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I have a financial question concerning Everton FC: From the recently published accounts, it should be clear to everyone that the Chairman and Directors are not bleeding the club dry by taking any money out of the club.

The real thing bleeding us dry, the real problem for us as a club, is interest payments ? our mortgages of mortgages (sorry, securitised debt) coming home to roost: £4.5 million per year is literally given back to financial institutions. And our debt is still growing.

Because of the stadium situation, each home game only generates less than £1 million in revenue. Therefore it takes a frightening chunk of our home game receipts just to pay the annual interest payments. We are pissing money that we don?t have away.

If the directors cannot find it in their hearts (or pockets) to give money to the club, as rich businessmen surely they could stump up some interest-free loans to the club they supposedly love. This would free up some revenue for the squad, and would deny some greedy bankers/thieves a few bonuses they have not really earned.

Just a thought...


Tim Kelly, Manchester     Posted 17/02/2011 at 17:26:47

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Robert Johnson
1   Posted 17/02/2011 at 19:12:16

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Tim....... Everton are different from other clubs in as much as we have directors who like to do fuck all for the club, they just turn up on a Saturday, sit in their padded seats, watch a load of shite, then fuck off back to their mansions.

Nice work if you can get it !!!.
Danny Broderick
2   Posted 17/02/2011 at 22:36:06

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Tim,

The main issue we have is getting rid of the debt, because until we do that we will always be treading water. Any donations are just a drop in the ocean unless we can become debt-free and, in doing so, avoid the £4.5 million we currently pay in interest every year...
Eric Myles
3   Posted 21/02/2011 at 13:27:16

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Danny, I'd like to bet you that Micro$oft pay more in interest to the banks every year than Everton FC do.

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