Everton land funding deal with Chinese bank

Wednesday, 5 July, 2017 0comments  |  Jump to last
Everton have agreed a £60m credit facility with Industrial and Commercial Bank of China that could open up further ties with the market in that country.

The deal with the world's biggest bank that covers the next three years provides a boost to the club's transfer war chest and other operations.

“There are a number of reasons we're delighted to reach this agreement with Everton," Jothann Durnall, relationship manager at ICBC London, said of the arrangement.

“Not only is it our first partnership with a UK football club, but it's exciting for us to partner with such an ambitious club. We're all looking forward to seeing the facility we've agreed playing a part in the club's future successes.”

Akin to a massive overdraft, the facility provides funds for Everton to use for transfers or day-to-day activities. As such, it is a more effective method of borrowing money than the annual loans that the club was taking out with controversial off-shore entities in the British Virgin Islands that recently came under the microscope of Parliamentary oversight and the Premier League's own watchdogs.  

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