Board provides updates on finances and stadium progress at AGM

Tuesday, 9 January, 2018 73comments  |  Jump to most recent

Everton Football Club Co Ltd's Annual General Meeting of Shareholders for 2017 took place at the Philharmonic Hall this evening.

In attendance were Chairman Bill Kenwright, major shareholder Farhad Moshiri, team manager Sam Allardyce and the Everton Board of Directors while CEO Robert Elstone updated shareholders on the club's financial performance since the last General Meeting.

That includes record turnover and a £30m profit thanks largely to player sales and the massive Premier League broadcast deals.

The Annual Report and Statement of Accounts for 2017, which can be downloaded and reviewed from this website detailed the extent of Moshiri's investment in Everton FC which included part repayment and consolidation of the club's debts, squad improvement and further development of the Finch Farm training complex.

For further analysis of the accounts from Everton supporter Paul (@theesk on Twitter), click here.

Article continues below video content



After initial opening remarks from Kenwright, Elstone began the meeting in earnest and confirmed that news of the proposed stadium at Bramley-Moore Dock would be the third item on the agenda. That was followed by a video review of 2017.

The financial review highlighted the fact that the club benefited from the first year of the £8bn 2016-2019 Premier League broadcast deals which account for almost 80% of the club's revenue.

Commercial performance has been enhanced by the new sponsorship deals with USM at Finch Farm, shirt sponsor SportPesa, and the sleeve advertising deal with Angry Birds.

Finally, the club's ability to repay debt and fund incoming transfers — Elstone said that, "for every pound we received from player sales, we spent two" — was enhanced by a £105m interest-free loan from Moshiri that was increased to £150m and the lending facilities arranged with ICBC and Santander.

Revenue for the 2017-18 season is forecast to be £186.5m, an increase of around £15m on this past financial year. Wages are expected to rise to £140m, almost double the 2014-15 level.


Thus far, Everton have spent £9.1m on securing the site at Bramley-Moore Dock for the new stadium plus associated design and planning preparations. Elstone cautioned that while the club is "committed and optimistic" about the new stadium project there are "escalating costs".

He said that the Board is close to finalising a deal whereby two-thirds of the development costs will be funded by the investment vehicle created by Liverpool City Council that will provide the club access to lower-interest loan facilities.

Work on how to finance the final third is "ongoing". The construction is projected to start in a year's time and will take three years to complete, allowing for Everton to kick off the 2022-23 season in their new home if all goes to plan.

Via a pre-recorded video, architect Dan Meis spoke of his involvement in the design and planning phase of the project: “It's become an unusually passionate protect for me and a career defining one.”

He said he wants to create a unique building without losing the intimacy and power of being close to the pitch that Goodison Park provides.

“The fan- and football-first attitude has been at the core of what we're doing," Meis explained. "Everyone is excited and supportive. This is not just a building for a football club, it's a home for generations of fans.

"We have the opportunity to do something which hasn't been done with other buildings (stadiums) in the Premier League."

Mayor Joe Anderson spoke next and he began by announcing that Everton In The Community is to be awarded the Freedom of the City of Liverpool to mark its 30 years in operation.

He then went on to say that Peel's development of the north Liverpool docks area was projected to take 30 years but that Everton's new stadium will help accelerate the regeneration of the area. Liverpool City Council will benefit enormously and the project should create around 10,000 jobs, he declared.

"It isn't a good deal for Liverpool City Council, it's a fantastic one," he said. "Secondly it will be a deal which benefits Everton. It's now about due diligence.

“And in answer to the critics, if it was Liverpool Football Club coming and talking to me in the same vein, of course we'd be doing it.”

Deputy CEO Denise Barrett-Baxendale then took the mic and explained that, having outgrown its offices at Goodison Park, the club's administrative staff will be relocating to the Liver Building, which was purchased by Moshiri, by the end of 2018.

"By the end of 2018 the city will well and truly be all ours," she quipped.

Additionally, she explained that Goodison Park has been registered as a community asset and will be used for community benefit "for generations to come".

Everton plan to use the site for health, education and housing. A research plan is underway for three tower blocks to be built on the site, "one facing Anfield, one facing Goodison Park and one facing Bramley-Moore Dock.

Playing side

Sam Allardyce and Steve Walsh then took over, with the manager declaring that Seamus Coleman is back in training but that Leighton Baines remains some way off fitness.

The Director of Football defended the club's inability to replace Romelu Lukaku last summer saying, "We made several attempts to sign strikers. I've got a list of others that other clubs signed who weren't successful. We did try.“

Allardyce continued: “My position short-term [for the club] is survival. Long-term it is to build a team of the future to go into that fantastic new stadium.”

Kenwright and Moshiri

The Chairman and major shareholder then took turns addressing the audience. Kenwright thanked the billionaire for being someone who "always says yes" and for opening up a world [of opportunity] for Everton.

“There were long sagas over those summer transfers but the good news was we did bring each and every one of them under the value which was placed on them."

Moshiri, meanwhile, admitted that the Board needed to take action when the season was collapsing under former manager Ronald Koeman:

"We didn't exceed expectations. I hoped to finish sixth. Not doing that cost us dear in that we had to go into the [Europa League] qualifiers. Confidence was lost and we really got into a mess. We had to take action.

"As a converted Blue and owner of Everton, [I can say] we regained our pride. We positioned ourselves not exactly among the elite but on the periphery.

"We didn't lose confidence in Ronald — and he didn't lose the dressing room — but sometimes you need change.

"With the mess we were in, we needed a manager with a tidy football brain — uncomplicated, self-assured and with a lot of experience."


During questions from the floor, two shareholders probed further about Romelu Lukaku to which Moshiri replied:

"I wasted two summers [trying] to keep him. Last summer, we offered him a better deal than Chelsea. Whatever they offered, we matched but he didn't want to stay.

"If I told you what we offered Lukaku, you wouldn't believe me. His agent came to Finch Farm to sign the contract then Lukaku phoned his mother who was on a pilgrimage to Africa and there was some sort of voodoo that said he had to sign for Chelsea. What can you do?"

"We live in this world where very young men start with an agent that becomes their parent. They dominate the brain, attitude, what they do. The club does whatever it can but ultimately it's the agents they rely on."

Speaking of Ross Barkley who joined Chelsea over the weekend, Moshiri admitted it was tough to lose a homegrown talent.

"Ross was the one, the local boy, that we thought we wouldn't lose," he said. "Bill was very confident but he didn't want to stay.

"We had Lukaku, Stones and Barkley. Losing Ross was the most painful. We don't really want to keep players who don't want to wear the shirt. But it's not financial.

"For 6 months, we couldn't find [Ross's] agent. Bill Kenwright miraculously got an offer of £35m for him, but he didn't want to go when he was injured. Sam Allardyce spoke to him, but he wouldn't stay.”

Another question challenged Moshiri on the club's PR strategy and his perceived use of TV and radio presenter Jim White as a mouthpiece doesn't make use of Everton's communications department.

"As it happens, Jim White is a friend of mine so sometimes late at night he calls me. If we've had a bad game, I'm upset and he gets to me. All the conversations are between friends and shouldn't appear on Sky or on Twitter. It won't be happening again!"


Reader Comments (73)

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Peter Anthony
1 Posted 08/01/2018 at 07:15:41
I remember the first interview I saw with Farhad Moshiri, he talked about re-energising the football club. Off the field, if the new dockside stadium comes to a successful fruition, he will certainly have delivered in Great Style.

However selling Lukaku Delefeou and Barkley, has not done so on the pitch. It may be that the club had literally no realistic way to keep them and keep harmony in the team and prosperity on the pitch.

However, with Koeman's failed three year project on the Scrapheap, hopefully this AGM will unveil a new vision to get us back among the Elite, that we can all passionately believe in and get behind.

James Hopper
2 Posted 08/01/2018 at 07:53:16
Just another opportunity for Elstone to talk down to our shareholders and tell them what they may and may not ask. That man is poison.
Colin Glassar
3 Posted 08/01/2018 at 07:56:43
Hopefully, Elstone will announce his return to rugby.
Tom Dodds
4 Posted 08/01/2018 at 08:25:31
Does anyone know or obviously remember how many of these meetings where scrapped during this 'board's' tenure?
Peter Laing
5 Posted 08/01/2018 at 08:37:12
Moshiri is now two years in, a rhetorical question I suppose but has his time at the Club been a success?

From my perspective, the Club appears to be on a much better financial footing and the stadium issue seems to be progressing – albeit slowly. However, where it matters – on the pitch – personally, I feel like we have gone backwards.

Peter Anthony
6 Posted 08/01/2018 at 09:01:44
We are certainly in a state of flux on the pitch. Technically, as Moshiri arrived when Bobby had us on the slide, we have probably improved in terms of league position and overall team results direction (hopefully!) on the pitch. Bobby looked at risk of taking us down the wheels came off that badly of course.

It is not Moshiri's fault Koeman went backwards after his initial first season's relative success. At least Moshiri does not suffer fools too long by the looks of it.

If Big Sam is not the man, he will doubtless try another. He needs to back the managers with proper money though of course in today's money-dependent success formula.

Jon Withey
7 Posted 08/01/2018 at 09:04:07
Moshiri biggest role seems to be as a guarantor to help the money move.

Sadly some of the other changes such as Koeman and Walsh haven't born fruit.

Recruitment the most obvious concern for me – how did we end up with such a strange squad post summer?

Clive Rogers
8 Posted 08/01/2018 at 10:13:39
Tom (#4), it was really the previous board, ie, Kenwright who scrapped AGM meetings as he didn't like difficult questions. None have been scrapped since Moshiri took over.
Jim Bennings
9 Posted 08/01/2018 at 11:15:24
I'd like to put the question forward to our board where exactly they really see Everton in 5 years time?

Do they believe Everton have moved on from this time 5 years ago? My answer would be No.

If some had ask that question in 2007, have Everton moved on as a club since 2002 then the answer would have been an emphatic Yes.

But the club , with one exception in Martinez first season which yielded positive feeling that glass ceilings were no more (the win at Old Trafford felt like the breakthrough), has now roughly spent almost a decade in mediocrity and failing to “take the next step”.

The glass ceiling feels well and truly back above our heads again now. We have clearly fallen behind clubs we were on a level pegging with this time 10 years ago, clubs like Tottenham etc.

We cannot even compete when we face these teams in 90 minutes anymore; 16 matches without beating a top 6 club suggests this.

It's all well and good Everton always telling the suffering fans to “be patient tomorrow will be our time” but with Everton tomorrow never comes, the club exists in roundabouts, it gets back to a decent place then, within a year, it's back talking of struggles and mismanagement coupled with the failure to ever produce anything positively unexpected.

Iain Johnston
10 Posted 08/01/2018 at 13:35:00
Where's these 16 matches without beating a top 6 side?
Bill Watson
11 Posted 08/01/2018 at 13:43:28
There's no doubt the club is in a much better financial place since Moshiri's arrival and is no longer paying £millions in interest charges. Without Moshiri there would be no Bramley-Moore project.

On the playing side there doesn't appear to have been much improvement as we're in a similar league position to 2016 and have lost Stones, Lukaku and Barkley.

The Koeman project was a failure which was a real setback but a huge plus has been the emergence of the young English players like Kenny, Calvert-Lewin, Davies, Holgate etc with, hopefully, more to come.

So, overall, I'm reasonably optimistic and yes, we're certainly in a much better place with Moshiri on board.

John Keating
12 Posted 08/01/2018 at 14:07:19
Moshiri did more on his first day than the World's Greatest Evertonian has done since he joined the board.
Jim Bennings
13 Posted 08/01/2018 at 14:46:08
Iain Johnston,

Going back to last season:

Tottenham: Lost 2-3
Liverpool: Lost 1-3
Manchester United: Drew 1-1
Chelsea: Lost 0-3
Arsenal: Lost 1-3
Manchester City: Drew 1-1
Chelsea: Lost 0-2
Manchester United: Lost 0-4
Tottenham: Lost 0-3
Arsenal: Lost 2-5
Chelsea: Lost 1-2 (Cup)
Liverpool: Drew 1-1
Chelsea: Drew 0-0
Manchester United: Lost 0-2
Liverpool: Lost 1-2 (Cup)

I beg your pardon – it's 16 games if we don't beat Tottenham on Saturday (which you may as well say it's 16 then anyway... do pigs fly?)

Jim Bennings
14 Posted 08/01/2018 at 14:48:45
Won 0
Drew 4
Lost 11
Scored 10
Conceded 37

That's why I say we can't even compete over 90 minutes against the top 6 sides anymore, let alone over a season.

Ray Roche
15 Posted 08/01/2018 at 15:30:06
Jim, in March 2016 we beat Chelsea in the Cup at Goodison. Whether that falls just outside your 16 games or not, I can't be arsed looking. Have you included results from 2015-16 in your list?
Jay Harris
16 Posted 08/01/2018 at 15:35:05
Let's see if we can beat Spurs on Saturday then, eh, Jim.

Jon, Moshiri has done much more than act as a guarantor. He paid off all the loans, getting rid of the lawnmower money in the process, has mapped out his vision for the future – a stadium on the banks of the Royal Blue Mersey – and an ambition to be amongst the top 4.

The only things he hasn't achieved yet is to surround himself with capable people and get rid of Kenwright.

David Barks
17 Posted 08/01/2018 at 15:36:33

He clearly said he went back to last season, 15 matches with 16th coming with Spurs. He listed the results.

Ray Roche
18 Posted 08/01/2018 at 15:44:18
Okay, David. I'm suffering brain fade at the moment.
Mark Pringle
19 Posted 08/01/2018 at 15:50:22
Did we not thrash Man City 4-0 at home last season with Davies scoring a cracker?

Sorry if it doesn't suit the theory!

John Pierce
20 Posted 08/01/2018 at 15:56:41
Jay nicely put.

As a money man I feel he's preparing the club for a new chapter, he has put £145m in according to the lads on EBM, having sifted through the accounts.

He has absolutely failed to get any traction in the football arena. His failure to land a competent well known Director of Football has contributed to a flawed transfer policy, erratic management choices leaving us unbalanced as a squad and lacking direction.

It's perceived that he has lent on Kenwright for the football part but still the key moments belong to him. Sacking Martinez, hiring Koeman and Allardyce, don't feel like Kenwright's MO.

The sale of players, many undervalued, is irksome and might not directly be Moshiri, but he's accountable for it being sanctioned.

I do believe, based on his financial movements, we will have a new ground, but to the footballing side, unless he takes steps to get top people in the field into key positions, it's hard to see anything more than what we have now.

Think he'll back Sam when asked?

Steve Barr
21 Posted 08/01/2018 at 15:57:13
I don't think our record is much better versus the rest either!
Jim Bennings
22 Posted 08/01/2018 at 15:59:02
You guys are missing the point.

We have gone what will be after the Wembley trip on Saturday, 16 matches without beating any of those so-called “big six”.

For anyone still confused check our results, google it or whatever, stretching back to last March in order starting with the defeat at Tottenham.

Since we beat City 4-0 last January, there have been 15 games against Man City, Man Utd, Liverpool, Arsenal, Spurs and Chelsea without a win!

Jackie Barry
23 Posted 08/01/2018 at 16:01:30
Elstone leaving would be a step in the right direction.
Michael Kenrick
24 Posted 08/01/2018 at 16:18:33
Tom (#4), according to my records, five years went by without AGMs from 2007 through 2012. In fact, it was really six as the Shareholders forced an Emergency General Meeting in 2013 that then saw the AGMs reinstated the following year.

For those who are interested in the business side of things, I have added a couple of links (up top) to the Annual Report, and to an analysis put up by 'the esk' of Everton Business Matters podcast – the EBM that John (#20) refers to.

John Pierce
26 Posted 08/01/2018 at 17:31:13
Nice one, Michael, extremely good pods by these guys. Heartily recommend a listen. Excellent perspective to balance the melancholy Blues!
Len Hawkins
27 Posted 08/01/2018 at 17:48:30
I'd like to know the cost of mansize tissues for blubbing Bill, his tear ducts must be almost worn out.

Does anyone not wish his Uncle had been a redneck then they would be suffering from his misty-eyed "days of yore" syndrome.

Peter Lee
28 Posted 08/01/2018 at 20:25:58
I was at some of the AGMs leading up to the discontinuance. Numbers attending filled one of the lounges in the main stand. Many more at the Phil.

These meetings had a ritual grovel from someone on the ESHA and when the floor was opened the same few asking the same questions and, not liking the answers, getting angry. The whole exercise was pointless as a result. They served no useful purpose.

Problem outside these meetings is that there are many who continue to ask daft questions and don't understand or like the answers because they prefer to fuel conspiracy theories about board members ripping off the club. The "Arteta money" and "other costs" being just two examples.

Ian Smitham
29 Posted 08/01/2018 at 20:55:58
Anyone attending the Meeting tomorrow?
Joe Clitherow
30 Posted 08/01/2018 at 21:40:57
I'll be going, Ian.
Joe Clitherow
31 Posted 08/01/2018 at 21:44:19
Back from the dead so soon (again) Jim Bennings?

Jim Bennings

Posted 05/01/2018 at 21:54:26

That’s me done for it all now...
All the best, people"


Lev Vellene
32 Posted 08/01/2018 at 21:52:09
Jackie (#23),

N0! Without Elstone around, I might sink into apathy! I sometimes dream of seeing that smug, false grin accidentally falling onto my fist, so that the police won't do anything about it. More often, I wish I'd be more active, and that it was the real world!

Luckily, I quickly fall back into dream-land before I get sued for intent... :D

David Johnson
33 Posted 08/01/2018 at 22:07:52
Peter Lee was there ever an explanation for the other operating costs. Weren't they roughly £27,000,000 per year ?
Jay Harris
34 Posted 08/01/2018 at 22:59:33

Hard to call on Allardyce. I wonder why he gave him an 18-month contract.

Was it
a) Because he had been stung by the payoffs to Koeman and Martinez.

or b) Because he want to see if we can attract a top name in the summer but needed someone to steady the ship and create a stable and inviting environment.


there was never any detailed explanation for the other unexplained operating costs which rose from £1m to over £20m a year within a year or two of Kenwright's takeover.

That is why there is a constant sarcastic reference to how many lawnmowers we now have at Finch Farm because Elstone had apparently suggested Finch Farm accounted for a large part of the increase –even though the rent is shown elsewhere in the accounts.

Brian Williams
35 Posted 08/01/2018 at 23:10:59
I think Moshiri gave Allardyce an 18-month contract because that was the compromise between the length of contract Moshiri wanted to offer (til the end of the season) and what Allardyce wanted. In short, I think it's the shortest contract Allardyce would accept.

If Allardyce does what's required and no more, he gets paid off at the end of the season and Moshiri looks elsewhere.< If he exceeds expectations, he may see out the full contract and even be offered an extension.

Win/win for Moshiri, and possibly for us supporters too.

David Johnson
36 Posted 08/01/2018 at 23:41:47
Exactly Jay, so hardly daft questions from people not bright enough to understand the answers like Peter suggests. It amazes me how a few on here continue to defend them, despite the stack of evidence to the contrary.

As for Moshiri, I'm still not convinced and am sceptical about whether they'll actually deliver a stadium. Got the feeling they were in it for what they could get out of it in terms of all the Commonwealth Games infrastructure they'd have benefited from.

It's probably Blue Bill's continued involvement that makes me suspicious. I've said it before he doesn't have to spend a penny on real bricks and mortar so long as he has the latest drawings on his desk. I really do hope my gut instinct is wrong. If it is, it will be for the first time in 20 years.

Bill Watson
37 Posted 09/01/2018 at 01:43:42
Ian (#29),

I'll be there, Ian.

Jay Harris
38 Posted 09/01/2018 at 03:26:26

I do believe in Moshiri, even though I think he naive and easily mugged by Kenwright.

But, like Paul Gregg, he will cotton to Bill's bullshit eventually and this time Bill doesn't have the power to fight him off.

Peter Lee
39 Posted 09/01/2018 at 11:00:31
David. The main element of Other Operating Costs was said to be player image rights. The rest was outgoings not itemized in other heads of account.

More suspicious questioners asked if any of those were accounted for by transfers to directors. The answer was always "No". Kenwright made a point of emphasising that no dividends were paid, shareholders knew that, they'd have got them if they were. He also stated quite clearly that he and other directors at the time, pre-Moshiri and with Elstone not a director, took no payments.

Plenty of opportunities to call him out on this for the conspiracy theorists, nobody did. The Q&A went on until there were no more questions. The only time anyone was stopped was when, rather than ask a question, they set off on a statement about their own concerns.

We now have paid directors do this is a difference in the latest set of accounts over those earlier sets. Two would feature anyway, Elstone and Denise Baxendale. Whether their pay is greater as a result of being directors I wouldn't know.

Amit Vithlani
40 Posted 09/01/2018 at 12:37:17
Thanks to the Eds for the links. The analysis that has been done is admittedly briefer than Joe Beardwood's fantastic traditional annual dissection, but I applaud the author of the analysis for taking the time to go through the accounts and post his findings.

The highlights I would say are as below. These carry my world view of matters, so I encourage all posters as well as those attending the AGM to have a read of the analysis by ESK:

1. The suspicion that hung around Moshiri injecting funds into the club as zero interest bearing debt has hopefully evaporated, as these funds are clearly classified as equity. The analyst paints some scenarios where the money could be paid back but he does this for sake of fullness; in reality the funds injected cannot be called at Moshiri's discretion because there is no fixed repayment date, and no interest, i.e. no circumstance which would trigger a repayment where the club is just carrying on trading. Hence the auditors of the accounts were satisfied that these could be treated as equity. The injection of the funds as non interest bearing debt is because a share purchase or share offering would increase his stake (assuming other shareholders do not fund alongside him) and, whilst I do not know the contents of the shareholders agreement, it does appear as if Moshiri increasing his shareholding above 49.9pc is not on the agenda (for now). Otherwise he would have taken shares in exchange for the cash.

2. Personally, I am interesting in obtaining at least a little bit of information on the shareholders agreement. Attendees at the AGM might be in a position to do this through the Q&A (although I doubt much will be revealed). Does Moshiri plan to acquire more shares? What are the terms (if any) of such an acquisition? For how long will he continue funding the club in the form of non-interest bearing debt with no fixed repayment date? It is the worst possible way for him to fund the club (for him), because he gets no interest and no additional shares. So he can't be economically happy to keep doing this?

3. The analysis also provides a short counter to the "sell to buy" theory many posters have put forward. We are not a sell to buy club out of necessity, but as a result of the operating model the club has adopted under Moshiri. Our poor commercial revenues and decision to invest heavily in the playing squad has required Moshiri to fund a shortfall. As we know, FFP provides limitations. One of the comments below the analysis by ESK also adds that selling unwanted players at a decent fee, which frees up wages to re-invest, ends up reducing the net spend of the club. As an example, the fees quoted for the sale of Barkley (6 months of contract remaining) and Mirallas' loan fees, if true, represent good business from the club, as they offset the outlay quoted on Cenk Tosun.

4. Naturally, one imagines that the stadium issue will dominate the discussion. Linking the issue back to Moshiri's ownership, where shortfalls do arise, I just cannot see Moshiri underwriting all of the shortfall for the stadium using interest free loans. Assuming he is still willing to keep pumping cash in if the planned funding structure has gaps, at some point surely he will want to take more shares. This takes us back to the shareholders agreement - at what point does he take majority ownership? When will Kenwright and his cronies sell down further, and at what price? My hope is that this does not become an impediment to funding the stadium project if Moshiri is needed to come up with more cash.

On the football side of things there has to be so much to talk about, although not relating to the prior year, but the current one (for which the accounts ofcourse are not done).

It would be good if Steve Walsh is put under the microscope.

Jamie Evans
41 Posted 09/01/2018 at 13:47:03
Would an AGM be an appropriate forum to discuss Mr Moshiri's communication methods? I'm sure he would be seen in a much better light by shareholders if he used a more appropriate and professional method, instead of relying on Jim White's Twitter feed.
David S Shaw
42 Posted 09/01/2018 at 17:41:58
Can somebody ask why this new stadium is only going to have the one large home end and not two large home ends please?

Shouldn't we be making it as intimidating as possible?

John G Davies
43 Posted 09/01/2018 at 17:53:20
I whole-heartedly agree, David S. Every advantage we get, we should take it. Put the away fans in one of the corners.
Joe Clitherow
44 Posted 09/01/2018 at 18:01:51
Bad start – no alcohol available in the bar!! Maybe they block it when the team isn't doing so well!
Brian Williams
45 Posted 09/01/2018 at 18:18:17
David. Who said one home end only?
David Barks
46 Posted 09/01/2018 at 18:33:02
You guys know there is a Live Forum for this discussion, right?
Jay Wood

47 Posted 09/01/2018 at 18:33:19
August 2022, kicking off in a new stadium by the docks.

There is a live feed on the club site here, for those interested:


Jay Wood

48 Posted 09/01/2018 at 18:43:09
A 10-minute video interview with Moshiri, released before the meeting, also available on the club site:


Iain Johnston
49 Posted 09/01/2018 at 19:07:32
Jim Bennings, I see your point... I can believe it's 16 already. In June it's 5 years since Martinez took the job, where's the time gone?
David Johnson
50 Posted 09/01/2018 at 19:18:19
Peter (#39) – that's a pretty vague explanation of other operating costs and I'm wondering where you got it from. Why are you so determined to defend them?
Jay Wood

51 Posted 09/01/2018 at 19:18:51
Nice spin by Denise Barrett-Baxendale on announcing plans for a Goodison Park legacy project. The Board has agreed to register the site as a community asset, adding:

“How does a proper People’s Club exit its community after 125 years?" she asks. "It’s simple. We won’t. We will never abandon our home. Everton Football Club will never leave Goodison Park.”

But then comes the punchline...How so? A ‘Civic Inheritance Project’ will be initiated by building 3 tower blocks there!!! One facing Anfield (to our past), one facing Goodison (to our inheritance) and one facing the docks (to our future).

Peter Lee
52 Posted 09/01/2018 at 20:27:26
David Johnson – your response highlights my concerns about some people who don't listen, don't (want to) understand.

I was asked what was said about Other Operating Costs. I repeated what was said. You either don't believe what I heard or don't believe my account.

All I have done is described what happened. It is backed up in the podcast link that involved the Esk. That's half-an-hour long. Listen to it if you want a view from someone you might be prepared to accept as neutral. I have not defended anyone or anything.

Before you criticise me, or indeed anyone, take the time to read the thread and the responses that build over time. If there are things that you are not clear about ask. Failing to do these basics means you'll be ignored and ignorant.

Mike Dixon
53 Posted 09/01/2018 at 20:52:29
Overall, I see more to excite me than depress me. Moshiri is good news. He cannot be blamed for Koeman's capitulation.

He has allowed purchases and sales, I am sure everyone on here doesn't want him interfering in transfers. He employs so-called experts for that.

I am looking forward to the next 5 years. Let's get behind Sam – we might surprise ourselves!!!

Tony Hill
54 Posted 09/01/2018 at 21:01:29
I do wish Moshiri hadn't come out with the voodoo story about Lukaku. And that Kenwright hadn't done his born in Wavertree bit. And that Elstone was somewhere else. But you can't have everything.

We'll see what happens in the real world, as we go along. I agree, though, with Mike Dixon, I'm determined to start enjoying Everton again rather than enduring them.

John Audsley
55 Posted 09/01/2018 at 21:36:08
Got to have some crazy crap at these AGMs Tony @54.

The voodoo story is so bizarre it has to be true!!

I'm just glad Kenwright didn't come out with it, imagine the performance that would have been!!

Kevin Tully
56 Posted 09/01/2018 at 21:46:48
I do wonder who came up with the idea to show renderings of a redeveloped L4 after (if) we've left for the docks? There's only the small detail of finding half a billion before we can put a spade in the ground.

I'm getting more and more concerned when I see stunts like this. It was a clear attempt at deflection, which they are admittedly grand masters. You can see them now, sitting in the boardroom; "Throw some EitC initiatives at them first off, soften them up a bit."

Same old faces lead to the same old failures.

Ian Smitham
57 Posted 09/01/2018 at 23:56:18
John (#55), I was there, heard it and spoke with the chap next to me and said error. Bad mistake, it's already in the Daily Mail.

Last year, Robert Elstone laid out in detail the Other Operating Costs, and it was commented about on here. There seemed no dissent about these costs.

The EitC presentation tonight was excellent, though the bit about a legacy site of Goodison seems a bit far for me to believe. The Mayor was compelling, not my politics TBH, but he would get my vote.

Great contribution from the man who does the food bank stuff.

Moshiri does have a presence about him, the group were very quiet when he spoke, less so than when Kenwright spoke, his almost 70s gala club hall attempts at being funny have got me bored.

And as for the Director of Football, first he kept reading his notes when others were speaking, and second, when he spoke with Sam, he seemed to think he is important. No charisma whatever, almost arrogant, and I say sack him in the morning. Save a few quid, as I am sure the confident Sam knows what he is doing, he spoke well. I felt tension between them and who has the final say on transfers.

Anyone got any idea of the Share price now, and anyone looking to sell??

Kevin Tully
58 Posted 09/01/2018 at 00:05:54
Ian – What are your thoughts about the proposed original SPV where LCC were acting as guarantors, to tonight's revelation that they are going to 'provide' two thirds of the funding? A slip of the PowerPoint pen, or has the whole proposed funding model changed?

It has me worried to be honest. We are one financial crash away from the whole scheme ending up in the Mersey – again.

Ian Smitham
59 Posted 10/01/2018 at 00:16:10
Kevin, first I have called in to the Church a few times to meet you and I hope we do one day. Both Robert and the Mayor said the same thing some I am assuming they are on the “same page” as the yah yah people would say.

I think the funding is being put in place but, to be honest, it's a bit above my pay grade. Either they are talking as you described about the guarantee or there is change. I can only say there seemed to be harmony and the Mayor was really strong when he spoke about it not being good for the city but being “fantastic”.

He was very clear, and credit to him, that even if Liverpool had put the proposition to the Council they would support it as it creates great regeneration opportunities, he quoted numbers, but that was beyond me.

The Council vote on the financing commitment is not far away, and he was saying he expects support to go through.

Kevin Tully
60 Posted 10/01/2018 at 00:23:32
Let's hope so, Ian. There was absolute uproar from our red brethren when LCC proposed they act as guarantor. God knows what would go on if they funded us directly to the tune of £300m! The Town Hall would go up in flames!!!
Ian Smitham
61 Posted 10/01/2018 at 00:28:37
Just as an aside, in the “Questions” bit at the end, someone pulled Robert up on the word “Majority” shareholder. He had used the word twice and was a bit snookered, but Moshiri, quickly defended the words, pointing out that both Robert and he are Accountants by trade, he conceded that he is not majority holder technically, but as some 4% of the shareholders can not be traced, actually to practical effect, he is majority shareholder.

My understanding of Company law I said that if someone owns or has an influence over 20% of shares in a Company then they are regarded as a controlling directorsanyway. Round figures, he has what he has, and he is in control. All, the stuff on here about the influence of Bill is redundant. Robert said, Bill, him and Denise run the business, but anyone who has worked for a majority shareholder will tell you (I have), when it comes to the big decisions, it is the shareholder who carries the day. Don't be in doubt, it is not Bill's trainset and he knows it.

David Israel
62 Posted 10/01/2018 at 01:59:50
Ian #57, nice summary, thank you very much.

As for the question in your last paragraph, have you tried Lord Grantchester?

Bill Watson
64 Posted 10/01/2018 at 02:20:58
Kevin (#60),

I can't wait for the Radio Merseyside phone-in tomorrow lunchtime. It should be hilarious. If they don't bite, I'll go on to say what a good deal it is (actually it is a good deal for LCC) for the council tax payers to be funding Everton's new stadium on the iconic World Heritage Waterfront!!

Peter Lee
65 Posted 10/01/2018 at 03:40:40
Ian, if you want a price or to purchase shares, you can do this through Blankstone Sington. They act as agents in this. There is a fairly steady turnover so you usually don't have to wait long to buy a share.
Eric Myles
66 Posted 10/01/2018 at 05:13:59
Brian (#35), completely agree with you and would add that if there was only a 6-month contract on the table the money would have been higher.

So we'd be paying out more with no guarantees that Sam could perform, but with the carrot of a 1-year payoff it gives him a greater incentive.

Jackie Barry
67 Posted 10/01/2018 at 06:41:38
Initial cost of Spurs new ground: £400 million.... then £800 million.

Now estimated to cost£1 billion.

Mike Dixon
68 Posted 10/01/2018 at 08:00:49
I agree with the Mayor, Liverpool will benefit as a City, and with regard to funding – did anyone believe Moshiri was just going to write a cheque?

You don't become rich unless you know how to risk other people's money!

With regard to the escalation of costs, might it not have been a sensible tactic to hide the true costs to stop apoplectic hysteria from across the park!

Peter Lee
69 Posted 10/01/2018 at 11:28:09
Some years ago, the basic cost for a stadium was £10,000 per seat. So a 50,000-seater comes in at £500m. Seems about right. 10,000 extra seats at Anfield cost £100m?
Paul Richardson
71 Posted 10/01/2018 at 12:13:31
I read Paul's summary of the accounts and he sums up my views in two paragraphs:

To conclude, we are making progress from our dire financial position of recent years. The increase in broadcasting income, the profit from player trading and most significantly the capital provided by Moshiri have turned the club around financially. However, commercial performance remains a huge problem, as does the continuing growth of the gap between us and the big 6.

The accounts show the first stage of recovery are complete, aside from the ongoing and progressing stadium development, the next stage must be to close the gap financially with those above us. They also show the extent by which Moshiri now dominates and controls events at Everton. I'm sure that he and his advisors are aware of what is required, and that the key will be in bringing the talent into the club that can achieve such ambitions.

My bit now:

We are at the first – and probably most important, because it buys more time – stage of the financial recovery. The commercial performance is woeful, but not helped by the state of Goodison (compared to newer stadiums, if you don't get the history bit, it's a negative because it demonstrates lack of investment and being content at behind the times) or the inconsistent playing style and performances of the past few years.

There will be bumps on the way, but I think Moshiri has his heart and brain in the right place, made some sensible football observations which shows he's not a naive as many seem to think about playing matters, and clearly has a billionaire's ruthless streak, which we have lacked for years, coupled with a philanthropic side which is right in keeping with the Everton ethos.

If the vision is a very special and unique football stadium by 2023, in a very special location with a very special team of (mainly) homegrown players, or most players recruited early in their careers so they clearly have Everton lineage, along with a nucleus of world class talent, what's not to like? The building blocks for that are (slowly) being hauled into place.

Kevin Tully
72 Posted 10/01/2018 at 14:55:05
Joe Anderson has confirmed LCC intend to borrow £280m, and in turn, loan that money to EFC to help fund our newly proposed stadium build. So it looks as though their 'guarantor' role has now changed to primary lender.

At this point, my hopes for a new stadium are slowly fading, and are about as likely to happen as us winning the Champions League (this season).

"The council would have first dibs on some of Everton's most important sources of income, potentially including TV income and season ticket sales, meaning repayments should be guaranteed.

The finance deal is still being completed and would have to be approved by the council's cabinet and then by full council, allowing opponents to have their say.

It's already been criticised by opposition politicians and on social media."

Tony Abrahams
73 Posted 10/01/2018 at 15:19:46
Hopefully this is just the real bitter baskets, rearing their ugly heads, Kevin. Otherwise, we might just have another basket case?

The thing that I found intriguing, was when Moshiri, said that we won't have to worry about finances whilst he his around, so with him not being that rich, for an “Premier League Club Owner” I'm still waiting patiently for Big Al!

Kevin Tully
74 Posted 10/01/2018 at 15:48:20
Tony, even though it may make complete financial sense to follow LCC's proposals to act as ‘banker' for this project, getting it passed off is another challenge altogether.

Mark my words, there will be calls for a public enquiry, and EFC will be become an easy target for every service that is short of funding in the City.

Again, we are reliant on other parties to make this happen. Then add some politics, developers, rising costs and a board who can't sign a striker. Sadly, any hope of a new stadium has badly faded for me.

Mark Batty
75 Posted 10/01/2018 at 16:38:50
So why, with all the time we had, could we not sign a good quality striker using the same contract money offer we offered Lukaku to temp a big name in?

And if we did try using the big money Lukaku was offered, why can't we still tempt a big-name established striker to our club?

Alan McGuffog
76 Posted 14/01/2018 at 20:11:29
I never believed it would happen good things don't happen to EFC. The one positive is that having been taken for a ride once again we will surely see our leader being rode out of town on a rail. Hope I live long enough to see it

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