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1 Posted 14/01/2020 at 21:24:15
From your figures we effectively owe Moshiri £350m quid. Presumably whilst he is committed this is of no concern, but if he was to lose interest in the club, then this would be a catastrophic debt to be called in.
2 Posted 14/01/2020 at 21:32:02
Sheez, I've just broke into a cold sweat. I've no reason to doubt your reckoning Steve, but quite frankly, that terrifies me.
I just hope there's a bigger, longer game in play here with regards to our owner (and friend?), and there will be no loss of interest, on their part, in the short term.
3 Posted 14/01/2020 at 21:54:59
4 Posted 14/01/2020 at 22:21:29
What's more heart-stopping scary, is that wages are 85% of turnover. I'm not an accountant, but that's just unsustainable! It's bankruptcy / administration bound.
I know there's a plan, and Usmanov is clearly behind all this funny money, but it's scary.
Anyone having an issue with our current owner needs to be gently reminded he's now dumped three hundred and fifty MILLION (haha) pounds into Everton Football Club.
It's Monopoly money - it's like this shit isn't even real. SO out of my league, pissin' in the deep end of the pool.
5 Posted 14/01/2020 at 22:39:59
If CA fails to get us regular European League qualification within the four years of his contract the new stadium and fans will be fucked whilst all the players, Moshiri, the board, Usmanov and whoever else on the "inside" breathe a sad but gentle sigh as they all reach for their brochures on their next prospective beach-side mansion.
21st century English football folks! Don't ya just love it as you queue up to buy the latest shirt/pint/pie/program at extortionate cost?!!
6 Posted 14/01/2020 at 22:43:59
I don't know (I'm no accountant), but how does it compare to other clubs? It does seem high to me, though.
Would I be right in thinking that we probably won't spend much money on the Old Lady in the next few years (assuming BMD comes off), so, therefore could we be ok with a high wage % against turnover for a year or two?
As I say, I've no idea about this sort of thing, but some of the stuff I've read tonight does worry me.
7 Posted 14/01/2020 at 22:52:57
The Board, but especially Kenwright and Barret Baxendale are not up to properly utilising such resources, and don't seem to have to care , the largesse just keeps coming.
The Bramley Dock development must be only part of the plan, a takeover of the whole Peel site may the overall objective. Everton has already increased in value, even with the lacklustre performances and will increase in the future.
Kenwright and Barret Baxendale are way out of their depth, but enjoying the ride with no performance targets or accountablity.
8 Posted 14/01/2020 at 23:32:29
The way I understand it is 60% is very good, 65% acceptable, 70% too high and dangerous.
If you had a company running 85% payables to income, the company wouldn't even be able to cover its overhead the majority of the time.
85% is dismal. Any explanation to excuse it is slapping lipstick on a pig.
That's my take. I bow to much, much more knowledgable people than I in the end.
9 Posted 14/01/2020 at 23:40:45
We've bought some time with the USM announcement and no doubt the naming rights deal will be generous also, but we have to face facts our costs are too high and these costs don't include Gomes, Kean, Iwobi and Delph bought in the summer.
10 Posted 14/01/2020 at 23:42:47
11 Posted 14/01/2020 at 23:47:19
My God, we deserve some luck.
12 Posted 14/01/2020 at 23:55:40
Bernard becomes our Silva. DCL becomes our Kane. Holgate becomes the top, top, player I believe he will. We win four in a row. Suddenly, the light comes on.
13 Posted 14/01/2020 at 00:08:02
He's loaned $350 million against something he owns. The Club will pay the loan back to him, providing a revenue stream he and his family. Then all he has to do is? Wait.
Wait for a buyer.
The last NFL team to be sold was the Carolina Panthers. It went for $2.2 billion dollars. Yes, Billion.
The Premier League is larger than the NFL. Everton, once it has the new stadium, will be worth at least $1B.
Spot math tells me the purchase of Everton if Mosh sells, pays off $350 million in loans, and Mosh walks with $650 million in his pocket (simple math, ain't that, but you get the point).
All that is based upon a $1B sale of Everton sometime in the future. And I will bet my house, wife, and kids that Everton would be sold for at least that much after the stadium is built. People will argue that's way above valuation.
The thing with filthy rich people is, valuation is garbage. Valuation is only what someone will actually pay for a product. And the Premier League will continue it's Monopoly money ways.
Farhad has made an investment. The really cool thing about untapped, sickening wealth, is that he's just invested in himself. Probably from his perspective the safest investment he's ever made.
But the point is he can cut bait at any time and get his money back, and then some. Sell the thing.
Once that stadium is built, Farhad should be applauded every day he doesn't sell. Because in time, he'll be forgoing a HELL of a lot of money by holding and not selling. Unless you're a fanboy of future valuation, which is just bird in the hand is better than one in the bush countered.
14 Posted 14/01/2020 at 00:08:57
It seems the whole reaction to the threads on the subject is negative. Unfortunately, we can't expect change of the kind that is being undertaken without at least a short term effect on the bottom line. Add the bad mistakes with player purchases, including silly wages for many and it becomes compounded.
I reckon we shouldn't be worried. If, as somebody on here has mentioned, Moshiri gives up, he's not going to get 350 mil in cash out from the business. If he foreclosed it would be interesting to see what happens. There's more to this club than some think and surely another buyer would come in.
15 Posted 15/01/2020 at 00:11:03
16 Posted 15/01/2020 at 05:05:15
The simple fact is that, next year, income will be further reduced since it's a 12 month accounting period, while most revenue sources are stagnant. Expenses will rise, with a higher payroll and amortization costs. It's very dark times ahead, we are all watching the Titanic head into the iceberg in slow motion while the music is still playing...
17 Posted 15/01/2020 at 07:17:04
18 Posted 15/01/2020 at 07:23:32
Our club feels like its on a knife edge to me. It will go one way or the other. Lets hope it works out, the alternative is a catastrophic collapse.
19 Posted 15/01/2020 at 07:51:12
20 Posted 15/01/2020 at 08:18:03
Moshiri buying possibly the most iconic building in Liverpool, surely wasnt just because he his building a stadium on Bramley Moore Dock?
21 Posted 15/01/2020 at 08:27:12
22 Posted 15/01/2020 at 09:30:13
There are four board members as I understand it - Kenwright, Barret Baxendale, Ryazantsev, and Brands - Woods and Harris having “moved on” last year.
Like you, I think the football side of the operation has been placed in two safe pairs of hands in Brands and Ancelloti.
In one of your previous articles we discussed Ryazantsevs ability and agreed that he is a good operator - another safe pair of hands.
The guy that interests me is Colin Chong the stadium development director. He is a very experienced operator in construction and seems to me to have been a major coup. I think we will see his profile increase this year.
What I am driving at is that all the pieces seem to be in place to push the club on.
As for Usmanov - I dont think he backs losers. He made £300 Million when he sold his Arsenal shares to Kroenke.
23 Posted 15/01/2020 at 09:50:49
So I'm optimistic.
"Issues still remain with an expensive squad with many players surplus to requirement".
But we've already shifted a big number of others. And there's further movement. So I'm optimistic.
"Moshiri remains the 4th largest benefactor in English football. USMs contribution to the club increased significantly with the Finch Farm naming rights doubling and of course, the right of first refusal for naming rights on he new stadium at Bramley-Moore Dock".
So I'm optimistic.
This optimism is so hard! No, it feels good. No certainty of success. But no certainty of failure. Judgement reserved on Moshiri, Brands, Ancelotti, DBB. Turning around a tanker...
24 Posted 15/01/2020 at 10:09:01
Brands was/is employed to install some cohesion into the recruitment policy and to ship out some of the dead wood, thus reducing the unsustainable wage bill of 85% of turnover.
If he comes up short he will answer to Moshiri. Moshiri is the one who hires and fires and I'm sure he won't be shy in protecting his investment.
25 Posted 15/01/2020 at 10:41:49
God knows what their motives are, but running a competitive
organised and profitable football Club does not seem to worry them as much as you and I.
Kenwright and his side kick Barret Baxendale pissing about are a luxury they are prepared to tolerate and pay for. You and I would have had them long gone and making a better shape at running Everton.
As Don#5 says '21st Century Football Folks', with a Russian Oligarch connection.
26 Posted 15/01/2020 at 10:58:10
27 Posted 15/01/2020 at 11:08:48
I've made this point on another thread. We don't know what goes on in the boardroom or FF so how, on earth, can we pass judgement on them?
For years posters have been questioning Ferguson's ability as a coach and had him down as simply a cone carrier at FF. I think recent weeks have demonsrtated there's a little more to him than that.
The only one we can really judge is the manager who is judged by results on the pitch, every week.
28 Posted 15/01/2020 at 11:09:02
29 Posted 15/01/2020 at 11:10:19
30 Posted 15/01/2020 at 12:54:14
I also raise an eyebrow at how directors' remuneration has soared nearly 5-fold in 3 years.
But then, I balance that against what has long been suspected that is now, increasingly, in the open: that Alisher Usmanov is clearly interwoven in the scheme of things.
He and his long-time accountant, Farhad Moshiri, are not mugs running an open-all-hours corner store. Throw Sasha Ryazantsev into the mix as a savvy operator.
They will know all the tricks to ensure the club doesn't run foul of any malpractice calls against them.
The £30 million Usmanov has pledged just for first option on the naming rights of the new stadium is further evidence to me of a much larger game being played out than merely the fortunes of Everton FC
As I've mentioned previously, it's my belief that some very big players - and Usmanov fits the bill - is using Everton as a vehicle to make a whole Everest of money on real estate and commerce in Liverpool (and beyond).
That they intend to front and back fill the neglected docklands between the Liver Building and BMD. They may even be anticipating a revival of Liverpool as a maritime trading route post-Brexit as the country trades west to the States, rather than east to Europe.
As the city riverfront continues to be transformed, there could also be an expansion in the number of visiting luxury passenger cruisers to Liverpool.
By investing as they are using Everton FC as their front, we and they are potentially extremely well-placed to benefit from all this.
And when the first spade goes in the ground at BMD, you just know who will provide the steel for the build, probably at very favourable rates.
Heady times. On balance, I think we could well be on the cusp of something very special happening in the next decade.
31 Posted 15/01/2020 at 13:09:59
32 Posted 15/01/2020 at 13:19:02
What was the mood like at all the proceedings and 'revelations'?
What was your reading of Tom Canon's motion at the start of the AGM?
It sounded a bit confused from what I read he said. Claiming on the one hand that Marcel Brands should not be on the board and that the two DoF we've have had have been disastrous, but in the next breath saying he was not advocating the abolition of the DoF role or the dismissal of Brands.
I recall, for some reason, he used to be the media's 'go to' man when they needed a quote on football finances for some reason, but I haven't heard from him in years until last night.
Does he still lecture at Liverpool Uni?
33 Posted 15/01/2020 at 13:31:07
I think you're right to look at Everton's business strategy and finances as possibly part of a much bigger and longer-term business strategy on the part of Usmanov and Moshiri. This why we should take the longer view on the success or otherwise of DBB, Moshiri, Brands... Much too early to judge.
34 Posted 15/01/2020 at 13:50:17
His objection seemed to be the only one as nobody else voted with him, although to be fair he received a generous round of applause for his long objection speech. The whole evening went off without upsetting or getting anyone excited to be honest, although the announcement of Usmanov buying the new stadium naming rights surprised some people.
35 Posted 15/01/2020 at 14:50:11
ToffeeWeb have a nice Timeline on the Kirkby Debacle: Link
Here is an article on ToffeeWeb by Tom Cannon: Link
Lyndon wrote a great article called "blessing in disguise" about Kirkby but I cannot find a link to it.
Tom was a big opponent of KEIOC and said the following after the Government derailed the move that the fans who protested had cost the club a load of money and possibly their "talented" manager. Link
Tom Cannon was (or is) a friend of Kenwright and used to defend him on matters of finance regularly. Kenwright wouldn't have liked last night's stunt so maybe there has been a falling out, or maybe Prof Tom wanted some limelight again? Who knows, it was bizarre.
36 Posted 15/01/2020 at 15:22:02
37 Posted 15/01/2020 at 16:16:59
Can anyone think of three players earning £5million a year (£100 000 a month) that we can get rid of without an impact on the first team? I can hazard a guess that all the loans out/sales last summer more than balanced out this deficit.
If we want to win something in this mad world, we have to invest hundreds of millions and ultimately yes there is a risk to the club. Begin to worry if Stan Kroenke sells up at Arsenal.
38 Posted 15/01/2020 at 16:39:00
In saying that it seems that the Owner is gradually improving the quality required to improve the team by getting the correct investor backing, ensuring financial backing is there if required, and ensuring all the correct steps are followed for the new ground.
As a number of people have stated there should be some directors replaced om the board but I am sure Mr Moshiri with his financial background and experience on bigger company boards than Everton F.C. is satisfied with the people he has on the Board, if not he will not hesitate to replace them.
You don't become a Billionaire in business and let incompetent people waste your money and reputation.
39 Posted 15/01/2020 at 16:59:37
40 Posted 15/01/2020 at 17:19:07
If only he knew the truth!
41 Posted 15/01/2020 at 17:44:26
Without going into Barrett-Baxendale's CV and suitability for the position of Chief Executive Officer, which has been adequately covered by previous posters, with knowledge, one should look at information presented at the AGM.
A substantial decrease in Commercial revenue contributing to Record losses. As Chief Executive, one of Barrett-Baxendale's first acts was to restructure the commercial operations of Everton, giving a range of employees titles and probably wage increases. This in practical terms would have resulted in an increase in commercial revenues if it worked; it obviously has not.
A Chief Executive of any organisation that has record losses does not normally last long afterwards. Barrett-Baxendale will be at the next AGM, as Chief Executive, still not having left EitC behind, because her being out of her depth suits.
42 Posted 15/01/2020 at 18:02:02
43 Posted 15/01/2020 at 18:11:24
44 Posted 15/01/2020 at 18:32:17
45 Posted 15/01/2020 at 00:35:43
It is the book end that will separate the working docks from the residential development about to take place and is why, in my opinion, Moshiri and Usmanov will see this through to completion.
Two other projects I will be keeping my eye on closely:-
They are going to need a lot of electric if they build all those apartments and houses.
The other resource that Peel owns in the area is the
Manchester Ship Canal
If as you suggested they feel Liverpool will once more become a major trading route post Brexit, then the canal will once more become as important as when it was first built and for the same reasons.
Heady times indeed Jay.
46 Posted 16/01/2020 at 05:50:49
47 Posted 16/01/2020 at 06:01:29
Previous set of accounts, wages to turnover was an extremely high 77%
Currently its 85%
In the next set, it could rise to 90% taking into account that during this financial year, Ancelotti was hired at around triple the cost of his predecessor, I'm fully expecting bumper new contracts to the younger players like DCL, Davies and Holgate who are all on around 20/25k per week at the moment.
Even though a few players will be off the payroll at the end of the season, they will still be included all the way to the end of the financial year.
Without key player sales, I would predict the club to make similarly large scale losses again, which would be close to defaulting with FFP regulations. There is only so much financial voodoo Moshiri can play at before many years of constantly poor decisions of recruitment come back to bite.
48 Posted 16/01/2020 at 08:58:58
£37 million on players we probably want to move on.
The plan is to recruit young potential and sell on if the price is right rather than buy the ready-made article for immediate impact. Whatever we think of them now most are improving steadily. Progress still needed before we can let more of the senior men go so I expect to see the like of Siggy & Baines hang around.
We are clearly not in clear blue water yet with some pain to come.
49 Posted 16/01/2020 at 10:08:40
50 Posted 16/01/2020 at 17:26:28
That maybe so, but there has been little progress in developing the commercial aspects of Brand Everton, which is also part of Commercial Revenues.
It's seem that the emphasis is more on developing Balance Sheet aspects of Everton Finances and as you say the results of less emphasis on Everton Profitability and trading performance which will kick in years to come.
It's not a bad position for Kenwright and Barret Baxendale to be in at the moment, in personel terms.
It will be interesting to see the outcome when all is boiled down.
51 Posted 16/01/2020 at 17:48:58
From the summer's purchases there's another £22 million to add to the amortisation bill, although some will be offset by the sales out, similarly with wages but I think you are right, costs in 2019/20 will be greater than 2018/19 even before any summer signings which fall into next financial year.
The combination of the £30 million, the current estimated player trading profits for 19/20 of about £60 million and the possibility of capitalising the Bramley-Moore costs before the financial year end gives me hope we won't have to sell one/two of the players we would otherwise wish to retain, just to balance the books.
Additionally if BM hasn't received planning permission and we do go over the £105 million we would have a strong mitigating case assuming planning occurred soon after 30 June.
None of this gets away from the fact that the business continues to be run poorly.I said on the last EBM podcast last night the CEO and board are in denial blaming the losses on the early part of an investment cycle. No one needs reminding except the board that the current cycle is 4 years old and should be producing dividends on and off the pitch. If they genuinely think otherwise then the charge of delusion is warranted in my opinion
52 Posted 16/01/2020 at 18:12:33
53 Posted 16/01/2020 at 18:16:11
Said club then swoops in and offers money we couldn't dream of for Siggy (35M), Walcott (20M) Delph (15M) and Schneiderlin (20p), allowing us to get rid of some of the useless expensive clowns we have while also improving the balance sheet.
54 Posted 16/01/2020 at 18:32:33
No ones going to give us 20p for Schneiderlin.
55 Posted 16/01/2020 at 18:50:11
56 Posted 16/01/2020 at 23:02:57
In any business I was involved in I always concerned myself with trading with a close eye on cash flow. I thought of profit as being the main measure of performance and my main interest in the balance sheet was better utilisation / increasing Assets and reducing liablities.
Everton reminds me of a community organisation I was involved in, that wanted to buy larger premises at £1, 5 million and the Board voted to do so, as I did as Treasurer inserting, 'subject to financial Assessment ' as I seconded the proposal, which was carried unnamously. My logic was it was no use being the sole objector, since I could do nothing and would be out of the picture. My actual thinking was, it could go bust, but not while I was Treasurer. The Chairman had got a letter, presented at the Board Meeting from the Bank of Scotland funding the proposal, without contacting me or being asked for any financial information. The proposed purchase was on the front page of the Local Newspaper within two days. I used the financial Assessment as a delaying tactic. The Bank of Scotland froze all future loans to all property customers a month later. The property crashed to being worth £250, 000 the folliwing month after that and my Financial Assessement caused the FSA to ban the Community organisation from borrowing money and buying the property, which would have busted the organisation. My philosophy of giving back ended. I was sent a Solicitors letter by the property owner threating to sue. I told the Board to paper the wall with it.
I like John#47 have a bad feeling about the whole Cavalier approach of those that own and run Everton at this AGM.
As you say the trading performance of Everton FC is poor and whilst they appear to be well aware of what not to highlight, as a transparent exercise this AGM has been a shambles. As you say there protestations that they are at the start of Investment cycle, which is no surprise to either of us, is covering up a very poor overall Management performance. The quick flash of the Directors renumeration slide, to the wheeling out of Ancelotti, who never attended a Club are no surprise. The Board members who spoke except Brands, seem like willing participants in imparting information, not caring about performance, coming out with some staggering phases.
The Financial Voodoo, aptly termed by John, is also a attempt to bring the accounts into keeping within the FIFA financial rules. It seems to directly points to Moshiri and Usmanov as being one of the same, without Usmanov having a beneficial interest.
It's of course natural to want to think it will all work out. But in my experience a organisation has to be performance driven and expanded on self generated profits. The advantage of this is that those that working in it are working to a disapline and the necessary governance exists.
Whilst I have been successful in running businesses, I have also had to step of some sinking ships or as I prefer to think of it, I made a Horlicks and then cleared off.
This AGM gives the impression of being too like a Sinking Ship for my liking.
57 Posted 16/01/2020 at 23:56:54
I think you have hit the nail on the head with your description of how the business at Everton is currently run and managed.
The AGM was full of bravado and pretty outlandish statements, without fully acknowledging the poor commercial performance of the club.
Simply promising the future appointment of an ex-player as a 'global ambassador' is just papering over the cracks.
I really do wonder as Chairman of the club, whether Kenwright actually does have a full financial grasp of the situation we find ourselves in?
Paul (The Esk) comes in for some criticism for being overly pessimistic on how the club is currently run, but like all of us, being an ex-local guy, he wants us to succeed, it's as simple as that.
The irony of all this, is that the massive influx of capital provided by the arrival of Moshiri three years ago, has been squandered in the most awful fashion, all under Kenwright's stewardship.
I have openly questioned the appointment of DBB as CEO of the club, not because of her previous background in the charity/education sector, but simply on the grounds of 'was she best candidate available from the sporting global /business environment' available to us?
The answer is most certainly no. She was appointed because she was highly unlikely to rock the 'cosy' Everton boat that Bill likes to surround himself with.
Until we have absolute change at the top, I am not totally convinced the club is finally on track, certainly off the field.
58 Posted 17/01/2020 at 03:56:55
Kevin - he's worth whatever another club is prepared to pay for him. I think your first bid is ambit. I'll up it to 10 quid.
59 Posted 17/01/2020 at 04:05:45
Of course, the entrepreneurial people should take some guidance but, without the entrepreneurial types, life would be soooo boring. For instance, this thread might be, maybe, 10 posts rather than 58 by now!
60 Posted 17/01/2020 at 04:10:39
Strangely, out of the ashes of their liquidations have grown excellent companies - regularly with the same owner (or proxy) at the helm. Nods as good as a wink, eh!
61 Posted 17/01/2020 at 05:31:33
62 Posted 17/01/2020 at 05:31:33
63 Posted 17/01/2020 at 11:31:02
I must stress my slight signs of optimism may be more equated to Lamont's "green shoots" comments in 1991 than any change in the above belief!
I am of the opinion (shared in this thread) that Moshiri sees this as a balance sheet game and is heavily gearing the business in the hope that the stadium (the fixed asset) will add to the value of the club and (ii) the players (the intangibles) will not only increase in value but drive an increase in income (allowing the purchase of more intangibles) through higher league placing and regular European football.
It is an incredibly risky strategy in my opinion especially when no attention is given to what should be the foundations of the business, operational excellence and a growing revenue base from a growing number of partners globally not just friendly faces.
The £30 million injection gives us some breathing space but unless the business model changes or we hit an extraordinary patch of form then we've just kicked the can down the road a little.
64 Posted 17/01/2020 at 17:23:14
In fairness to you, you did not attend the AGM to gauge the tone. It is likely that most of those that attended got their shares because they are in the know or have long term connections, few would have the knowledge to ask the forensic questions that you would be capable of asking or the desire to do so. The Professor latched onto a old chestnut, which would have been considered a mild distraction and completely manageable. . You of course know other posters on ToffeeWeb who could ask similar difficult questions. In my experience even if you or they where there you might not get your own way in asking questions anyway. I once had someone behind me at a, AGM about , 'Sit down and shut up' when I asked a question in a fund flow statement. You get all sorts at such meetings instructed and uninstructed.
The problem is that those presenting the AGM have a false sense of thinking they actually capable of the position they hold at the top table, while there is a few, not so obvious ones, pulling the strings.
I think there is a collective relief that Moshiri has still got aleast one golden egg left and knows someone that can get him another one if he needs it. But we all know that the performance on and off the pitch needs to get better and being fed the same old guff, rather than showing progress in the key performance indicators, or have someone on the Board come out with information showing they know what they are doing in relation to these Key indicators is long overdue.
Of course we do understand what Brands is trying to do and what Ancelotti is capable of, but the same old background music is getting tiresome as we all know it needs to show signs of change. Quite frankly we are al! sick of it being played again and again, and recognise it miles away.
65 Posted 18/01/2020 at 14:29:32
66 Posted 18/01/2020 at 18:48:20
I have just learn't that apparently other Premier League Clubs are pushing the Premier League to have Everton investigated over the £30million purchase of the Stadium naming rights in terms of the FFP rules. The staggering amateurish AGM looks too much like manipulation of the FFP rules, with a surprise announcement made at the AGM in a attempt to give a legal gloss.
Given the size and capitalisation of Everton and the money flowing through the Fund Flow statement, the huge wages /high wages percentage and increases in Directors remuneration, not only are ToffeeWebbers able to highlight concerns, but Premier League Club who are in the business can pin point concerns to the Premier League, who will have to act on Governance issues , especially in relation to FFP
In my opinion the Derby County challenge will fought hard, because it will be detrimental to Football.
Paul the Esk, Steve, Bob and myself are right that a Club has to be able to improve to the standard performance indicators, and to question the relevance of manipulation of the Balance Sheet in place of, a team playing good football and winning games.
67 Posted 18/01/2020 at 19:15:22
It's not like we haven't been here before is it? Remember the chaos that ensued when Sir John passed away? Depending on how things go in the next couple of years we could quite easily find ourselves back in familiar territory similar to the start of the 1990s.
As for FFP it is an artificial, unfair measure which stymies the growth of any club which wasn't in a position to grow during the boom years and it knowingly allows the richer clubs to keep their competitive advantage. Eventually, someone will challenge this rule and someone will win that challenge, much better if the football family arrived at a solution which would be fair to all.
Fans of a nearby club, thinking that their club is and always has behaved properly and without circumventing the rules should remind themselves where their club was in 2010 and how some behind closed doors meetings with bankers and the likes helped it to remain viable aided and abetted by the media of course.
68 Posted 19/01/2020 at 03:04:12
Just to be clear. Do I think Everton is well run and in a healthy financial position? No. Do I think the usm deals are farcical attempts to circumvent FFP? Yes absolutely. My point is simply that from a legal perspective, dealing with privately run businesses, I think UEFA etc are on thin ground with FFP and for better or worse I suspect it will eventually be overturned in court
69 Posted 19/01/2020 at 14:55:10
70 Posted 19/01/2020 at 15:16:32
Got to laugh at everyone ( me included) before we had a billionaire saying FFP is only right !! Man City and Chelsea are bang out of order, its not fair!!
We have 1 possibly 2 billionaire owners and FFP is a joke!!
As I said, guilty as charged!!
71 Posted 19/01/2020 at 15:40:50
As for the courts overturning it, dont be so sure. The EU and its highest court, have said that they dont want to get involved in football. Theres been a few top lawyers who sought to raise their profile and make a load of money on taking down the transfer system, and other things, but theyve failed without even laying a glove on football.
FFP might be a different story, but the reality is the powers that be in Europe dont want another Bosman style interference in football and only got involved to help the likes of Bosman who were being forced to remain at their clubs.
72 Posted 19/01/2020 at 18:16:48
You are probably right, the FFP exists and Club are use to working with and are happy to do so. They are also happy to use it to their advantage if they can. I agree the Courts will not overturn it.
73 Posted 19/01/2020 at 19:46:51
Now you can't bare to see Everton able to compete moneywise with the Chelseas and ManCitys of the Premier world. Like so many faithful Blues there must always be something to moan about otherwise it wouldn't be the club you purport to love.
Strange world you inhabit !
74 Posted 19/01/2020 at 22:48:39
It takes more than money to compete to become a top-four challenging Club in the Premier League, eg, Everton over recent years. There appears to be a belief at Everton that there is more than one way to do it. We will see how successful they are trying more than one way. Those that do achieve it, concentrate on the one way of improving performance on the pitch.
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