A deeper delve into Everton’s 2020-21 accounts, new £100m shareholder loan plus Covid impact

The scale of our losses over the five complete years under Moshiri are staggering especially when compared to other Premier League teams. Equally, his financial commitment is staggering but the manner in which the club is being run threatens the club further financially.

Paul The Esk 04/04/2022 81comments  |  Jump to last

Once the headlines are out of the way and the carefully prepared media statements are published, a more balanced view of the accounts is called for (in my opinion) plus within the details confirmation of additional funding from Moshiri since June 2021.

So here’s a delve into the figures, drawing upon previous year’s numbers and external sources to try to conextualise the performance of the club, the contributions of Moshiri and our financial institutions, plus an analysis of how the club may have reached the “Covid impact” numbers to satisfy the Premier League’s profitability & sustainability rules.

Turnover


Turnover in £’000s 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
Matchday 17,625    18,000      16,300 14,200 11,900 200
Broadcast   82,500 128,330     130,000 132,700 98,000 146,400
Commercial/Other 21,416 25,000 42,900 40,800 76,000 46,500
Total turnover 121,541 171,330 189,200 187,700 185,900 193,100

 Key points: 

  • Direct comparison is difficult given the booking of Project Restart revenues from the 2019/20 season into the 2020/21 financial year and of course, the absence of crowds for most of 2020/21. However it is reasonable to say revenue has flatlined since 2017/18.
  • An empty Goodison (highest attendance 6,608 v Wolverhampton Wanderers) impacted match day revenues falling from £11.9 million to £200,000. This is totally attributed to Covid regulations and the club bears no responsibility for this.
  • Broadcast revenue. As a result of the final games of the 2019/20 season falling into the 2020/21 season broadcast revenues were boosted by £23.5 million. Remove that from the figures and broadcast revenue would have increased by £1.4 million.
  • Interestingly, domestic based broadcast revenue rose by £1.6m due to a 10th place finish versus 12th in the previous year. However, the changes to how international broadcast revenues are calculated and distributed saw international broadcast revenue fall by £1.1 million despite improving league position by 2 places.
  • Commercial income. The biggest factor was the impact of the one off naming rights deal in 2019/20. The removal of £30 million means that for a meaningful comparison commercial and sponsorship income rose by £600,000 a 1.3% increase year on year.  New commercial partnerships with Cazoo & Hummel particularly, plus the absence of a sleeve sponsor shows income growth of  8.3% over the last three years. Remove the increase in USM sponsorship and income fell by 7.8% albeit in a year impacted by Covid.

Whilst not included in the accounts, the suspension of the USM relationship (for that I think we can assume ending) has a big impact for the financial year 2022-23. Equally the ending of the Cazoo partnership at the end of the season, and the continued absence of a sleeve sponsor means that at the time of writing Everton are without three of their six top commercial revenue streams for the 2022/23 season (the six being training ground sponsor, main shirt sponsor, shirt sleeve sponsor, apparrel manufacturer Hummel, retail partner Fanatics and our outsourced catering partner Sodexo).

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In a hugely challenging macro-environment combined with recent poor playing performance, the commercial team have a significant task ahead to even match the previous revenue streams. The club has resisted returning to main sponsorship from betting companies and the current craze for Crypto related sponsorship would seem at odds with the club’s culture and previous announcements by the CEO Denise Barrett-Baxendale.

Expenses


Expenses – £’000 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21
Wages 83,985 104,655 145,500 160,000 164,800 182,600
Other op exp 30,428 39,184 36,800 43,200 33,100 25,300
  • Wages, the biggest expense component for any football club. They alongside amortisation are the key drivers in the huge losses Everton have been accustomed to make in recent years. Unlike amortisation they are a cash item, meaning not only do they impact profitability but cash flow as well.
  • The key additions of Allan, Doucoure, Godfrey and specifically James on the playing side plus Carlo Ancelotti as manager drove wages up by 10.9% from 2019-20 levels and a staggering 117 % from the wage costs inherited by Moshiri.
  • Other operating expenses fell by 24% predominantly due the reduced cost of holding games without spectators present plus other operational efficiencies. As an example, the number of youth academy employees fell from 84 to 70.
  • A wage to turnover ratio of 94% is completely unsustainable. There are three solutions. Increase commercial income, improve on pitch performance for greater performance rewards and finally cull the squad, remove the unproductive higher paid players and replace either with academy prospects or fundamentally change our recruitment policy. This would require ending the Moshiri/big agent relationships & their recruiting and putting complete responsibility for recruitment in the hands of the director of football and his recruitment team and processes. It would also require a fundamental change to the productivity of the academy. By productivity, increasing the number of players capable of making the transition from academy to first team. However this is a relatively slow process, even after the necessary changes to the academy are made, as we have seen for example with Gordon, it takes time for the prospect to make an impression at first team level.

From the perspective of this financial year (2021-22) there are significant changes in the playing personnel and management.

Those having left the club include Ancelotti and Benitez plus their respective teams; Rodriguez, Bernard, Walcott, Kean, King, Pennington, Bolasie and Besic permanently.

Incoming includes Benitez, Lampard, Gray, Townsend, Rondon, Mykolenko, Patterson, Alli and Begovic on permanent deals plus Lonergan, El Ghazi and Van de Beek until the end of the season.

This financial year will reflect the leaving of Ancelotti and Benitez and the considerable cost savings of the players having left. I estimate a reduction in wage costs of at least £16 million for 2021-22.  However even that leaves us hugely out of budget especially in the context of reduced broadcast and merit income from a significantly lower league position.

Impairment of player registrations and amortisation 


2015-16 2016-17 2017-18 2018-19 2019-20 2020-21
Player impairments    2,500  8,200 26,300 15,300
Amortisation 22,398       37,298   66,933 95,100 99,200 81,200

 

  • Everton’s amortisation costs fell by 18% from £99.2 million to £81.2 million. This was actually a surprise to me, I had anticipated a small rise. In the previous year we had sold/moved on Gueye, Vlasic, Lookman and Schneiderlin which would have reduced our amortisation costs. At the same time we acquired Iwobi, Kean, Gomes and Gbamin.
  • How was the fall in amortisation costs achieved? Well, if we look at the impairment figures (this is a reduction in the book value of players when their book value exceeds their real market value. The aggressive writing down of nearly £40 million of book value has significantly reduced the amortisation costs. Initially the net effect is at best neutral, but by booking the losses in a year where the board felt could be justified on the grounds of Covid rather than poor recruitment (for example) seems a smart move. Not only is the immediate loss justified by Covid, it provides for a lower cost base going forwards
  • One of the impacts of perhaps writing down a player to zero or having a player who is unlikely to contribute meaningfully in the future or offer any future financial value  (not being unduly harsh but Bolasie is probably one of the examples, Besic perhaps another) is that the club has to make provision for onerous contracts. This is where the cost of meeting your future obligations (wages) exceed the economic benefit provided by the player. In 2019-20 this figure was £4.4 million. In 2020-21 this grew to £7.7 million.

Profit & Loss numbers

These are the numbers that gain the headlines, and indeed the numbers that currently relate to the financial regulations preferred by the Premier League, profitability and sustainability.

Profit & Loss £’000s 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21
 Net profit/loss -24,348 30,660 -13,021 -111,868 -139,800 -120,900

 

Aggregate losses of £379 million including the year in which Moshiri first acquired his 49.9% stake (February 2016). However a more reasonable analysis is the full 5 years to 30 June 2021. How does that compare across the Premier League?

Profit/Loss £ millions 2016-17 2017-18 2018-19 2019/20 2020-21 Total
Everton 30.70 -13.00 -111.80 -139.80 -120.90 – 354.8
Aston Villa -7.6 -32.5 -111.8 -90.9 -32.1 -274.9
Chelsea 13.0 60.1 -96.0 26.4 -145.6 -142.1
Brighton HA -36.1 -16.7 -16.0 -48.7 -117.5
Wolves -20.8 -55.1 21.6 -36.7 -21.1 -112.1
Manchester United 39.2 -37.6 19.9 -23.2 -92.2 -93.9
Crystal Palace 10.1 -33.3 5.3 -57.8 -75.7
Leicester City 20.1 -41.5 -17.4 -31.2 -70.0
Manchester City 1.1 39.1 38.8 -126.0 2.4 -44.6
Watford 8.1 -30.7 9.8 -31.6 -44.4
Leeds United 1.0 -4.3 21.4 -62.4 -44.3
Southampton 34.6 27.7 -34.2 -62.0 -10.1 -44.0
West Ham United 43.0 18.3 -27.3 -64.7 22.1 -8.6
Norwich City -2.7 -33.0 14.6 15.7 2.9 -2.5
Arsenal 24.4 -19.0 83.9 -12.3 -73.7 3.3
Burnley 22.2 36.6 4.3 0.5 63.6
Liverpool -21.4 33.4 106.0 -39.4 -9.5 69.1
Tottenham Hotspur 36.2 113.0 68.5 -63.9 -83.8 70.0
Newcastle United 46.7 18.6 34.6 -22.5 77.4

 

This data is taken from each club’s audited accounts. Not all clubs have yet published 2020/21 figures. What is apparent, Aston Villa aside, is the magnitude of Everton’s losses relative to the rest of our competitors. It amplifies the constraints on revenue and the lack of value achieved in recruitment, resulting in sustained losses unlike any of our peers.

The crystalised losses as stated in the accounts are as follows. The club claim that lost revenue and additional costs total £82.1 million for the last two completed financial years.  I will do a complete analysis versus other clubs when all accounts are published.

The club’s public announcements re the scale of the impact of Covid are covered below.

Farhad Moshiri’s funding commitments – loan balances & issue of new shares

As with any business the losses have to be covered by existing resources, the sale of assets, increase in debt or new capital (in the form of equity or shareholder loans).

In the 5 year period to 30 June 2021, Everton have generated £221 million of player trading profits, we have increased our external debt by approximately £75 million and received £450 million from BlueSky Capital, an Isle of Man Company controlled by Farhad Moshiri.

£200 million of the loans had been converted to shares (67.667 shares at £3,000 each) upto 30 June 2021. Since this date a further £100 million of shareholder loans were converted (33,333 shares at £3,000). It should be stressed that this was not new cash into the club.

In addition to the above Farhad Moshiri has committed another £145 million in 2021-22 – this financial year. Of this commitment, he has already provided £100 million in new shareholder loans. If the whole commitment is utilised it will take his funding of Everton to £595 million since February 2016. As a result he stands to be the third largest benefactor in English football

£ millions Amount invested Outstanding S/H Loan Value of new shares
2016-17 105 105
2017-18 45 150
2018-19 150 300
2019-20 50 350
2020-21 100 250 200
2021/22 *145
Total 595

 

Bramley-Moore Dock stadium

It is clear from the accounts and the absence of new charges against the club or the stadium development company that the stadium to date is being funded from existing resources (the bank balance was £70 million at 31 June 2021), existing debt providers (if required) subject to debt limits (the Rights and Media funding is a £100 million 5 year facility) and a further £100 million shareholder loan from Farhad Moshiri.

The accounts acknowledge the cost of the first phase of the build programme –  the enabling works contract cost £77.8 million.

The two additional elements of the stadium financing are the naming rights partner and raising long term debt funding from the US private placement market. The previously assumed naming rights partner, USM, is no longer viable nor one suspects, desirable. Therefore the club will be seeking a new partner. The completion of long term debt from the private placement market (the market used by Spurs for example) seems no closer than at any time in the last few years. The club’s inability to address its financial performance, Covid, and even the threat of relegation may all be contributory factors. The delay in financing may impact the cost of borrowing. Corporate debt yields in the US have risen from their lows of a year ago – financing a £350 million loan today would cost approximately £5 million more in annual interest payments than a deal struck twelve months ago.

Profitability and Sustainability

A significant part of the club’s briefing of the accounts was the “headroom” created by taking covid factors into account. The accounts calculate the cystalised impact of Covid in terms of lost income and higher expenses, totalling the figure to £82.1 million. However the club publically have stated the total impact (calculated by a third party) is £170 million and could possibly be as high as £220 million. It is this calculation that the club have used to justify their position with the Premier League. The Premier League have always acknowledged their willingness to allow clubs to adjust their profit and loss accounts in the light of the Covid impact.

How did Everton arrive at the figure of £170 million? The club have not published the precise calculations but with a few assumptions and a little (calculated) guesswork it’s possible to get close.

It is important to recognise that the losses are not real, well at least not all of them – they’re a reflection of where the club was at June 2021 as against where it thought it should be had Covid not occured.

Firstly the “real” losses: The accounts show Lost Revenue and Additional costs related to Covid as £67.3 million for 2020 and £14.8 million for 2021. These are crystalised losses, i.e. they occurred, are readily identifiable and (as far as accounts can be) the truth. Total: £82.1 million.

Then we have the write down of player values (the club will argue directly due to Covid) £26.3 million in 2020 and £15.3 million in 2021 – total £41.6 million. Onerous contracts (again the club will argue directly due to Covid) £4.4 million in 2020 and £7.2 million in 2021 – total £11.6 million.

Un-crystalised losses are the difference between where the club was and thought it should be. What constitutes an un-crystalised loss? Lack of profit through lack of trading, lack of profit through supressed prices (although that argument can be countered by making incoming purchases cheaper).

As a result of some players not being sold (the club will argue because of Covid related market conditions), Everton incur extra costs – wages and amortisation, as well as the absence of expected profit.

For 2020-21, players that might have been sold but were not include Bolaise, Tosun, Kenny and Keane. In addition it could be argued that Ramirez and Schneiderlin went very cheaply. Amortisation costs for those not sold are approximately £19 million. Wage costs for those not sold (but lent out – say attribute 50% of wages) are approximately £8 million

Adding up all those figures gets you to £162.3 million. Add in what the club would say is a reasonable loss of player trading profits and you get to the £170 million figure quite easily. Throw in some other transfers out that didn’t happen and you can get to £220 million.

However they are calculated, and the club’s version may be different from mine, the Premier League seems to have accepted them as a justification for the accumulated loss position greatly in excess of £105 million.

Final thoughts

The scale of our losses over the five complete years under Moshiri are staggering especially when compared to other Premier League teams. Equally, his financial commitment is staggering.

However the issue of how the club is run, the level of commercial expertise that exists, the crazily unstructured recruitment processes both in terms of managers and players, the inability of the Chairman and board to maintain control (let alone move the club forward) are deeply worrying.

At what point will Moshiri recognise his limitations as a football club owner? At what point will he recognise that the Chairman, the board and the executive team are not adequately skilled, experienced or driven to create a successful football club. His recent comments on the back of fan campaigns suggest he is still some way from recognising what is patently obvious.

The manner in which the club is being run threatens the club further financially. It has already created huge financial and reputational damage in my opinion. On the football side we may for the first time in 70 years lose our top league status. If one considers the figures above to be a bloodbath, even a year in the Championship would make them look like a tea party. Not only that but the club would lose its better players, would have a less attractive academy going forwards and ultimately put the completion of the stadium and the regeneration of the North of Liverpool at significant risk.

The stakes are much greater than the balance of Farhad Moshiri’s bank account. The very being of the club is at stake. We have deteriorated so sharply in recent years under Moshiri’s ownership and the direction of the Chair, board and executive.

There’s no point in being in denial any longer. The very existence of the club is at risk unless significant changes are made to the personnel, the governance and the control of the club. A continuation of existing practices and ill-discipline may prove fatal to the patient, at best will leave the patient in a hugely sub-optimal position whilst it’s peers, on the back of more relaxed financial regulation, new capital inflows, far superior leadership and greater ambition stretch their competitive advantages beyond breaking point, leaving us adrift, a former great club with no means of returning to its former glories.

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Charles Brewer
1 Posted 05/04/2022 at 07:21:17
This is a devastating analysis, and whatever interpretation is put on the impact of COVID (which I suspect is extremely optimistic) it shows an enterprise which has been run in the most astonishing manner.

Revenues show a reasonable to poor progression and “other expenses” look as though they have been managed reasonably well, but how the salary bill for the very ordinary players we have has gone through the roof is - literally - incredible.

Everton has secured the services of exactly one world class (albeit over the hill and with a dubious reputation for commitment) player, James Rodriguez. The only other player of serious standing is Pickford, and goalkeepers are never the most expensive or best paid players in any team.

The rest are bang average but clearly are paid as if they were Kevin de Bruyne, Messi or Salah.

I suspect bankruptcy looms before long.

Ian Bennett
2 Posted 05/04/2022 at 08:09:58
Paul, I can only nod in 100% agreement. I don't worry about relegation, I worry more that we won't have a club - or at least one we recognise.

And what did Kenwright say? We are an example to the Premier League. What would Everton do when solving others' problems? The pair of them are totally deluded about where or what we have become.

Peter Gorman
3 Posted 05/04/2022 at 08:21:10
"The scale of our losses over the five complete years under Moshiri are staggering especially when compared to other Premier League teams. Equally, his financial commitment is staggering."

We keep assuming it is 'his' financial commitment but he'd be nothing without Usmanov - who is now having all his assets frozen under sanctions.

The club is dead - it just hasn't quite stopped breathing. Make your peace.

Tony Abrahams
4 Posted 05/04/2022 at 08:31:18
I woke up to reports that Everton could be sued, then I see this. No excuses, we actually have “an accountant” who only wanted to spend a little bit of time on his investment, and a charlatan chairman, who begged stole and borrowed, rather than relinquish Everton, saying about the accountant, “he just keeps giving”.

Kenwright has played on a lot of Evertonian, heart-strings for years, and if this is his legacy, he’s done a better job than any Liverpudlian, could have hoped to do, in trying to help ruin Everton. We have become a club that doesn’t appear to have a professional bone, whatsoever.

Ken Kneale
5 Posted 05/04/2022 at 08:32:57
Paul - thank you for such a detailed analysis - it does not make healthy reading for any Evertonian.

This article shows the deeply damaging downward spiral that Kenwright initiated and has developed rapidly with the Moshiri/Kenwright into what is looking more and more like total destruction of the club.

Paul - what are the chances of Moshiri deciding enough is enough and looking to sell up - that on face value appears to best option here

Chris Williams
6 Posted 05/04/2022 at 08:58:48
Q. How did you go bankrupt?
A. 2 ways. Gradually then suddenly.

We may be past the gradual stage now!

The Accounts don’t lie. They are a serial disgrace by any standard. They are the financial version of what we see playing out on the pitch. Both are caused by the same dreadful Board and management. The same culture personified.

Organisational change is often generated by an external intervention, ( Liverpool City Council, Yorkshire Cricket Club), a change of ownership, or a crisis. It tends not to be voluntary. It is rarely generated by the existing incumbents of the Boardroom, who are often incapable of driving any change or even capable of seeing any reason for it. That is why the first thing that has to change is the Board, in any change programme.

The Board has changed massively already in a short space of time. A revolving door really. The only survivors are Kenwright and the CEO, with Brands and Rysantsev, disappearing, Usmanov’s representative arriving then leaving. Ingles, introduced, still remains as FD, and Sharp has joined recently. Apparently there has been a Strategic Review, or is it still ongoing?

The thing is, these changes come from the existing incumbents. Are they likely to be effective, and do they inspire us? Or anybody? Is it just meaningless gestures? Is this what we would expect from a poor, complacent management?

The question is, what will drive the change at the top. What Crisis? Relegation? Change of ownership?

The real issue is, if we survive this season in the PL, then the chances are that this nonsense will continue and we’ll see more of the same next season and beyond. But sooner or later, it will have to happen, as the lurch from Crisis to Crisis continues.

If not now, when?

Dave Abrahams
7 Posted 05/04/2022 at 08:58:49
I was going to put my thoughts into this thread but I think most of us are depressed enough with this club without me adding to it.
Dale Rose
8 Posted 05/04/2022 at 09:41:44
What a grim read.
Tony Everan
9 Posted 05/04/2022 at 09:45:37
Paul thanks for the article and for the incredible detail. Most of all for the summary , which helps me understand better.

Three questions, what do you think of the rumours today too lawsuits from the relegated teams. Are we legally watertight ?

What does this mean for the summer transfer window ? Richarlison, Calvert-Lewin, Mina, Allan, all sold and replaced with small fee or free transfers?

Would this summer financial rebalancing affect any threatened penalties?

Finn Taylor
10 Posted 05/04/2022 at 09:48:56
This article would should have been titled 'No Way Back' because I just cant see how we turn this round.

This is no defense of Kenwright but with the general feeling being he is part of the problem, what if he had stepped down, and Moshiri and his clique of agents where allowed to run riot...

Were we run more prudently in the Moyes era?

Laurie Hartley
11 Posted 05/04/2022 at 09:52:39
Thanks Paul - that is absolutely horrific.

Dave - I think I will go and eat some worms.

Dave Williams
12 Posted 05/04/2022 at 10:17:26
Blimey how depressing was that to read!!
Things look very grim with the team in grave danger and likewise the club itself. How an accountant can get into such an unholy mess is a wonder in itself and one can only imagine what must be going on in his head at the moment.
Surely the only way out of this is for him to sell at what would be a significant loss especially if we go down. I can’t see how he can sustain his financial support because he doesn’t appear to have the wealth to continue chucking money away. My only hope is that Tim Cahill, who is moving in some very wealthy circles these days, may know of a potential buyer. Otherwise there will have to be a firesale of our better players and we start again.
I remember when Moshiri took over and we were all crowing on here about how he was wealthier that FSG across the park and how we were going to overhaul them- unbelievable!!
Pete Clarke
13 Posted 05/04/2022 at 10:29:23
Regardless of whether we survive the drop or survive as a club, it is us supporters who will take the blame for all of this for not taking the drastic action required to remove Kenwright and ultimately Moshiri from this club and allowing them do the damage that has been done.
The odd banner here and there is not good enough. We have all had a go at the many players who have failed to stand up and be counted so we need to stand up ourselves and bring about an end to this reign of incompetence by Kenwright and his master.
If the lying bastard was really the biggest Evertonian in the world then his heart would have already packed in. I’m only 58 but mine is bouncing around uncomfortably with every thread I read about Everton. Unfortunately it is not being an Evertonian that keeps him going but instead he loves to have control.
Let’s put an end to this madness. We need him kicked out in shame.
Brian Harrison
14 Posted 05/04/2022 at 10:32:11
I see one of the papers this morning are saying some of Evertons rivals want greater scrutiny over our FFP. I said when the accounts were published that I thought some clubs would want to question how Everton could claim losses due to Covid of £170 million over 2 years when Aston Villa were only claiming half that amount. Both clubs have a similar fan base so the discrepancy in the figures between the 2 clubs looks out of proportion.

So even if we survive maybe we might start next season with a points deduction and seeing Derby got a 21 point deduction if found guilty of transgressing FFP its hard to see how Everton could escape a similar points deduction. I really despair can anything else go wrong at this club.

Gary Jones
15 Posted 05/04/2022 at 10:52:06
Pete @ 13 - Unfortunately I think you’re right a absolutely right about us fans shouldering blame here…..we started saying “enough!” in January, then accepted a new manager and a few extra 10s of millions on players as “it’s fixed”.

The club is still commercially poor, but the playing side is equally nuts. We started the season with one left back in first two teams. One. In two teams. We bought in 3 attacking midfielders in January who couldn’t get in their own teams, whilst ignoring the glaring gap in the engine room. David Unsworth remains u23 god with no…….ah, you know what, I’ll just end here as this won’t be a post but a book.

Unfortunately I think we’re now so dependent on Moshiri we’ve missed any opportunity to force change. There is a really Scary crossroads ahead:

Best case scenario - we somehow escape relegation, moshiri holds on determined to finish what he started, Frank learns to manage and gets youth gems in, the stadium gets built and some new billionaire comes in with real sporting acumen.

Worst case - We go down, stadium gets put on hold, moshiri draws away tactically starting with an asset strip, we go bankrupt and have to do a rangers over next 10 years working way back up.

I’m currently not sure which is now more likely.

Stu Darlington
16 Posted 05/04/2022 at 11:04:02
You’re absolutely right Paul.
We have the worst owner and worst management team we have ever had.
Dropping out of the PL ( which is looking ever more likely)
will sound the death knell financially for Everton football club,from which we may never recover.
There don’t appear to me to be any short term solutions except to scrape enough points together to survive this season,but that just kicks the can down the road to next season.
Long term we just have to hope Moshiri sells out to some more enlightened buyers that recognise the potential this club has.
I don’t hold my breath on this though unless severe pressure can be applied,and is applied by our incredible fan base.By far the best part of this club at the moment!
Nick Page
17 Posted 05/04/2022 at 11:11:28
Brilliant piece, Paul. Everton Football Club is an absolute shambles and the board should be ashamed. Nobody wants anything to do with us. But what would Everton do? By letting them, and not a third party conduct a strategic review is like giving Saville the keys to the children’s ward. It’s utterly absurd, deeply unethical and abhorrent.
I’ve said it for years and years - massive fan action is required to remove the parasitic Kenwright infection from the club. Only then can we ever hope to move forward. He won’t go quietly though. The worst thing to ever happen to our club.
Allen Rodgers
18 Posted 05/04/2022 at 11:11:30
What fresh hell is this ? - as someone once said. Apparently not Shakespeare btw.
As if things aren't bad enough our rivals are alleged to be plotting to sue the club. At this point I don't think anyone likes us and there is a conspiracy to get us out of the Premier League, even in the unlikely event of us avoiding the drop.
Mike Hayes
19 Posted 05/04/2022 at 11:16:47
The reason why the fans haven’t been as vocal is they are apathetic - head buried in the sand - it’s not my fault and those that do protest are called Kopites and should go and support other teams - with that mentality what hope have fans got who want Kenshite out - he’s been a parasite cancer since the day he stole Everton 😡😡😡
Robert Tressell
20 Posted 05/04/2022 at 12:00:45
I know the German model of ownership is not perfect, but it's better than this. Really sickening.
Derek Thomas
21 Posted 05/04/2022 at 12:06:20
Gary Jones @ 15; 'Asset Strip'? What are these strange 'Asset' things of which you speak?
You couldn't give this Club away in a Lucky Bag.
Peter Neilson
22 Posted 05/04/2022 at 12:42:00
Without at least a change of directors we’re doomed. The same idiots who got us in this position won’t save us, they’re simply incapable of doing so. However there are no signs that Moshiri had learnt anything. There’s no attempt at stewardship of the club just one rash and irresponsible decision following another. We need to stay up but even if we do it’s more a stay of execution as with this regime it isn’t going to end well.
James Newcombe
23 Posted 05/04/2022 at 12:57:05
Where was all this bollocks when other clubs came into money? That’s right. They’re just making it up as they go along.

Let’s really make things fair, and force every team to have the same salary cap.

Nick Page
24 Posted 05/04/2022 at 13:10:16
Watch Winning Time, Episode 2. Dr Bus’s speech at the end about winning and no more settling for second best. Kenwright never gave that speech, he just spun some yarn about the Boys Pen and Uncle Cyril’s handlebars. The monumental piece of shit.
Raymond Fox
25 Posted 05/04/2022 at 13:11:42
Moshiri has put trust in his workforce and has been badly let down by so called football men.
At the top of the list of errors are player purchases and some managers that have not lived up to expectations.
In general the club is not well run but its the above that has brought us to our knees.
Add cursed luck with injuries, referees decisions, Covid etc, nothing has gone right for years now, what has happened with the Icelander is just one episode in a long line of disasters.

Moshiri is the owner so the buck stops with him, but its the people who he has put his trust in are the bigger culprits in my eyes.

Mike Hayes
26 Posted 05/04/2022 at 13:38:10
Whether we survive the drop or not we need to hound Kenshite out of the club the Buck stops with him he’s the root cause but Moshiri needs to shoulder the blame for keeping the kopite on and letting him run the train set. I’d hate to see the club go down or get deductions like Derby but what are the odds against it happening? 60 years of supporting the club but enough is enough - I feel sorry for the away fans who haven’t had anything to celebrate of late and to the home fans. I’ve all but given up - get beat against Burnley and I’m throwing the towel in 😡
Barry Hesketh
27 Posted 05/04/2022 at 13:48:19
James @ 23
I tend to agree with you in some aspects because the P&S rules are somewhat arbitary and clubs such as Chelsea, Man City et al didn't have the same restrictions put on them when they came into big money.

However, Everton and its owner/directors did know the rules and from that perspective should have diligently stayed within those rules, regardless of how unfair they may have been seen.

I suspect that the grand plan last spring was for Usmanov via his companies would have underwritten much of the losses, but the world changed suddenly and that proved impossible. Why else would Ancelotti bail so quickly?

I've always called for a cap on the levels of debt that a club holds rather than a spending restriction based on your income, but that won't happen because most of the 'monied' clubs have such high levels of debt.

We are in a bad place on and off the pitch, but the club will stagger on until such time as new owners are found and perhaps rescue the club from the hands of the people who have gotten us into this mess.

I hear that Disney are linked with buying Chelsea if they really want to keep their Mickey Mouse branding they should turn their attention to us.

John Daley
28 Posted 05/04/2022 at 13:54:12
Whatever the real reason behind FFP rules being brought in….whether to ensure a competition-freeze under the cloak of a ‘level playing field’, or to safeguard clubs from plummeting down the same slippery slope that brought Portsmouth and Leeds to near ruination…it has failed to modify the wider football business model to buttress against burgeoning wage bills or fancifully baroque transfer fees.

Whilst proffered as a means of protecting the long-term solvency of clubs, it is surely myopic in regards to it’s own inherent structural bias toward traditionally successful clubs, which skews spending capacity wildly in their favour.

How are other clubs, realistically, supposed to bridge the gap from a trailing start greater and more burdensome than a geriatric sprinters pendulous scraddle tapping knee to knee like Newtons Cradle?

Canny recruitment and investment in infrastructure would seem the sensible option, even if still likely to fall far short, but Moshiri and co plumped for the alternative. They thought they could motor past the patient approach and gain ground by overpaying to get players through the door and, when they proved to be a pack of galoots, doubled down by going down the same route again….and again. The number of highly paid players we have managed to pick up under Moshiri’s sovereignty who are simply not fit for purpose is surely unprecedented.

How one would even begin to start to right the ship…other than shedding dead weight…I do not know, but the club seem steadfastly unmoved by the situation. Pointing out, upon publication of the most recent accounts, a record turnover and a ‘unique set of circumstances’, asserting a secure financial position and stressing they are “in the initial stages of an investment lifecycle thanks to the support of its Majority Shareholder”.

Link

Howard Sykes
29 Posted 05/04/2022 at 13:55:59
Kenwright said that Everton are an example to other Premier League clubs. We are now an object lesson to them of what happens when you get a charlatan and his hangers on running a club with an owner who knows nothing about football.

How can a professional businessman and accountant allow such a financial disaster? Why isn't he checking the accounts continually and why did he not lock up the company chequebook when it was starting to go wrong 4 years ago?

John Zapa
30 Posted 05/04/2022 at 14:05:24
The Covid claims in the accounts are on very thin ice. By claiming greater losses because of a Covid depressed market that prevented the sale of some players and reduced values for others, the other side of the coin can be leveled against the club.

It can be claimed by the rivals (who I believe to have a very strong case) that Everton bought many players during this Covid depressed market for values less than their true worth, such as Rodriguez, Gray, Doucoure, Godfrey and Allan.

By attributing a higher real value to these purchases, Everton's losses would be much greater and as such, far in excess of the permissible losses. I fully expect a heavy fine and points deduction in time.

Stu Darlington
31 Posted 05/04/2022 at 14:08:11
Can I be the 94th person to point out that after one of Paul's articles we get the same old posts criticising the owner, Bill Kenwright, the manager, Bill Kenwright, the board, Bill Kenwright, the players, Finch Farm etc. Just words,words, words.

Nothing has changed, however; we have been on the slippery slope to the Championship for years. The signs are there for everyone to see and yet we are in a worse position now than I can ever remember.

Can anyone tell me one thing that has improved since Moshiri arrived? Believe me, we are in deep, deep do-do and sadly I can't see a way out. Still, look on the bright side – we get to enjoy cold nights at Stoke once again!

Clive Rogers
32 Posted 05/04/2022 at 14:10:57
I would have said really good article, but it’s not, it’s disastrous but true. We have all known that the club has been a shambles for years, now it’s there in facts and figures for everyone to see and digest. I understand the calls for the fans to rise up and throw Kenwright and his cronies out, but it is just not feasible or possible unfortunately.
Dave Abrahams
33 Posted 05/04/2022 at 14:11:26
I absolutely cannot understand how Mr. Moshiri can be constantly hoodwinked by Kenwright and his ability to run a top class football, he proved it before Moshiri bought the debt ridden club off him, he has more than proved it since that he hasn’t got a clue how to organise the running of this multi million company called Everton FC,

Kenwright has used his “ friend “ despicably, constantly taking and letting other people in the running of the club taking his friends money without the due care attention and consideration that a true friend really needed in a business he had been trusted with.

I am a 100% sure Kenwright wouldn’t have parted with one penny if it was his own money being used and wasted like his “ friends” has.

This season when has the chairman of the club, which he claims to love, come out and explained the changes which have occurred, really big changes, that have affected the way has been run, starting in the close season when there was little if any money being available for transfers, and players on big wages being released, was the manager Benitez told to sell these players or was it at the clubs command, who instructed the parting of the ways for Brands, scouts, fitness coaches along with the introduction of new personnel to the boardroom and why they were brought into the club, what special ability did they have, how much were they being paid and lastly who were responsible for the signing of five players and why were they signed particularly has two of them have hardly been used.

We the fans are the lifeblood of this club, a great asset to the club, maybe the only good and decent asset the club have got, yet we are treated like No Marks.

Give us a thought Kenwright and explain “ Why you, in the name of God, are still here”

Paul Carr
34 Posted 05/04/2022 at 14:20:02
Shameful and astonishing results. Is our owner really an accountant? Surely not a real qualified one.
Surely the FFP Rules have been smashed even allowing for the hugely creative Covid impact numbers?
We need someone like Terry Leahy (Evertonian and ex TESCO boss) or even the ex Governor of the Bank of England (another Evertonian) to come in as the new Chairman to save us from oblivion.
What a sad legacy for BK.
Andrew Ellams
35 Posted 05/04/2022 at 15:25:37
Robert @ 20. If FFP was truly supposed to be what it pretends to be then the German model should be the foundations that it's built on.

Jay Harris
36 Posted 05/04/2022 at 15:37:46
It has taken a long time for the penny to drop but, just like Paul Gregg and others before him, Kenwright is the master at his smoke-and-mirrors technique of using other people's money to his own end. His constant promise of jam tomorrow and excusing mediocrity by blaming other people has to be stopped.
Finn Taylor
37 Posted 05/04/2022 at 15:41:50
Aside from the numbers in the article and the breakdown of the horrifying figures - there is a lot of commentary and opinion in this thread but not many facts. Am sure the truth that is out there, well, will er ever know. Am sure what we know and guess merely scratches the surface of this horror show.

Didn't someone get appointed at the club recently to streamline the business...?

Barry Hesketh
38 Posted 05/04/2022 at 15:45:46
Finn @37
There are only a very select few within the club, who know the full facts and there's very little chance of them making those facts public - therefore the rest of us can only offer our opinions which is what this site is for.
Finn Taylor
39 Posted 05/04/2022 at 15:58:12
Barry @38 - not being critical of any commentary or opinion - this is the only place that is keeping me sane at the moment when it comes to Everton.

Never been so depressed and angry about the state of the club and, sadly, I can't see an end to it.

Dave Lynch
40 Posted 05/04/2022 at 15:58:14
Yes Kenwright... we are an example to other clubs.

A bad example... ffs can we sink any lower.

Barry Hesketh
41 Posted 05/04/2022 at 16:04:08
Finn @39
I never thought I'd ever see the club in such a state, but in truth we have been in similar states in the past, it's just that the numbers in comparison seem even more frightening.
Pete Clarke
42 Posted 05/04/2022 at 16:30:30
Bill Kenwright has this persona that surrounds him due to his playwright business. It means absolutely fuck all to everyday blues like us but it puts him high up to foreign idiots like Moshiri who have come into great wealth by means of learning the numbers game in finances and other dodgy means.
The EPL has flaunted this endless stream of cash all over the world so Bill Kenwright has had plenty of offers to take over Everton. The only thing that stood in our way of somebody intelligent taking over was the fact that Bill insisted he must stay on as guardian of the club.
Moshiri was probably coming out of somewhere like the Xenon club in downtown West London one night and bumped into Bill.
Two rich old farts chatting away about fuckall meaningful when Bill asked the Mosh if he was interested in football. The Mosh, having too much money to think straight has said “ I’m interested” and so we are where we are now. Fucked.
Absolute joke.
I hate Bill Kenwright and that’s a terrible word to use next to somebody’s name that isn’t Putin.
Rob Halligan
43 Posted 05/04/2022 at 17:31:11
One thing that has puzzled me down the last few years when buying players, is who exactly within the club, does the negotiating with the incoming players agent? Who decides on the players wages for the duration of his contract, or until sold? Who decides on the length of contract, and whatever else is decided before the player puts his signature on a piece of paper guaranteeing him a fortune? I doubt very much that Moshiri would be responsible for such decisions, so it’s got to be Kenwright and / or li’l miss dynamite! When things started to get a little bit out of hand, why was Moshiri not advised to tighten the purse strings a little bit?

I’ve heard many posters saying Moshiri has no idea on how to run a football club, but then neither did Sheikh Monsour, who brought in people who did know how to run a football club. I’ve read Monsour wanted to buy Everton but our chairman said no, because he wanted to remain as chairman. Moshiri bought the club and let the chairman remain as chairman, and by the looks of it, overseeing every major decision at the club. So, in my opinion, it’s the chairman (and probably along with Li’l miss dynamite) who is solely responsible for the mess we find ourselves in.

SO FUCK OFF KENWRIGHT! Run a club, you wouldn’t know how to run a fucking bath!

P.S….Apologies to Kenwright if he’s not responsible for all the aforementioned!!

John Raftery
44 Posted 05/04/2022 at 17:40:41
How did we get to this point? Until February 2016, the club was comparatively well run, generally making the best of what limited resources it had. Arguably there was nothing too alarming within the first year to eighteen months of Moshiri’s arrival. Then, in the summer of 2017, the club went berserk in the transfer market selling the best striker it had had in three decades and squandering the proceeds plus a lot more on average, overpriced talent.

The five subsequent years have seen a revolving door of managerial appointments and with a couple of exceptions, a steady stream of bolt-on player additions to meet the understandably short term requirements of the incumbent manager. Little wonder we are in a mess, but it is a mess of Moshiri’s own making.

It would seem Moshiri has no choice now but to enter a long period of financial retrenchment. In the absence of exceptional management and coaching a loss of Premier League status seems inevitable, if not this season then next.

Winston Williamson
45 Posted 05/04/2022 at 17:50:47
The only realistic way I can see out of this financial mess is to sell every available playing asset.

Anyone valued over 15 mil sold in the summer, to be replaced by the u23’s and u18’s playing prospects we have at the club already.

That is realistically the only avenue out of the cul de sac we financially find ourselves in.

The obvious result would be, if not relegation this year, most certainly next year.

It may be the only route to rid ourselves of the cancer infecting this club, and to reset the foundations.

We cannot carry on with the same-same approach. Nor the same chairman and the culture he cultivates and thrives within.

John Raftery
46 Posted 05/04/2022 at 18:01:54
Winston (45) We have only a handful who would fetch more than £15m.
Don Alexander
47 Posted 05/04/2022 at 18:07:50
John (#44), you kindly omit from your "we were a relatively run club" any mention of the King's Dock fiasco, selling the training grounds (plural) and anything else that moved, associating us with venal BVI (and elsewhere) leech "financiers" and finding the world's most incompetent billionaire, erm, accountant.

Very noble of you sir!

Mike Hayes
48 Posted 05/04/2022 at 18:15:54
Can anyone who thinks Kenshite is not to blame kindly divulge exactly what he’s done for the club - Richard Dodd (who I’m convinced WAS Kenshite) use to blow smoke up his ass every week 🤷 with all the evidence coming from posters who were “in the know”. He’s a charlatan a bad actor a bloody conman and the biggest fraud in football - he’s lied through his back teeth constantly for nearly 30 years - if you know your (ToffeeWeb) history - you know 🙄💙
Winston Williamson
49 Posted 05/04/2022 at 18:16:23
John (46): I agree. There are:

Pickford (£15mil)
Richarlison (40mil)
DCL (50mil)
Gray (10mil)
Allan (10mil)
Doucoure (15mil)
Mina (15mil)

The rest would probably fetch less than 10 mil each. The thrust of my post was really getting at getting the wages off the books. Players like Gomes, Iwobi etc will be the hardest to shift unless we take no fee!

It’s really the only way I can see out of this mess. Relegation would be heartbreaking! It’d more than likely mean 3-5 years out of the top division.

However, it may be the only way we see the changes we all want. I just cannot see a situation where we survive relegation, have the infrastructure changed, solve the financial woes and still stay competitive…can you?

Dale Self
50 Posted 05/04/2022 at 18:29:14
Mike 48, I think you've forgotten the power of the Joseph Technicolor coat! Good times, eh?
Will Mabon
51 Posted 05/04/2022 at 18:31:21
Winston, all those shifted at your suggested prices, £155 million.

Then, flog Bramley-Moore as an unfinished project to the RS, we'd be about clear of immediate trouble.

I have nothing sensible to add to the posts above, it's all covered. It's a shit show that could barely have been better accomplished if done on purpose. I really wonder about peoples' motives at times.

If FFP eventually "Respects" us in the same way refereeing officialdom does, we are in for a fucking nightmare.

Edit. Paul, thanks as always for your diligent work.

Jack Convery
52 Posted 05/04/2022 at 18:35:36
To coin a phrase we are doomed. If there is not a change of owner, chairman, ceo and board in the next 12 months.

Catch 22 - that's where we are, right now. Get relegated and we are screwed. Stay up and we get more of the same horrendous leadership -( if leadership it can be called ).

A £170m loss due to Covid - they're having a laugh !
but no one with a blue heart is smiling.

Mike Hayes
53 Posted 05/04/2022 at 18:46:41
Dale - Damn and blast - To sum up how I feel about all this I’m almost in tears - 60 years following Everton - the thrill of my first match with my two young lads - who are now grown young men - going through the glory years and the crap years but we’re getting the crappy years and they don’t look like improving anytime soon - I feel sorry for any blues who have never witnessed us as league title winners, European cup winners FA Cup winners -The club has won nine league titles, five FA Cups, one European Cup Winners' Cup and nine Charity Shields; they’re glory days you luvvie TWAT!!!
Tony Everan
54 Posted 05/04/2022 at 18:51:45
John 28

“We are in the initial stages of an investment lifecycle“

I shouldn’t be laughing, but that line is from a parallel universe where everything is under control and going to plan. It’s cracking me up.

Alan McGuffog
55 Posted 05/04/2022 at 18:56:00
Will...I mused about this on another thread recently. BM will go ahead and when / if we go into liquidation who will end up playing there ?
Tony Abrahams
56 Posted 05/04/2022 at 18:56:40
I heard Moshiri, has just put in a relegation clause, such is his desire to sell our club, but looking at the way we are being run, I think the man is going to lose a hell of a lot of money, if he’s going to be lucky enough to sell Everton.

I was getting told Everton is still a decent prospect, but when you read articles like this, and others that say Everton could even be sued, it’s very hard to fathom out how?

Barry Rathbone
57 Posted 05/04/2022 at 18:57:38
Looks like the usual hubris of monied dickheads who think footy is a business just like any other - it isn't

I imagine the shadowy figure of Usmanov whispered to his accountant "don't worry I've got this" then as reality set in pulled the plug and convinced himself Benitez was the answer.

Another great part of this farago was blockheads crowing "it's not my money" as the club paid over the odds for dross and changed managers at monumental cost. The idea potential catastrophe from this lunacy would not affect THEIR club was ignorance at a whole new level perhaps fans really do get the club they deserve.

At least I've still got some orange club biscuits left - yummy

Derek Taylor
58 Posted 05/04/2022 at 19:01:03
It will take more than relegation for Chairman Bill to desert us !
Brian Murray
59 Posted 05/04/2022 at 19:22:35
Derek. Missing the point a bit. It wil not be in his hands if he thinks he can cling on. Relegation or not. Or just sit on hands passive blue way
Tom Harvey
60 Posted 05/04/2022 at 19:24:42
Dale Self @ 50

"Mike 48, I think you've forgotten the power of the Joseph Technicolor coat! Good times, eh? "

Dale, here's a blockbuster that will have something in common with the club and Bill should put it on the West End in time for the last day of the season:

"GONE WITH THE WIND"

Peter Neilson
61 Posted 05/04/2022 at 19:25:39
Surely it would be a fire sale of our “talent” such as it is and a buyers market. Forget about any perceived value today it’s a different scenario. Even then it’s hard to see us being able to shift the likes of Iwobi, Gomes etc without hefty pay offs unless Thelwell can work some magic. That’s presuming he has the authority to work.
Mike Hayes
62 Posted 05/04/2022 at 19:32:13
Tom - and boy is Kenshite FULL of it 💨💩💩💩
Ed Prytherch
63 Posted 05/04/2022 at 19:50:51
If we take a points deduction on this season then we start over in the Championship. If we go down and take one next season then we will rebuild in League 1 playing Sunderland and Bolton, two other teams who were destroyed by their owners.
Will Mabon
64 Posted 05/04/2022 at 19:55:56
Alan, I say it pessimistically but it's not beyond the bounds of possibility. Who'd play there? There'd only be one possible answer to that, if it was to be anyone :-o

Also, those players in Winston's list would look like peak Barcelona to what we'd have later, should we undertake a fire sale. "Kia Joorabchian - The Return".

All in all, a dispiriting outlook. Tomorrow night just gets bigger...

Paul Smith
65 Posted 05/04/2022 at 19:58:54
Very grim but if we stay up we can recover.
Alan McGuffog
66 Posted 05/04/2022 at 20:14:52
And let's face it Will, that lot have history regarding moving into our stadia.
Tom Harvey
67 Posted 05/04/2022 at 20:15:44
Paul Smith @ 65

"Very grim but if we stay up we can recover." ???

We've got theatre lands deceitful luvvie equivalent of JR Ewing as our lifetime chairman, Mr Bean as our owner and a parvenue sales girl of the year as our CEO.

There's no recovering with that lot.

Peter Neilson
68 Posted 05/04/2022 at 20:21:15
I can’t see how we recover with the current club management. There’s no reason why they will suddenly come good. We’re seeing the results of their best efforts and they are completely hopeless. The past six years have been an unmitigated disaster. Only Moshiri can change this. Change it or sell up.
Christy Ring
69 Posted 05/04/2022 at 21:19:18
Paul thanks for the insight, very depressive reading. The one common denominator is Kenwright. He double crossed Gregg, the man's wife loaned him the money to buy his share, when they bought the club. Before Moshiri bought the club, Bill ran the club into the ground, sold anything that didn't move, training grounds, even the club merchandise was sold off to kitbags (I think it was), and the final nail in the coffin, he sold Rooney to keep us afloat. He insisted on staying on as Chairman, as part of any deal when selling his majority share, and in my opinion that was Moshiri's downfall.
Mike Hayes
70 Posted 05/04/2022 at 22:48:11
Christy Ring - nail on head 👏👍
Tom Harvey
71 Posted 05/04/2022 at 23:02:59
I wonder if there's a clause in any future sale of the club that Kenwright must be inherited by any new owner and Moshiri had to agree to this when he first bought the club?

We can all sleep well tonight wondering if this is a possibility?

Ed Prytherch
72 Posted 05/04/2022 at 23:03:34
Margaret Thatcher famously said that a problem with socialism is that you eventually run out of other peoples' money to spend.

Kenwright and his muppets are close to being in the same place. Are we the only football club with a business plan similar to that of the government of Venezuela?

Dale Self
73 Posted 05/04/2022 at 23:51:50
As David Mitchell said "that bitch!" What would she know, she's dead.
Ian Pilkington
74 Posted 05/04/2022 at 23:57:13
Thank you Paul for another superb dissemination of the latest disastrous financial results.

I have banged on about this for years but I hold Kenwright entirely responsible for this dreadful state of affairs.

He only sold out to Moshiri because he correctly perceived that the billionaire would sit back and allow him to stay on as Chairman. The great Blue would be able to continue running the club in the “Everton Way”, admired not only by the media but by many supporters who stupidly believed that he could do no wrong because “Bill is one of us”.

Moshiri is unlikely to be in a position to sell the club until BMD is complete. His only realistic option is to sack Kenwright and DBB and appoint a new board and he must be decisive and do it now.

Ed Prytherch
75 Posted 05/04/2022 at 00:02:12
Ian,

I suspect that Kenwright has a written agreement to remain as Chairman; otherwise, Moshiri would have fired him by now.

Ian Pilkington
76 Posted 06/04/2022 at 00:15:35
Ed, I agree that could be a possibility, but surely after 5 years of failure any agreement should be declared null and void.
Laurie Hartley
77 Posted 06/04/2022 at 01:05:48
Still playing on my mind this. There is one question that doesn’t appear to have been asked - where is the honour in all this? Perhaps Brands had a bout of it?

Ed Prytherch
78 Posted 06/04/2022 at 02:30:59
It is all about Bill. He has taken everyone for a ride. Moshiri has probably lost a couple of hundred million pounds and our club is being wrecked in a sacrifice to his ego.
Bobby Mallon
79 Posted 06/04/2022 at 03:00:30
Paul for ages you have posted these pieces and for that I doff my hat. But today enough is enough. Now you must put a piece together of how we drag ourselves out of this mess and into the black. Is it a wage cap for 3/4 seasons and only buy young up and coming players, hoping we stay in this league. I just want a viable long term solution. How have Burnley Newcastle done it, that's the model to follow surely.
Matt Henderson
80 Posted 06/04/2022 at 09:43:21
The really scary thing is that the upper management and ownership of the club do not even see themselves as part of the problem and seem to think they are doing a good job.

At the start of this season, Bill was spouting off about how all the other teams in the Premier League ask 'What would Everton do?' as we are so well run – what an embarrassment that comment is given the state of the club which was already posting losses in the millions at that point, and it proves he has zero idea.

And they think a review of the football department will sort this out – the review needs to be of the entire club (and done by a third party) but the decision-makers are all delusional imbeciles or they care more about themselves and their power than they do the club (probably both).

But the majority of the fan base seem to continue to let them get away with it until it will be too late (if it is not already), so we will end up getting what we deserve.

Tony Abrahams
81 Posted 06/04/2022 at 14:45:27
Besides his uncle Cyril, who I'm sure it's been said is a Liverpudlian, I've never heard Bill Kenwright ever mention anyone else's name, or heard anyone else mention Bill Kenwright, when talking about going to watch Everton all those years ago.

Did anyone ever go in the Boys Pen with Bill? Does anyone, anywhere, ever remember Bill Kenwright, from going the match all those years ago?

Bill might have been an eccentric loner, but people always remember faces from yesteryear... I bumped into a few of them myself on Sunday after a 2-year absence from watching Everton away from home.

Seriously, who remembers Bill Kenwright? Surely somebody must remember him from going to Goodison all those years ago?


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