Everton’s financial position entering the summer

A look at the club's financial framework heading into the summer, from a regulatory and affordability perspective

Paul The Esk 30/05/2022 48comments  |  Jump to last

Over the years, I have tried to project what the club’s spending might be over the summer considering Profitability & Sustainability rules plus the cash that is available to Everton (generated by the business as against funding from Farhad Moshiri). It’s an imprecise exercise given the last published accounts are effectively already 11 months out of date. Covid has complicated matters obviously and Farhad Moshiri’s willingness to provide funds goes beyond what any normal projections might usually consider.

Throw in what have been called “uncrystallised losses” based on a calculation or prediction of the difference between where we are financially and where we would have been had the pandemic never occurred, and the potential for any forecaster to have egg on his or her face grows exponentially.

However, there is enough data and a degree of certainty over income flow and cost projections to give an indication of where the club stands.

It’s worth remembering the last 6 years under Moshiri.

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What is clear is that Farhad Moshiri’s financial commitment initially was based on the belief that a “Hollywood” manager and the recruitment of numerous players would generate rewards in terms of a higher position in the League, thereby generating higher merit payments and the cash cow that is now European football, particularly the Champion’s League.

The growth in direct costs relating to player acquisitions and player wages can be seen in these two lines from the accounts:

£’000s 31-May-16 31-May-17 31-May-18 30-Jun-19 30-Jun-20 30-Jun-21 *30-Jun-22
Wages 83,985 104,655 145,500 160,000 164,800 182,570 156,000
Amortisation 22,398 37,298 66,933 95,100 99,200 81,243 75,000
Total 106,383 141,953 212,433 255,100 264,000 263,813 231,000

*projected figures for 2021-22

From these figures you will note the huge increase in the earlier years, a flattening off before Covid and the start of a reduction projected for this current financial year as the early purchases fall of the books with contracts expiring and not renewed. Additionally, the amortisation figure reduces sharply partially as a result of the aggressive writing down the value of some players in the last two years.

Everton’s major problem of course, is that poor purchasing decisions have had several major impacts (i) a lack of performance on the pitch reducing merit payments (ii) the repeated failure to qualify for Europe (Koeman’s second season aside) (iii) the inability to sell players through the generous nature of contracts offered resulting in a bloated, unproductive squad carrying huge legacy costs and (iv) in the last few seasons a much-diminished player trading account generating profits.

The next table shows how personnel costs have enormously outstripped increase in revenues

£’000s 31-May-16 31-May-17 31-May-18 30-Jun-19 30-Jun-20 30-Jun-21 *30-Jun-22
Turnover 121,541 171,330 189,200 187,700 185,900 193,143 178,600
Wage/amort 106,383 141,953 212,433 255,100 264,000 263,813 231,000
% of turnover 87.5 82.9 112.3 135.9 142.0 136.6 129.3

*projected figures for 2021-22

Add in operating costs, exceptional costs (including managerial compensation) depreciation, and interest costs on external debt then it is obvious why the club has recorded such huge losses in the profit and loss account.

It is fair to say that Covid has obviously contributed to Everton’s losses with crystalised losses relating to Covid standing at £82.1 million for the two years to 30 June 2021.

Equally it should be recognised that up to the year ending June 2021, the costs incurred with the new stadium at Bramley-Moore Dock were expensed to the Profit & Loss account.

Regardless, the figures do not make good reading.

£’000s 31-May-16 31-May-17 31-May-18 30-Jun-19 30-Jun-20 30-Jun-21 30-Jun-22
P&L a/c -24,348 30,660 -13,021 -111,868 -139,800 -120,934 -78,100

*projected figures for 2021-22

In an unregulated business these losses would not present any major problems as long as the losses were funded by the shareholder(s). This was precisely the model used by Manchester City and Chelsea before financial regulations introduced by Uefa and the Premier League put a limit on what was an acceptable loss over a rolling period of 3 years.

However given great regulation in football, and the scrutiny attached following both Leeds's and Burnley’s letters, this is not the case for Everton or indeed the Premier League.

Uefa’s Financial Fair Play regulations were more stringent than those of the Premier League but, given our failure to qualify for Europe, have never been an issue for Everton.

Adjusted due to Covid, essentially the Premier League permits clubs to lose £105 million over a rolling 3-year period (currently using 4 years of data by averaging the 2019-20 and 2020-21 financial years due to the impact of Covid). Certain conditions are attached to clubs making significant losses including having to prove that the shareholders can cover losses with permanent capital.

Furthermore, the figures are adjusted to reflect expenditure on women’s football, youth football and community initiatives.

Exceptionally for Covid, the rules permit the deduction of crystallised losses – ie, costs incurred or revenue lost as a direct result of Covid restrictions. For Everton, as published in the audited accounts, this resulted in Covid related losses of £82.1m for the 2-year period.

So are Everton compliant?

The club robustly defend their P&S compliance. It is well documented (and actually is part of the standard process for loss-making clubs) that Everton have been in dialogue with Premier League particularly relating to the period after March 2020. All clubs must provide projected accounts in the March of each financial year. Loss-making clubs also have to project forwards into at least the next year (sometimes 2 years) plus giving the necessary proof and assurances that the funding to cover losses is “secure”.

Included in Everton’s submissions will be previous year’s accounts, details of the costs relating to youth, women's football and community expenditure, details of crystalised Covid losses, and as has been apparent since the publication of the accounts at the end of March, a submission detailing “uncrystallised losses relating to Covid”.

What are they?

They are projections of the difference between where the club is as shown in the accounts and where the club believe they would be had it not been for Covid. These projections, although not part of the formal accounts, have been overseen by auditors. They will include, for example, the cost of player transfers not completed due to Covid related market conditions. This will include any assumed lost player trading profits, and the additional wages and continued amortisation costs incurred as a result of the failure to transfer the player.

They will also include provisions for player write-downs and any onerous contracts (although these appear in Everton’s accounts). Onerous contracts are when the cost of the contract exceeds any potential economic benefit in continuing the contract. There are some very obvious candidates amongst the playing squad for this category!

So, as a result of these recalculations, some crystallised… others not, Everton claim and have the acceptance of the Premier League for some £170 million (potentially as high as £250 million) of costs to be set aside from the statutory profit and loss figures. It is this setting aside that makes Everton compliant with profitability and sustainability rules.

Where does that leave us this summer?

You can see that the projected losses for this current year (2021-22) show losses falling from £121 million the previous year to £78 million. This reflects reduced income (as a result of finishing 16th), reduced wage and amortisation costs, and player trading profits including the sale of Digne and Rodriguez.

However, as this loss is greater than the loss that drops out of the rolling cycle (assuming we keep the system of using the average for the 2 Covid years) our profit and sustainability position worsens. We will be reliant on using the crystalised and uncrystallised Covid related costs to maintain compliance.

An additional solution is to sell a player with a significant player trading profit before the end of June 2022. Of the current squad, Calvert-Lewin offers the greatest potential for profit with a negligible book value. Richarlison similarly with an estimated book value of around £14 million offers (however undesirable it may be), the potential for profit.

Additionally, Mina, Allan, Doucouré, Davies and Rondon, all with only 12 months left on their contracts, might offer useful trading opportunities, reducing wage costs and having low book values. However, given the lack of strength of our squad, any of these players leaving would need an immediate replacement that is like-for-like, positionally.

Not just compliance but affordability?

Of course, not only is compliance an issue but we have to consider affordability. Whilst Everton had a relatively healthy £66 million in the bank in June 2021, continued negative cash flow and the huge capital expenditure on the new stadium at Bramley-Moore Dock, despite Moshiri’s commitment of a further £242 million this year, when considered against up to £130 million of external debt, there will not be huge sums available for player acquisitions. Especially when the lenders have restrictive covenants requiring Everton to keep a minimum bank balance at all times. Moshiri’s funds, once used lavishly on player acquisitions, now pay for the stadium and fund continued losses.

Whichever way you look at it, either from a compliance perspective or from an affordability point of view, the constraints of Covid – but more importantly so many poor recruitment decisions in the past – mean that, for this summer, despite the obvious requirement to recruit new players, in practice, it is going to be a difficult summer. A summer where, just like in January, incomings will have to be carefully balanced against outgoings.

The narrative that costs are falling, that next year players like Tosun and Sigurdsson are no longer on the books, giving us space to operate, doesn’t carry much weight by my assessment. We will contine to carry the costs of our errors into the next financial year, both from a compliance and an affordability perspective, in my opinion.

The “collegiate” approach to recruitment suggested by Moshiri will require far more from Thelwell and Lampard than Moshiri himself.

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Reader Comments (48)

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Scott Goin
1 Posted 30/05/2022 at 21:14:04
Alas, this is kind of what I have been expecting. The deep exhalation of breath and momentary joy of surviving relegation will need to comfort us as we look forward to a summer of big sales and small purchases. Appreciate the work you did in putting together this information.
Paul Kernot
2 Posted 30/05/2022 at 23:37:00
Agreed, Scott. Priority 1, staying in the Premier League was achieved literally by the skin of our teeth.

Having had 5 minutes to bask in that unenviable glory, we now focus on next season and specifically the outs and ins and therefore what the squad will look like come August.

As Paul has once again pointed out, it will very likely be a season of same, same but slightly different personnel. Remember the excitement of the last day of the window when we got James, Allan and Doucouré in?

Laurie Hartley
3 Posted 31/05/2022 at 01:59:50
Thanks for explaining our position, Paul – they are mind-boggling numbers.

Our owner has had his fingers burnt, to a considerable extent if the reports are correct, by getting personally involved in our transfer dealings. If that is the case, no doubt he will have learnt his lesson.

Let's also hope that Thelwell and Lampard will prove far more astute than their predecessors when it comes to recruiting any new players.

Mal van Schaick
4 Posted 31/05/2022 at 08:53:15
Thanks, Paul, for your extremely detailed explanation of where the club stand within the parameters of FFP and exponential debt in terms of financial affairs.

As you rightly conclude, it appears that we may have to sell one or two of our player assets in order to free up finance for recruitment... Or we keep our better players and move on some of the lesser value/earners in bulk, downsize the experience in the squad and promote a few youth players.

I don't think that Moshiri will blink at the figures, given his worth and our next season will be defined by re-jigging the squad with outs and ins.

As Laurie says in #3, it will be down to Thelwell and Lampard to collude in order to sort out the defence and midfield issues that lead to us leaking too many goals, especially from opponents' set pieces.

I will be content to see Richarlison and Calvert-Lewin staying with us and adding better quality striker options in the squad. We need forward cover as we saw with injuries last year. Lampard knows the score with this squad and I am sure his player targets will strengthen our squad.

Hugh Jenkins
5 Posted 31/05/2022 at 09:09:36
It's a sad indictment of the management of the club since the start of the Moshri era. However, the effects of this mismanagement just might be the catalyst that forces Everton to rethink its recruitment strategy.

Instead of looking at the top end of the player market, we will be forced, by circumstance, to look for younger, hungrier players from the less glamorous leagues of Europe and the championship.

Get the right ones, mould them into a cohesive unit and we might just strike an unexpected winning formula.

I am hoping that our new DoF and manager can spot the necessary personnel to pull this off.

Kunal Desai
6 Posted 31/05/2022 at 09:12:00
Good write up, Paul. I'm expecting Lampard to wheel and deal here but I don't expect he'll get us punching above our weight.

It's going to be a bumpy couple of seasons ahead with bottom-half finishes I suspect. I just hope we have enough not to get embroiled in another relegation battle.

Robert Tressell
7 Posted 31/05/2022 at 09:55:45
Really interesting (but sad) reading, Paul. Thank you for the detail. From a non-scientific point of view I'm vaguely expecting we might spend about 2/3rds of whatever we bring in through player sales. The rest will help balance the books.

Unfortunately we probably need to sell at least one of Calvert-Lewin and Richarlison – and that will generate the money along with Mina and Kean. We won't generate much from selling anyone else (apart from Pickford but I doubt he'll be sold).

Since it is impossible, with these financial constraints, to compete for the Top 6, we should focus on building a younger, lower wage side who can develop together over a few seasons. We can do it with a little patience.

Tony Everan
8 Posted 31/05/2022 at 10:05:22
So it's sell-to-buy and loan deals this summer. Not a desirable position, but at least it will focus attention on the importance of buying well.

Also, having Frank Lampard will be leverage for getting some quality young players in at the right price and developing them.

Brian Murray
9 Posted 31/05/2022 at 10:13:31
We really need Thelwell to have an inspirational summer, no matter who stays or goes.
Andrew Ellams
10 Posted 31/05/2022 at 10:14:35
It's really difficult to see how the club moves forward next season and doesn't slip back even closer to the Bottom 3.

It's going to be a weird one for everybody with the stoppage for the World Cup and I hope that this doesn't work against us.

John Raftery
11 Posted 31/05/2022 at 10:15:52
There are no surprises in the article but stark confirmation of a sorry tale of financial and player recruitment mismanagement on a grand scale. A period of retrenchment on the financial front will perhaps ultimately prove beneficial on the playing side.

That will only be the case if the players recruited are cheaper, carry some resale value and are more effective on the pitch. That is a tall order for the new regime but other clubs have managed to achieve it.

The ‘setting aside ….. of uncrystallised losses' does sound dodgy. The more we fall back on that presumably the more scrutiny the club's future accounts will attract not only from the Premier League but also from other clubs.

Stu Darlington
12 Posted 31/05/2022 at 10:23:44
Moneyball and loanees – Scary!!

Our track record in the transfer market needs to improve 1000%

Champions League — here we come!!

Robert Tressell
14 Posted 31/05/2022 at 11:06:33
Tommy, some of the players you mention are very good and might be good signings. Unfortunately we will not get £80M for the deadwood. Even if we could find willing buyers, many will choose to stay in order to collect bumper wages for the next year or two.

If we sell Mina, Calvert-Lewin, Gray, Pickford and Richarlison, then we will struggle to get in the Top 10. The first XI will be very much weaker than the best we can muster currently and the squad would lose its strongest foundations.

In many respects, next season is already a write-off. We will not achieve anything unless we get lucky in a cup competition. It is about building up the core of a side that can perform and deliver over the next 3 to 5 years.

The last 5 years shows there's no short-cut without mega-bucks. But patience can be rewarded.

Tommy Carter
15 Posted 31/05/2022 at 11:14:04
Robert @14,

I'm basing it on:

£20M for Kean
£15M for Mina
£10M for Keane
£10M for Gomes
£10M for Allan
£15M for Gray
£5M for Gbamin
£5M for Davies

That's actually £90M so give or take for a few of them.

I actually think we could get more for Mina and Davies.

Do you really think we couldn't sell those players for those prices?

Clive Rogers
16 Posted 31/05/2022 at 11:25:33
Mal, #4, Moshiri’s worth has plummeted according to the recently published Sunday Times rich list to £1.7B having previously been £2.9B. He seems to have lost interest and wants to sell apparently, before his fortune disappears.
Tommy Carter
17 Posted 31/05/2022 at 11:27:23
@14 and Robert

I disagree.

Selling Gray and buying Scott Twine for less money makes us a better team and with profit in the bank.

Likewise with Pickford and Rajkovic.

Robert Tressell
18 Posted 31/05/2022 at 11:42:37
Tommy @ 17 etc.

The point is more that we'd need to willing buyers for that list of players. However it works out, we won't get anything like £80m for our deadwood this summer. I'll buy you a Mars Bar if I'm wrong.

As for Twine, he's had a fine season in the Third Tier with MK Dons and may yet prove to be Premier League quality. However, Gray has had a very decent season as a Premier League player with 9 goal contributions and some good hard defensive work at the business end of the season.

Danny O’Neill
19 Posted 31/05/2022 at 11:47:54
I'm not going to second guess who we may or may not buy or sell. That will be down to the DoF and Frank Lampard, hopefully without interference that has plagued our transfer non-strategy for several years.

But it is obvious that we are going to have to trade. That means at least one of our sellable assets will be on the move.

If you want a personal opinion, I would rather that be Calvert-Lewin if it has to be someone. That doesn't mean I want him gone, it's just I think we can replace him easier than the others.

Realistically, I think it will be Richarlison along with Mina, who also can be replaced.

As long as we reinvest wisely it doesn't always matter if you sell, and as many will have heard me say, I believe there is a lot more value to be had on the continent. How you spend, not what you spend.

We need a different approach and I feel we have the right team in place to do that. But I'm in pre-season optimistic mode already. Is it August yet? Wishing my life away on Everton. Will I ever learn?

Andy Crooks
20 Posted 31/05/2022 at 11:49:32
Tommy @ 15, knowing what you know now, would you be happy if Frank signed any of the players you mention for the fees you quote?

You seriously think that players that many on here refer to collectively as dead wood will fetch the sums you mention?

That someone in the real world will think: "Mmmm… some bargains to be had a Goodison Park... Look, Gomes can be picked up for £10 million, he's a star, what a season he had."

Very optimistic, Tommy, very optimistic indeed.

Tommy Carter
21 Posted 31/05/2022 at 12:56:20
@20 Andy

Sorry Andy. But we are talking about many individuals who are international players.

We are talking about a collection of misfits who they've tried to make a team out of. Doesn't make them bad individual players but their qualities when brought together as a team are lacking. But they could be useful additions to many teams that already have a system and spine in place.

Absolutely Yerry Mina would suit a club in either Spain or Italy. He is not built for the rigours of a Premier League season. That is abundantly clear. But elsewhere in Europe, he may find a place where he can play his best football.

Gomes is another player more suited to playing in a continental league. Technically a very good player and with a decent engine. But he is lacking in pace for the premier league and is often overrun in our game. With the time and space to suit his game, there's obviously a gifted player there.

Gbamin was wanted on loan in Moscow and by all accounts, he's done well for them. To ask them to part with £5M for his permanent services is not that unfathomable.

Keane is reportedly wanted by West Ham and for £10M they would get a decent centre back who on his day, in a rigid system and with a bit of confidence can be a good player. He's better than Craig Dawson put it that way. He's the kind of player who'd flourish under Moyes as we well know.

Moise Kean has many suitors. I don't see achieving £20M for him being any kind of problem.

Likewise £10M for Allan who I'd expect to return to Italy and £15M for Gray who would improve any of the teams that have just been promoted.

Someone would pay £5M for Tom Davies…

Tony Everan
22 Posted 31/05/2022 at 13:09:57
Tommy, some of your valuations I think are realistic. Gomes's wages though will temper any fee, he's on £100k plus a week. That's still £10 to 12M of wages we are tied to paying him.

I think a free transfer with the buying club taking on his wages is possible but still may be optimistic. Even that deal would free us up some wages headroom and offload a player that is virtually completely ineffective in the fast-paced Premier League.

Tommy Carter
23 Posted 31/05/2022 at 13:27:29
@22 Tony

Agreed. Depends what is the best way to present the finances. Whether that be get a fee in and then continue to pay some of his wage. Even if we pay him £50k to be elsewhere and bring in someone young and hungry on £20k a week then we'll be saving money. Mad as it is.

Steavey Buckley
24 Posted 31/05/2022 at 13:49:02
This is when Frank Lampard starts to really earn his money by recruiting players who can take Everton forward without breaking fiscal restraints.
Will Mabon
26 Posted 31/05/2022 at 13:52:43
Steavey, that might fall more to Thelwell.

We'll have to see how that all works out. Better than past efforts, I hope.

Steavey Buckley
27 Posted 31/05/2022 at 14:05:13
Two aspects which will encourage recruitment: the financial package and players wanting to play football under Frank Lampard's leadership. The rest is just insignificant.
Barry Rathbone
28 Posted 31/05/2022 at 14:26:59
"Whilst Everton had a relatively healthy £66 million in the bank in June 2021, continued negative cash flow and the huge capital expenditure on the new stadium at Bramley-Moore Dock, despite Moshiri's commitment of a further £242 million this year, when considered against up to £130 million of external debt, there will not be huge sums available for player acquisitions. "

The elephant is not only in the room but rampaging through our future

Ed Prytherch
29 Posted 31/05/2022 at 16:28:38
Tommy #13 your list is unrealistic. We have been trying to move players during each of the last few windows and we have only managed a small fraction of this number.

We have subsidized the loans of players like Walcott and Gbamin and let go for free the likes of Schneiderlin. No team in their right mind is going to give us anything for Gbamin and it will be hard to find one who would pay Yerry what he is on with us.

When I look at the crazy fees that we paid for some of these players, I can't help but wonder if someone at Everton benefitted from the deals.

Jack Convery
30 Posted 31/05/2022 at 16:43:27
Never in the field of human history has so much been spent on so many for so little. Then there is Seamus Coleman.
Raymond Fox
31 Posted 31/05/2022 at 17:03:18
While I don't agree with keeping players that want to leave, selling our best players means we may never move out of mediocrity.

It's okay saying we will have so much through sales but, if the past is any guide to the quality we might buy, we will be an even worse team than the season just passed.

Dale Rose
32 Posted 31/05/2022 at 17:15:23
Robert Tressel 7.

Good post. I think with a younger consistent squad, and a couple of mid table finishes we could be on the way. I believe Lampard and his team can achieve that.

Andrew Ellams
33 Posted 31/05/2022 at 17:29:07
Tommy @ 21

Sorry Andy. But we are talking about many individuals who are international players.

But they're crap, that's why we are were we are.

Clive Rogers
34 Posted 31/05/2022 at 19:09:52
Our financial situation will never improve with the same people running the club.

Moshiri seems to have given up and wants to sell to save his diminishing wealth which has gone down by £1.2 billion. He only attended one game all season. The club is being run by Kenwright and Barrett-Baxendale, two amateurs. There is simply no comparison with the experience of the people running Liverpool.

Chairman Tom Werner is an American tv producer turned businessman. He invested in Fenway Sports then bought in to the Boston Red Sox, becoming chairman. They won four World Series under him.

CEO Billy Hogan is also a top American businessman with a track record of turning businesses around into high profits. He renegotiated a kit deal with Nike which gives the club a tremendous income compared to ours.

Kenwright was quoted last year of saying “I haven't a clue about business” while Barrett-Baxendale is an ex schoolteacher and charity worker with zero business experience. There is absolutely zero chance of these people turning the finances around.

Kenwright has a full-time commitment in London meaning he is a part-time chairman. Everton will never progress long term until the finances improve and there is no chance of that with two clowns at the helm.

Mal van Schaick
35 Posted 31/05/2022 at 19:32:52
Clive #16. Thanks, I didn’t know his wealth had plummeted and now I understand that he may want out of the club. It’s obviously a wait and see scenario.

As for transfers in and out, there are so many permutations, it’s a conundrum.

It’s clear that there will be players in and out, I just hope we keep our better players, offload the rubbish and have different players in our squad for next season.

Bill Gall
36 Posted 31/05/2022 at 19:43:25
The only player worth anything in the transfer window we could let go is Richarlison. Calvert-Lewin had a poor season but most of it was down to injuries and trying to get back to full fitness. I still think we should keep the spine of the team with Pickford, Mina and Calvert-Lewin.

Man City, if it is true, have already seen the potential in Branthwaite, so we should keep him along with Godfrey. The midfield is where we need strengthening and I would keep Allan and Alli, sell Doucouré. Go for Gallagher or his type of midfielder

Forwards, we have Gray, Calvert-Lewin and Gordon. After that, see what we can get for the ones who are saleable and start improving the squad with a dominant centre-half and a quality midfielder.

No_one expected Everton to be fighting against relegation with just a couple of weeks to go. But, as shown, this was the culmination of poor corporate management down, and the last manager to be fired was just the icing on the cake.

The starting 11 at the start of last season was not poor, the problem was in the squad, and that meant, when people got injured, we never had replacements for that position and it meant readjusting the formation to suit the injured player; get another injured player and that made it worse.

Lampard and Thelwell have to come to an understanding of what the system or type of play will be that will be used all through the club's academy to develop young players in the positions they are most comfortable with. So we have a player that is used to playing in a position of an injured player.

Not being able to watch the academy, I have to rely on other supporters' expertise on up-and-coming young players, but I believe we have enough young players that can come through.

The club can then start trimming the saleable players' wages and deadwood to start bringing the club back to a more stable financial position to gradually improve the first 11.

Mike Gaynes
37 Posted 31/05/2022 at 20:03:07
Mal #35, for months now, Clive has been posting varying versions of the claim that Moshiri "wants to sell to save his diminishing wealth which has gone down by £1.2 billion."

There is zero evidence to support this assertion. I strongly suggest taking it with a large grain of salt.

Clive Rogers
38 Posted 31/05/2022 at 21:50:07
Mike, 37,

On the Sunday Times rich list, published about 3 weeks ago, his wealth is down to £1.7B having been £2.9B previously. He attended one game last season and it has been widely reported he is looking to sell, which may not be a bad thing.

Bill Gall
39 Posted 31/05/2022 at 22:39:52
Clive #38.

It depends on who you believe.

According to Forbes, who keep track of billionaires, Farhad Moshiri is #1196 on their list and, as of 30 May 2022 (ie, yesterday), his real-time wealth was listed at $2.95 billion.

Laurie Hartley
40 Posted 31/05/2022 at 23:40:48
About Farhad Moshiri. If my memory serves me correctly😉 he was worth £1.2 billion when he bought us. That is about $1.5 billion USD so whichever version of his current wealth and recent losses is correct it appears to me he is still miles in front of when he arrived on our scene.

My perception of wealthy people is that many of them have the peculiar ability to take a hit and bounce back from it.

The stadium is going ahead in leaps and bounds so it may be that he will decide to stick. Who really knows.

If he does decide to stick I still maintain, as I said above, he had better get someone who does know “about business” to run the club. In that event he could be whistling Dixie in a couple of years from now.

Don Alexander
41 Posted 01/06/2022 at 01:12:42
The facts regarding Moshiri are obvious, After subjecting our club to 20 tortuously mundane years, Kenwright identified a klutz with more money than football sense and became hugely rich as a direct consequence. Our club has plumbed new depths though.

The following was published on ToffeeWeb 12 massively more depressing years ago than now. I plead with folk to read it. Neither Kenwright nor anyone else inside Everton has ever challenged its integrity… and yet some of us, including that wazzock in Monaco, still just refuse to see where the heart, lungs and "brain" of our problem lie.

"I'm more concerned about Everton" – By Colin Fitzpatrick, 14 October 2010

Congratulations to the esteemed, by me at least, author by the way!

Laurie Hartley
42 Posted 01/06/2022 at 01:55:32
Don #41,

I read it and here we are 12 years later. So how do you see things changing?

That is a genuine question by the way.

Clive Rogers
43 Posted 01/06/2022 at 09:15:06
Bill, 39, the Forbes figure has been on that amount for about 12 months even though he has left Usmanov and USM during that period. The Sunday Times list was published this month so I would take that as being up to date.

Something has certainly changed as we have to sell before we can buy after spending only £1.7M last summer.

Tom Harvey
44 Posted 01/06/2022 at 13:39:57
I'm going to take a "Glass is half full" attitude about our current prediciment.

We are now forced to do what we should have done in first place, that's simply implement a value adding sustainable recruitment strategy managed by professionals while moving towards being a younger squad that is properly coached and motivated.

This is presuming Mr Bean (our owner), the greatest theatre impresario ever (and Everton fan!) and a best mate of Vladimir Putler stay away from player recruitment.

Jerome Shields
45 Posted 01/06/2022 at 23:30:46
Back to reality after having survived the threat of relegation. It was always going to be a difficult Summer, transfer-wise. A continuation of last Summer and the January transfer windows.

I suspect in a transfer window the players we would expect to raise funds may not realise the values expected. Lampard is going to have to get a better tune of what we have got. Iwobi has improved, and Mykolenko has been a good buy.

Maybe something can be done with Keane and Holgate. Branthwaite may improve and Godfrey will be fit. We can't be dependent on Mina.

Kenny looks industrious at right-back, but we do need someone to replace Coleman. Parkinson was brought in for that reason, and will have to be tried.

It's in midfield that the big decisions have to be made. Dele Alli will cost Everton about £10M next season. Maybe Paul the Esk has a better breakdown of this option. I do think Frank could do something with him. We do have the return of Davies.

Van de Beek will want back to his former boss, though I think he would be better off at Everton. He for me has proved a one-dimensional player and will find it difficult in the Premier League.

Both Allan and Townsend will stay as backup and alternatives in tactics. Gomes hasn't impressed. Gray hopefully finds more form.

I do expect Richarlison to stay and younger forwards to come through and be tried. Calvert-Lewin is a conundrum, never quite reaching his promise, so I expect competition to be brought in for his place.

So, we need an additional midfielder and an attacker. I think that Frank and his team will be working on what they have already developed with the aim of consistency and cutting out errors.

The big difference next season will be fans behind the manager they selected and the absence of a go-slow for 2 months in the heart of the season. Maybe a few more changes in the backroom staff may be in the offing; good if it is so.

Slowly but surely, Everton may progress on a tight budget. We surely can't have a another season like last season where everything including the kitchen sink was thrown at the Club.

Thanks for the informative article, Paul the Esk.

Jerome Shields
46 Posted 01/06/2022 at 23:39:39
I didn't mention Doucouré, but I think he will benefit from a more settled season.
Don Alexander
48 Posted 02/06/2022 at 01:05:52
Laurie (#42), you ask me what can be done having read the piece I re-posted at #41, published as it was by this august site all the way back in 2010.

Nobody from within our club has ever responded to the swingeing attack it spells out in enormous detail against Kenwright, never mind legally challenged it as untrue.

I therefore consider it unarguably supports my near 20-year contention that, with Kenwright in the heart of our club, we'll never win an egg-and-spoon race against children, never mind a trophy in professional football.

The fact that he sold out, whilst retaining day-to-day running of our club, to the world's most egotistical, delusional football billionaire, is to him, I've no doubt, his greatest achievement.

Kenwright and his entire family are thereby fabulously wealthy for the next generation or two, whilst we as a club were completely fucked by him from the day he took over, right through the Kings Dock fiasco, and the true crisis outlined in 2010 and, beyond, to tracing Mr Bean in Monaco from where things have plunged to massively worse depths, already killing any optimism for the next two seasons minimum.

Kenwright is still the unhealthy flaccid heart of our club.

Players, managers, coaches and the like may well be in tip-top nick when he signs them (acknowledging that almost all stop being top nick the day after he signs them) but, whilst they're important organs in their own right, they all depend on a healthy heart to have even a chance of thriving.

Having Kenwright in charge, supported by Moshiri, and the plethora of more minor club employees and coaches, who must kowtow to the pair of them to stay employed, I cannot have a hope in hell that there is any realistic way to expect even a top-half finish, never mind a trophy. There's way more than 20 years of unarguable evidence to underpin me.

Just how we get rid of the parasites, clowns and crawlers is unknown to me though.

Other clubs manage it, however – not least them across the park in that same 2010, after just 3years of owner and boardroom bullshit from Hicks & Gillet (neither of them having been even close to Moshiri and Kenwright when it comes to the term "bone-headed").

Brian Murray
49 Posted 02/06/2022 at 04:54:13
Don. As much as we loathe the kopites fair play to them they won't sit on their hands if they even see a hint if their club stagnating whereas our happy clappers almost welcome it as long as we survive. Different worlds different mentality.

As you say it all comes from the top or running of the club. Just hope Frank and his coaches don't cotton on soon. Most of ToffeeWeb in fairness seem to be the exception to the rule but obviously not enough.

Jerome Shields
50 Posted 02/06/2022 at 09:58:08
Don #48,

You are right: Kenwright is the main source of Everton's recent decline, more interested in self-preservation with his every move to achieve that. Unfortunately, that will continue, but the immediate problem is Everton's survival in the Premier League – not to is total disaster.

So we have to work with what we have got, a young manager, a new season, building on and improving Frank and his team's style of play and the flaws against it.

Even since January, the Strategic Review has placed old boys or Everton DNA throughout the club, fan protest has been met by a Fan Advisory Board to the Board's agenda, so the self preservation can continue. Even the base of should Everton survive relegation has been covered by the announcement of a 'Bright Future' and 'Smart Thinking'.

Other clubs are in a similar position, but not to the extent of Everton, though they are getting there. But they will all, including Everton, carry on making the best of a bad job.

Laurie Hartley
51 Posted 02/06/2022 at 12:20:31
Don # 48 - your repost from 2010 is a horror story that has continued. Thanks for responding - I haven’t got a clue what can be done about it either.

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