Part II of the review and analysis of Everton Football Club Company Limited Annual Report and Accounts 2022-23, released and published on 31 March 2024

For a more general overview of the Everton 2022-23 accounts, please refer to Part I, here

Part II provides details of the Director’s Report and the Auditor’s Report, accompanying notes, Moshiri’s funding, third-party funding and stadium costs and financing. It should be noted at the time of writing (and publication), the Everton Stadium Development Company Limited Accounts due on or before 31 March 2024 are overdue.

Director’s Report

Under Section 415 of the Companies Act 2006, directors have a duty to provide a Director’s Report for each financial year. Under section 417, among other duties, the directors must provide a business review which must contain:

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(a) a fair review of the company’s business, and (b) a description of the principal risks and uncertainties facing the company.

The review requires a balanced and comprehensive analysis of (a) the development and performance of the company’s business during the financial year, and (b) the position of the company’s business at the end of that year, consistent with the size and complexity of the business.

The Director’s rreport in this year’s accounts is largely identical in its wording as to the previous year. The directors recognise the Group may “have to seek further funding from its majority shareholder (Farhad Moshiri) or the prospective new shareholder”.

As a result, conditions:

Indicate the existence of a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern

Regardless, based on expectations of cost savings, revenues and future financing, the directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.

Auditor’s Report

Under Section 495 of the Companies Act 2006 a company’s auditor “must make a report to the company’s members on all annual accounts of the company”. Included within the Auditor’s Report is the requirement to “include a statement on any material uncertainty relating to events that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting”.

This auditor’s report indicates “that a material uncertainty exists that may cast significant doubt on the Group and the Company’s ability to continue as a going concern.”

The Group and Company’s auditors are Crowe UK LLP. Their report is dated 14 January 2024.

Both the Director’s Report and the Auditor’s Report point to the notes attached to the Report and Accounts, particularly referencing Note 1c in the financial statements.

Note 1c

Note 1c can be found on page 21 of the Annual Reports and Accounts.

There are specific details which need to be drawn to attention:

  • As at 14th January 2024, 777 Partners had provided £142 million of financial support
  • Cash flow forecasts are based on two scenarios (i) securing Premier League status (ii) relegation to the Championship
    1. If Premier League status is secured, a cash injection is required in Q3 2024, i.e. in the three months beginning 1st July 2024
    2. If relegated, a more significant cash injection is required in Q3 2024. Additionally the club would review its cost base, trading strategy and defer planned discretionary spending

Some of the financing facilities secured by the Club include a covenant that assumes the club will stay in the Premier League. In the event of relegation, whilst funders have indicated they remain supportive there is no contractual commitment that there would be a waiver of the condition that requires (as per the contract) “a material repayment of debt”

Note 1c notes the agreement between Farhad Moshiri and 777 Partners and expects closure in “early 2024″.

Neither the current majority shareholder, nor 777 Partners could formally commit to providing a letter of support for ongoing financial support.

Contrary to several previous communications from the club and its officers, the auditors report confirms that with regards to the funding of Bramley-Moore:

"the Club is yet to secure legally binding facilities (as at 14 January 2024) and the facility is not yet guaranteed."

Note 1c concludes “the above conditions indicate the existence of a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern.”


Farhad Moshiri’s funding of Everton Football Club included (i) £70 million of funds in the year ending 30 June 2023. His total funding remains at £750 million, £450.75 million of which is unsecured, interest free debt requiring a mutually agreed repayment date (treated as equity within the accounts).

(ii) In addition (as referenced in note 22 – related party transactions, Moshiri provided an interest bearing loan of £22.5 million. Although not specified in the accounts, this loan forms part of the facility provided by MSP Sports Capital.

Third Party Funding

The accounts confirmed the following third party, commercial funders:

Rights and Media Funding: Three facilities, namely a 5 year, £150 million facility; a 3 year facility £52.66 million and a 34 month facility of €28 million. From previous reports in the public domain these loans are charged at base rate plus 5%.

Metro Bank: A CLBILS (Covid) facility, originally £30 million reduced to £11.25 million at 30th June 2023

777 Partners: £142 million as at 14th January 2024

MSP Partners: £158 million (not included in the Everton Football Club Company Limited accounts, but by reference to the Premier League conditions placed on 777 Partners)

As per numerous media reports, 777 Partners have pledged to increase their lending to Everton to circa £200 million at the time of writing.


It almost doesn’t require saying but the financial condition of Everton Football Club is frankly absurd, and testament to the atrocious management of the club by Farhad Moshiri.

Despite his £750 million investment in the club, the club currently has circa £580 million of external debt (excluding Moshiri’s shareholder loans £450 million). It has not secured long term and complete financing for Bramley-Moore. It continues to require monthly additional loans to meet its expenses and its tenure within the Premier League remains perilous. Add in Moshiri’s choice of potential purchasers of his shares, unable, to date, to meet the conditions for Premier League approval and there is no wonder at all as to the severity of the warnings (and appropriateness of those warnings) as to the club’s future.

Part III will conclude this series and focus on the Everton Stadium Development Company Limited Accounts when available. Cash spent on the stadium in the last two years (to 30 June 2023) totalled £404 million

Reader Comments (94)

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David Cooper
1 Posted 02/04/2024 at 19:30:12
Although we have known how derilect Moshiri has been for at least 3 years now. Aided by Bill K either consciously or lacking power to change what Moshiri was doing, we know see it in black and white. How was Blue Bill conned by Moshiri and Usmanov into thinking these two crooks were going to change Everton’s flagging fortunes? Conned into building a stadium that relied almost 100% on Russian money.
How was this allowed to happen? Surely even the PL can see that Evertonians have shouted loudly about where this was going to end but allowed EFC to dig its own grave and inflict enough points deduction to see that we all pay the price of relegation.
Only us Blues are going to feel the pain of relegation. Moshiri will be gone. Dyche will be gone. Onana, Braithwaite, Pickford and DCL will be gone. Colin Chong will have a half finished new stadium and no money to finish it. Will we avoid administration and start next season with a -9 point deduction.
Sorry to sound so negative but this last set of accounts, the utter lack feeling for the fans has broken me.
Tony Abrahams
2 Posted 02/04/2024 at 20:35:46
All these years I’ve been blaming Bill Kenwright, and I’ve just realized he was conned!
David Cooper
3 Posted 02/04/2024 at 21:28:01
Tony, I know BK can be blamed for many things. He can be blamed for embarking on building a stadium where 85% of the money comes from an unknown source. Yes he should have been more careful rather than play “Russian roulette” with our club. But I think his desire to end his days with a new stadium got the better of him so we end up with Moshiri.
Ed Prytherch
4 Posted 02/04/2024 at 21:59:40
BK died a rich man from what he got from Everton, much of it from Moshiri & Usmanov. He wasn't conned.
Ken Kneale
5 Posted 02/04/2024 at 22:10:17
David - he was conned all the way to the bank - he knew exactly who he was seliing to - he told us all he looked for long enough and missed other business opportunities for the club by his insistance on being left de facto in charge. To suggest he was conned is highly inaccurate. The only people conned were us by Bill himself
David Cooper
6 Posted 03/04/2024 at 01:09:59
I guess we will find out how much Bill was worth when his will is read. Did he have any shares at the time of his death? I still find it hard to believe he was conniving with Moshiri and Usmanov to take us to the cleaners!
Mark Taylor
7 Posted 03/04/2024 at 01:26:39
Wow, so I make that £1.3bn of value reduced to, what, £300m? Get relegated and/or more points deducted and a lot less. Impressive value destruction.

I realise other options exist with a reasonable chance of happening but my money is on us going under. And I won't lose as much money betting on that than our investors have

Ed Prytherch
9 Posted 03/04/2024 at 02:30:44
I don't understand why 777 partners have poured in so much when they will lose much of it if we go into administration. Could it be a game of chicken between them and the other creditors and 777 want them to deeply discount the debt?
Jamie Crowley
10 Posted 03/04/2024 at 02:49:13
I wonder what the bookies would put the odds at of us going into administration?

I mean, this is simply ugly beyond explanation. We are in debt up to our eyeballs, and because of that we aren't a good investment in the least.

The smart money is waiting for us to declare bankruptcy, then swoop in and buy Everton at a ridiculously low price by Premier League standards.

We aren't a financial mess, we're a financial nightmare!

Pray to God 777 can't meet the Premier League requirements placed on them, and MSP ends up with the majority of the shares. If so, we have a chance at surviving.

Hindsight being 20-20, could we really afford BMD? Will we get any ROI from BMD? Should we have poured a few million into renovating Goodison?

Kieran Kinsella
11 Posted 03/04/2024 at 03:38:43

Earlier last year you had projected we would make a profit for 22/23. Then in July you said you’d suggested we might break even but had sadly revised your figures — even though you had suggested we wouldn’t break even but actually make a profit.

So while I agree with the general tone of your negativity and criticism of Mosh, Kenwright etc. I’m afraid I can’t look at your numbers any more and believe you’re in the know or on the ball when your initial projection of profit turns out to be a near 100 million pound loss. That’s a pretty big discrepancy mate. Imagine how the markets would react if analysts projected a company to make a profit then it lost almost as much as its allowed to lose in a 3 year period in just one year? Sorry mate but your analysis doesn’t cut the mustard.

Jack Convery
12 Posted 03/04/2024 at 07:06:33
Not being a financial wizard – I had trouble understanding the annual mortgage statement and don't get me started on the monthly energy statement – have we been a front for some type of money laundering.

Not making an accusation but something has been going on for this mess to occur or is my perception suspect?

Colin Glassar
13 Posted 03/04/2024 at 08:02:28
KK, I’m sure his heart is in the right place but I find it difficult to believe he’s some financial guru and ITK.

I hope DBB enjoys her multimillion golden handshake. Disgusting.

Tony Abrahams
14 Posted 03/04/2024 at 08:33:59
I think Bill Kenwright, fulfilled all his desires and made plenty of money along the way David, so it was just very unfortunate for the man that he was conned🤑
Pete Neilson
15 Posted 03/04/2024 at 08:37:02
Yes £2.5m to DBB the reward for complete failure and another substantial hit to the accounts. Hard to believe that under three years ago awards for exceptional business leadership were being given, wonder how bad the other nominees were?
Charles Ward
16 Posted 03/04/2024 at 09:15:10

Paul the Esk is no Nostradamus and his financial projections/predictions need to be taken with a barrel of salt but at least he tries to explain the latest round in our spiral to bankruptcy with some clarity for those of us who are not versed in business accounts.

Whilst DBB was flaunting her honorary professorship and overseeing the decline of our club the RS appointed a hard nosed businessman, Peter Moore, who in the few years he was there oversaw PL a and Champions League success.

Competent financial and senior management is what we need. No more phonies and cronies.

Ian Horan
17 Posted 03/04/2024 at 09:26:25
I find it strange that people are pointing fingers at Paul the Esk. Paul can only do appraisals and assumptions based on the information at hand. I for one am grateful for Paul’s efforts to inform and educate all on these forums. The next set over accounts are going to be just as painful. Revenue has dropped and we have deferred payments of £30 mill Beto and £15 mill Chermiti. Buckle up all it’s a long road ahead to our salvation
Mike Hughes
18 Posted 03/04/2024 at 09:26:39
Regarding the running of the club and DBB's pay-off, it is interesting to look back at the following thread from 18 months ago:

Is Everton's Strategic Review working one year in?

Comment #5 was mine.

I'm no business guru but couldn't we all see where this was going?

Little Miss Dynamite! My arse.

Dave Abrahams
19 Posted 03/04/2024 at 09:50:32
Pete (15), Thanks for the link.

The comments section were the most interesting, I wonder if any of them have changed their minds since about Mrs. Baxindale.

Paul [The Esk]
20 Posted 03/04/2024 at 09:56:31
For those commenting on my projections – often made many months if not a year ahead of release of information – I would say this:

Everton are a private company. Getting current up-to-date information is a hugely difficult task and given the number of senior financial journalists, industry figures and investors who privately seek my opinion, they have some value to many.

In previous day jobs, I have had highly paid analysts backed by huge investment banks offer projections that are as accurate or inaccurate as mine on public companies that have to present financial data on a quarterly basis.

I do this as a hobby in my spare time (i) because (sadly) I find it interesting and (ii) there's a huge information gap that is rarely filled by professional journalists. Sports finances is still very much a niche and media companies provide minimal resources especially when, in the grand scheme of things, Everton are a bit of a side show.

So it's caveat emptor with my figures and opinions, although "buyer" is hardly appropriate given I never charge for my content.

Jarmo Rahnasto
21 Posted 03/04/2024 at 10:35:13
Only have one question. Do we have any real hope of surviving this?
Brent Stephens
22 Posted 03/04/2024 at 10:39:50
Not having an accounting / finance background, I'm grateful for any specialist presentation and analysis of official reports. And for any subsequent comments by other people similarly qualified. I can then arrive at my own "informed" opinion. So, thanks to all.

I'm less concerned about projections - they're informed guesses, with the usual caveats, no more, no less. What I am concerned about are the possible dire consequences of the numbers we do have. Combine the current dire financial situation, which involves a worsening trend, with the prospect of further points deductions in the next few days, and the uncertainties about future (and current?) ownership - then I'm seriously concerned about our future survival.

A variety of projections / predictions, based on a variety of scenarios about finances, sanctions, future ownership, etc.

Brian Harrison
23 Posted 03/04/2024 at 11:01:46
Paul 20

I think when official bodies such as the OBR often get their calculations wrong I think for someone to critisize your figures which you do voluntary is a bit disappointing. As you rightly point out getting financial information from a private company like Everton can be extremely difficult, and I take your figures as your best guess on limited information.

What I would like to ask is you say we had a Covid facility from Metro bank for £30m reduced to £11.25 in June 2023. Do you know who paid off the £18.75m

My other question is you say our loan from MSP of £158m is not in the accounts, but by ref to the Premier league conditions on 777 partners. I don't understand why this loan isn't in our accounts and why has the MSP loan anything to do with 777.

Paul [The Esk]
24 Posted 03/04/2024 at 11:07:49
Thanks Brian (#23) The Metro loan was at 30m June 2021, dropped to 26.5m at 30 June 2022 then 11.25m June 2023.

If the MSP loan is not repaid by 777 (or someone else) by mid April MSP can take control of Everton Football Club through acquiring 67501 shares from Moshiri (part of the security arrangements MSP have in place). The 777 bid then fails (i) because MSP have control (ii) they failed to meet the PL conditions

Brian Harrison
25 Posted 03/04/2024 at 11:25:22
Thanks Paul, I certainly wasnt aware and I am sure most Blues werent aware that if an owner albeit 777 or someone else doesnt get the the OK from the Premier league before mid April then Moshiris share are transferred to MSP. Now forgive my ignorance but should the Moshiri shares be transferred to MSP does that put off the possibility of administration as MSP would effectively own Everton. Or have I completely mis understood what you are saying.
Paul [The Esk]
26 Posted 03/04/2024 at 11:36:51
Indeed Brian, as long as MSP are prepared to fund short term and have longer term financing options available to them (which I am confident they have).

I cover much of it here:

Ian Wilkins
27 Posted 03/04/2024 at 11:41:35
Paul, thank you for the information and analysis, much appreciated.
As you say there is very little quality financial information to consider.
For clarity I wasn’t questioning your previous posts on the last thread ( in case you thought I was), but I was interested to hear your view on an estimated adjusted Loss figure for PSR purposes.
I guess we will find this out when the Independent Commission reports but the range being suggested from multiple sources is all over the place.
Keep up the good work.
Paul [The Esk]
28 Posted 03/04/2024 at 11:45:43
Thanks Ian (#27) no need to clarify your comments mate. FWIW I fear the deteriorating trend for 22/23 is going to be an aggravating factor - it might appear to the commission that we are repeat offenders with worsening behaviour
Nick Page
29 Posted 03/04/2024 at 11:57:30
“I really don’t blame the manager staff or players
This situation they find themselves in goes back 10 years
When they said top 10 was ok
No ambition
We were sleep walking into mediocrity
Whatever happens now is down to the chairman and owners we have had”

Neville Southall

Nev was out by 20 years or so but every single person who supported Kenwright either in or out the club should be absolutely and utterly ashamed of what they’ve enabled to happen to this football club. Shame on them all.

Clive Rogers
30 Posted 03/04/2024 at 11:59:49
As far as I’m concerned it was Kenwright who conned Moshiri with his “Everton are a well run club that just need a cash injection”. “What would Everton do, they always get it right”. Kenwright was the ultimate conman. You couldn’t believe a word he said.
Pete Neilson
31 Posted 03/04/2024 at 12:08:49
Paul thanks for this article and the many others you’ve put together analysing the financial side of the club. As you say this is a huge topic not covered by other media channels and I’m not aware of anyone else who puts this level of attention on it. Your work is appreciated. Cheers.
Graham Fylde
32 Posted 03/04/2024 at 12:17:54

I too appreciate the digging and the diligence you show with the numbers. For people who want to find a little more context, I suggest listening to your podcast where your two contributors ask all the sorts of questions a less number smart person might.

Given the fact that we now have 3 three creditors with upwards of £150m staked in EFC, that none of them will want administration (including MSP, notwithstanding their money being against the stadium, who will not want the vagaries of someone pulling us back out of administration), isn't it reasonable to assume that if 777 fail there will be some kind of compromise arrangement, led by MSP, to secure each creditors position. Maybe including equity for debt?

Dave Abrahams
33 Posted 03/04/2024 at 12:22:08
Paul (28),

Do you think we could get some time off after we tell them we have got rid of the worse offenders?

What was your opinion of the late Chairman? If you don't wish to talk about the dead, I will understand.

Paul [The Esk]
34 Posted 03/04/2024 at 12:30:15
Thanks Graham #32 especially for plugging Talking the Blues with the Salfordian Costigan brothers. :)

Ideally a compromise position should be sought but there are real issues in reaching this, including do MSP want to commit longer term to the Everton "project"? Who funds the short term cash requirements & who funds the remaining stadium expenditure?

Whilst it's not impossible that suitable answers be found to each of these questions, it's not a given neither by any means.

Paul Birmingham
35 Posted 03/04/2024 at 12:40:47
Hi Paul and thanks again for a very comprehensive assessment of the financial cesspit that is Everton FC.

In summary, if MSP don't get their loans back by the middle of this month, then by default do they take ownership of Everton, and therefore become the new owners of Everton FC and all the current debts for the opex and capex for the day to day running of Everton FC and the new stadium?

Thank you.

Danny O’Neill
36 Posted 03/04/2024 at 12:42:17
I'll have a stab at that one, Dave.

I think initially his intent was well meant, but he gradually became out of his depth.

He should have gone at the very latest when he backed the wrong horse and hung on to the very end.

I'm not speaking ill of the man as I never knew him, but his stewardship of Everton has put us in the position we currently find ourselves in.

And I simply will never forgive the headlockgate situation when the few privileged turned on the people that keep this club going with their false accusations.

There you go, Dave!

Mike Doyle
37 Posted 03/04/2024 at 12:45:20

Like you, over the years, I have worked in large companies where it is extremely difficult – even as an employee with access to partial information – to accurately project how a year will work out. The running joke at one was that we relied on The Evening Standard's financial section to find out how we were doing!

Working as an outsider, I think the general perspective you manage to deliver is remarkable – and far more instructive than the (lack of) information the club provides. On behalf of those of us who value your output – please keep going.

Apparently our club has a Communications Officer! Any idea what they do all day?

Christopher Timmins
38 Posted 03/04/2024 at 13:18:58

Are you doing an article on yesterday's trip?

The going to and the coming from are often the most entertaining and interesting parts of your articles given the joyless stuff that you have to view.

Mark Murphy
39 Posted 03/04/2024 at 13:25:45
I remember my son getting all anxious when I explained how much we owe on our mortgage. I tried to explain it was normal but it's only recently, as he's trying to sort out his own mortgage, that he's beginning to understand debt.

My questions are:

1) Are Everton the only club in this position?
2) How abnormal is this for a large football club like Everton outside of the “big six”?
3) Will the new stadium at Bramley-Moore Dock fix all this in the long term?
4) How many Premier League clubs are operating without debts?

Paul Callaghan
40 Posted 03/04/2024 at 13:38:17
Paul, thanks for your assessments - much appreciated.

Sadly, I agree with you that trend is likely to be seen as an aggravating factor. However, I'm clinging to the hope that if we have breached the £105M, it is by a minor amount...

The 2018-19 adjusted loss of £59M drops out of the equation, so by my reckoning, an adjusted loss for last year of £40M or under would put us in the clear. However, that's assuming that T-2 is based on the mean of the two covid years. Do you know whether that's the case?

Ray Roche
41 Posted 03/04/2024 at 13:43:35
According to the BBC website Leicester are also chest deep in the shit. Weren't they part of the cabal intent on suing the kecks off us?

Dave @33,

Dave, I understand that some people are reluctant to “speak ill of the dead” but I fail to see why. I mean, no bugger's got a good word for Hitler.

Dave Abrahams
42 Posted 03/04/2024 at 14:12:04
Thanks Danny (36), Well you gave him an easy ride, Danny but that's your way I think.

Ray (41) Yes I understand that point of view and I'd be an hypocrite if I said otherwise because I have no trouble slagging a self-serving narcissist who looked after himself more than he did Everton FC but Paul (The Esk) might have a different way of seeing things.

As for Adolph, he wasn't all bad and he was a Catholic altar boy when he was young! And to think my church turned me down when I asked to join the altar servers, their loss!

Danny O’Neill
43 Posted 03/04/2024 at 14:27:04
Hopefully on its way, Christopher. I've submitted.

I only got home early this morning.

Next time we meet Dave, we can talk all day about history. Big passion of mine and I don't just mean Everton.

I hope you are well, Dave. I am tired!!

Paul Tran
44 Posted 03/04/2024 at 14:34:11
Yes, Ray, today's Guardian reports Leicester having an £89.7M loss, which means a fire sale in the summer and the book thrown at them. They have simply overspent and underachieved, which sounds familiar.

The relative lack of transfer action during the last window tells me that there are clubs close to the PSR limit.

Michael Lynch
45 Posted 03/04/2024 at 14:58:09
The Leicester situation is even more ridiculous than ours. They have sound financial backing and, in contrast to us, they actually managed to achieve great things, knocking the Sky Five off their perches.

But those great things come at a cost – the success was unsustainable without huge investment and any investment they did make will now be punished by the Premier League.

Probably an even better example of the rigged nature of football these days. It's impossible to break into the entrenched elite group of footballing brands for any length of time, the rules won't allow it.

Ian Wilkins
46 Posted 03/04/2024 at 16:20:41
Leicester's plight is likely to get a very public and sympathetic hearing courtesy of Gary Lineker and MotD pundits.

The PSR pitfalls that come from ambition and the closed-shop elite Premier League will get full airtime, something we failed to achieve.

Sympathy for Everton is I'm afraid significantly weakened by the complete financial mismanagement of our club by a few people, but principally Farhad Moshiri.

Alan J Thompson
47 Posted 03/04/2024 at 17:12:21

Many thanks for your articles but I don't think I've seen anything from the club as to how they might trade out of this position. Indeed, from yours above, they seem to be stating the opposite.

I don't see another 15,000 on the new stadium gate 20 times a season as being enough unless all players take a 50% wage cut and all play until Ashley Young's age.

If all it takes is the owners, whoever that turns out to be, to pour money in for additional shares, then why do Man City have a problem other than not being straight-forward and above board.

Russell Smith
48 Posted 03/04/2024 at 00:02:01
What I don't understand is why compensation was paid to Barrett-Baxendale and the other directors who resigned. They threw the towel in.

Everton did not sack them, so no wrongful dismissal case. Everton did not suspend them whist they investigated their dereliction of duty. They chose to leave. So the only conclusion was that they knew what chicanery had gone on behind the scenes and have been paid to keep quiet via NDC agreements.

They probably know full well that Moshiri was only washing Russian monies for his mate. On the financing of the stadium, didn't Moshiri state right at the start of construction that he would be both willing and able to fund the whole build if he could not secure alternative funding from elsewhere? Not sure if any of you on TW remember this or am I imagining it?

Christine Foster
49 Posted 04/04/2024 at 01:32:02
Russell, given the way lesser mortals are treated, in a normal business, if you resign, you are only entitled to your statutory payments. However, in many a badly run business, senior employees are rarely sacked but leave by mutual consent which 99% of the time means they want rid and will give the employee a golden handshake for signing an NDA.

Frankly, given her lack of additional experience and lack of qualifications for the job, her payoff was a disgrace. She may well have been under a fixed-term contract and was being paid to the end of the contract. However, we are not privvy to her employment contract and its early termination.

As far as I can see, she is not currently engaged but I doubt she will get anything like her last job.

The cost of early termination for managers and their entourage must be staggering and a major contribution to our current crisis.

Paul [The Esk]
50 Posted 04/04/2024 at 07:02:50
Shareholders should be reminded that they have a statutory right to inspect directors' service contracts
(section 229 Companies Act 2006). Given "reaonable notice" a company is obliged to give access to such.
Brian Harrison
51 Posted 04/04/2024 at 10:21:01

I found your piece about MSP acquiring Moshiri's shares if a new owner isn't in place by mid-April, really fascinating.

Now I know you went on to qualify although this is the case in all likelihood they wouldn't necessarily go ahead with this proposal and may just extend the loan facility.

What I find interesting is firstly why none of our local journalists or even any of the journalists on the nationals have mentioned this scenario?

By the way, I am not doubting you in the slightest over this.

Also I wonder why Rights & Media Funding would have allowed MSP to have such an agreement, as Rights & Media Funding allegedly blocked any takeover by MSP. So if they are aware of this agreement, wouldn't it give MSP ownership, which they were against when first mooted.

Paul [The Esk]
52 Posted 04/04/2024 at 10:45:08
Hi Brian, the security documents (the charge) relating to BHH and MSP are attached to the original version of this article on my own website ( - I am not sure why it's not been written about, certainly plenty of journalists have contacted me privately to go through the document and the different scenarios - I suspect once the Commission findings are announced attention will turn once more to Everton's ownership.

At the time of the MSP loan (end of May 2023) Everton were in desperate circumstances financially, the MSP loan was an absolute necessity. I suspect R&MF agreed to the security arrangements demanded by MSP. The conversion of the loan to equity was not part of the security arrangements and therefore MSP through their change of control clauses (i) had the right to object to the conversion and (ii) felt they could do so without impacting the club's finances. The charge on BHH is of course, entirely different and a backstop for MSP to protect the interests of their limited partners

Paul Tran
53 Posted 04/04/2024 at 11:05:34
I've not seen anything 'sympathetic' in the media regarding Leicester.

Just the facts that the owning family business (Duty-Free Shops) took a huge hit during the pandemic and that they overspent on players in the last 2 years and got relegated.

Brian Harrison
54 Posted 04/04/2024 at 11:05:51

Just a pity none of the journalists who have contacted you have bothered to even publish these accounts even though they are in the public domain as you say.

Obviously Michael Tabor, who owns R&MF, is a resident of Monaco, like Moshiri, so not hard to see how their involvement came about.

I think what this highlights is how far Everton have fallen down the pecking order as far as sports broadcasters or journalists are concerned. I would imagine if this was happening to our neighbours or the clubs along the East Lancs Road, this would be receiving a lot more attention.

When the news broke of Jim Ratcliffe entering the race to buy 25% of Man Utd, the BBC thought that was so newsworthy, they sent a journalist over to America to doorstep one of the Glazers as he was entering a restaurant.

So I thank you for keeping us Evertonians informed as nobody else seems to be bothered.

Jerome Shields
55 Posted 04/04/2024 at 11:44:25
Thanks, Paul, for your comprehensive analysis. I can't believe that Moshiri is running the show. He could not be that stupid even as an Accountant who as landed Everton in this situation. I think that there are ulterior motives. They are all getting paid handsomely even though Everton is and has been run so badly.

Philip Green has been and still could be advisor to Moshiri and Usmanov. He was also advisor to Kenwright and the accounts are of the nature of accounts he would have overseen.

The MSP situation is very interesting. Moshiri may be able to source the money required via 777 Partners and take the opportunity and fade into the background. Does gaining control by this method, either by MSP or 777 Partners, require Premier League approval, leaving Moshiri as a holder of shares and owed secured and unsecured debt?

Interesting that there is a Monaco connection with R&MF to a Monaco-based Financier.

Charles Ward
56 Posted 04/04/2024 at 14:59:22
I wouldn't place too much emphasis on Moshiri's Monaco links as the place is full to the brim with tax-dodging financiers.

As Somerset Maugham said “A sunny place for shady people”.

Paul [The Esk]
57 Posted 04/04/2024 at 15:36:10
Unfortunately, even the journalists that are interested (and there's a fair number) then have to fight for space with their editors and we generally come lower down the pecking order unless something significant or concrete happens.
Laurie Hartley
58 Posted 05/04/2024 at 03:42:20
For those of you who are interested in how we compare with other clubs in the financial stakes, this BBC article may make interesting reading.

Premier League clubs' £1B of losses in 11 charts

Ernie Baywood
59 Posted 05/04/2024 at 04:27:07
Interesting piece, Laurie.

Not least because on squad value and wages we're a mid-table side under-performing – the opposite of what seems to be stated as fact on here.

If this is what it takes for us to be crap, imagine what it would cost to be good!

Laurie Hartley
60 Posted 05/04/2024 at 05:51:35
That was my take on it, Ernie – I think the charts are very helpful for people such as myself, in getting the big picture.

In answer to your last question, maybe not that much, with the qualifier that good in my book would be what Phil Walling used to call “seventhish”.

Jerome Shields
61 Posted 05/04/2024 at 08:33:27
Charles #56

No one outside Moshiri's circle knows the full story regarding the Club finances.Moshiri whole finance setup and source is only partly known.So every connection is up for grabs as far as analysis of the situation is concerned. I agree with Somerset Maughan quote, but Monaco is very much a case of connection amongst it's small population of citizens.It will all come out in the wash anyway.

Jerome Shields
62 Posted 05/04/2024 at 09:24:49
Jerome Shields
63 Posted 05/04/2024 at 09:24:49
'Alisher Usmanov is connected to MSP Sports Capital as the main figure and key investor behind the investment firm. Usmanov's involvement with MSP Sports Capital signifies his significant role in providing financial support and strategic direction to the firm, particularly in their dealings within the sports industry. Usmanov's expertise, influence, and resources contribute to the operations and decision-making processes of MSP Sports Capital.'


Could explain R&MF objections.Moshiri has less worries regarding the MSP loan than expected. The loan could be a dig out.

Jerome Shields
64 Posted 05/04/2024 at 09:24:49
'Alisher Usmanov is connected to MSP Sports Capital as the main figure and key investor behind the investment firm. Usmanov's involvement with MSP Sports Capital signifies his significant role in providing financial support and strategic direction to the firm, particularly in their dealings within the sports industry. Usmanov's expertise, influence, and resources contribute to the operations and decision-making processes of MSP Sports Capital.'


Could explain R&MF objections.Moshiri has less worries regarding the MSP loan than expected. The loan could be a dig out.

Peter Quinn
65 Posted 05/04/2024 at 09:27:59
Paul can you help me on this. I see the 2021/2022 accounts were restated so the loss fell by £6million. What caused us to lose 6 points in the Appeal hearing is that we were £19.5 million over the £105 million loss figure. Should the fact we actually made losses that were £6 million lower not mean that we were actually £13.5 million over the limit. If that is the case maybe we should have received a penalty of 5 points and not 6 points? Any thoughts on this from an accountancy perspective?
Brent Stephens
66 Posted 05/04/2024 at 09:33:16
Staggeringly, Kieran Maguire shows* that between 2014 and 2023 Liverpool spent only marginally more net than Everton on total squad costs (transfer fees): Liverpool £395.3m; Everton £336.1m. Compare what has been achieved on the pitch!

Manchester United £1,196.6m total cost!

*Maguire is using the CIES Football Observatory report for the information, and it's included in his section on Total Squad Cost, so I assume it's a comparable measure.

Thanks Laurie, for the link.

Jerome Shields
67 Posted 05/04/2024 at 09:56:49
'However, due to his links with Alisher Usmanov, MSP’s decision to invest in the club may have been dealt a blow, with owner Moshiri becoming a “person of interest” to the Office of Financial Sanctions Implementation (OFSI).'

BBC Sport Mar2023.

There may be more to this than meets the eye.

Ernie Baywood
68 Posted 05/04/2024 at 10:04:40
Brent, it gets very tough to compare clubs in any defined timeframe.

Liverpool had invested in players prior to that period and therefore were able to sell. Suarez to Barcelona in 14/15 for example.

But generally, yes they've invested much more wisely. It's very expensive buying crap players.

Brent Stephens
69 Posted 05/04/2024 at 10:09:58
Ernie, yes, I take your point about time-frames. I thought the CIES figures were interesting as they go some way to taking a longer view than the one-season spend in Kieran Maguire's analysis.
Laurie Hartley
70 Posted 05/04/2024 at 11:40:36
Jerome - a ToffeeWebber consulting artificial Intelligence (ChatGPT?) for information – now that's a first.

When did you ask the question?

Charles Ward
71 Posted 05/04/2024 at 12:16:58
Brent @66,

Liverpool sold Coutinho for a staggering amount plus the likes of Ibe, Solanke and Brewster for more than a decent amount.

Mind you, we got good money for Stones and Lukaku which wasn't sensibly reinvested.

A question for Paul: What impact did our auditors refusing to sign off the accounts have on our plight?

Paul [The Esk]
72 Posted 05/04/2024 at 12:18:10
Peter #65,

Yes, had we capitalised interest costs as per the restated 2021-22 accounts, our excess over the PSR would have been £13.5 million.

Jerome #64,

Alisher Usmanov is not connected with MSP in any sense.

Bill Gall
73 Posted 05/04/2024 at 12:44:44
Thank you, Paul.

People tend to forget the amount of investigation by various countries that these Russian Oligarchs are under, and the punishments that can be applied.

Jerome Shields
74 Posted 05/04/2024 at 12:50:48
Laurie #70,

I put in an initial loss-phased question and did not believe the Usmanova - MSP connection that was brought up.

I then put in a more direct question, but by mistake spelt Usmanov's first name wrong. AI not only confirmed the connection, but told me that they had corrected my wrong spelling of his first name.

I then put in the direct question with the correct spelling and got the above. Somewhere in the world there is a direct reference to Alisher Usmanov's connection to MSP Sports Capital.

Ian Horan
75 Posted 05/04/2024 at 13:10:22
We are a victim of our “People's Club” mantra. The low cost season tickets, dad-and-lad tickets, the U11s season ticket, the OAP season ticket – thse must of impacted on our income streams over the years. The poor commercial deals.

Let's be honest, without Usmanov's companies sponsoring us, we had no unrelated football income. It's the perfect storm.

Danny O’Neill
76 Posted 05/04/2024 at 14:49:32
We have long been low in the revenue generation places.

Sorry to beat my exhausted drum but, for a club of our size, our marketing has been sub-standard. Our match-day revenue is way behind. We spend £55 on a ticket maybe buy a pie and pint, but otherwise we frequent the pubs around County Road.

I hope the club is going to grasp the opportunity with the Everton Stadium.

Ian @75. The Everton Heritage Society and Everton in the Community do great work, but I wish we would drop the "People's Club" label. It comes from an era where we evolved into plucky Everton.

No, we are Everton.

Apologies, no offence meant to anyone. I just don't like that tag. Never have.

Ian Horan
77 Posted 05/04/2024 at 15:32:20
Danny @76, I fully agree.

"The People's Club" is an EitC hook line in my opinion. Leave the EitC back at Goodison.

BMD needs to focused on football and NISI

Jerome Shields
78 Posted 05/04/2024 at 17:01:18
Paul the Esk #72,

I am only posting what I have come across. But did Alisher Usmanov sell his 30% holding in Arsenal FC to MSP Sports Capital? That was what was reported at the time and would suggest a connection.

Jerome Shields
79 Posted 05/04/2024 at 17:19:57

'Yes, Alisher Usmanov is an investor in MSP Sports Capital. His involvement and investment in the company have been reported by various reputable sources within the business and sports industries.'


Sorry Paul the Esk, no matter how many times I put in the question into AI the above or similar comes up every time. But it gets worse:

'Yes, Russian billionaire Alisher Usmanov is indeed an investor in 777 Partners, a private investment firm based in Miami, Florida. Usmanov is known for his various investments in technology, mining, telecommunications, and other industries. His involvement with 777 Partners showcases his diverse investment portfolio. If you have any more questions or need further information about Alisher Usmanov or 777 Partners, feel free to ask!'

Pete Neilson
80 Posted 05/04/2024 at 17:35:50
Our season ticket prices are pretty much in line with other clubs and all that I know of offer 65+, junior pricing etc. For example the often commented on Fulham £2k plus price doesn't allow for the fact their cheapest adult season ticket is cheaper than ours.

Any matchday revenue increase comes primarily from hospitality packages and not from pie and pint prices. It's why the BMD pricing upto now includes these meal packages.

Any idea that we're massively behind basic season ticket pricing is mistaken. As it is it's a good job it's not priced on performance and, God forbid, entertainment.

Danny O’Neill
81 Posted 05/04/2024 at 17:41:35
Sorry Pete, I have to dispute that.

We are 5th from bottom of the list. Way behind the rest of the league.

Roughly mid-table in cheapest.

Pete Neilson
82 Posted 05/04/2024 at 17:59:19
Danny any list I've ever seen doesn't account for number of seats sold at any particular price. So published highest and lowest prices don't help a great deal.

The only meaningful published number is matchday revenue and this will only increase significantly with spending inside the ground, particularly with hospitality packages.

Go to Man Utd, Liverpool, Chelsea and Man City nowadays and I see it's a day out with people happily spending £150 plus a head and a visit to the club shop, that's where the money is.

Danny O’Neill
83 Posted 05/04/2024 at 18:05:59
That's our challenge, Pete.

I've been to United many times and was at Newcastle this week.

We don't spend as much at Goodison as other clubs.

Our most expensive season ticket is just shy of £700.

Fulham's is going to be £3000. Tottenham and Arsenal's are close to £2000.

I appreciate we have to accommodate for our fanbase, but we need to figure out how to generate more revenue. It won't happen at Goodison, so it has to be a strategy for the Everton Stadium.

A balance to be struck in making sure the club stays close to the traditional support, but capitalises on the opportunity the new stadium will offer.

Pete Neilson
84 Posted 05/04/2024 at 18:21:37
Danny, as a closer-to-home example my brother is paying £760 on The Kop next season. I'll pay around £720 in the Main Stand.

Pricing is complicated and can't just be a comparison against highest London pricing (although for example West Ham also undercut some of our season tickets). Anyway maybe the RS get Allardyce out of retirement then we'll be pretty even.

Danny O’Neill
85 Posted 05/04/2024 at 18:39:45
I understand you point poin,t Pete.

I guess you can average out.

My point is the higher prices other clubs charge.

I don't want to see supporters charged out of the game.

My sister works for Anfield. Their highest cost is around £900. But they generate a lot of revenue around match day tourists.

James Flynn
86 Posted 05/04/2024 at 22:21:41
Jerome, would you mind sharing the questions you put into this AI?

Jerome Shields
87 Posted 05/04/2024 at 23:00:21

Is there a connection between Alisher Usmanov and MSP Capital?

Is Alisher Usmanov a investor in MSP Capital?

What is the connection between Alisher Usmanov and MSP Capital?

Has Alisher Usmanov any involvement in MSP Capital?

Is Alisher Usmanov an investor in 777 Partners?

Anytime I have used Al, I either get specific answers or general answers. In all these questions, I am getting specific answers. So the AI is picking up on information that is available from all available sources with no barriers of language or access. I don't know the time frame it is working in. Searching the internet language is a barrier.

Usmanov would have people who could counter information searches on the internet, but Al is a different kettle of fish according to my son who studied AI programing at Masters level. Setting up a website which as part of it's security counters AI is difficult and takes an up-to-date and very proficient software engineering professional.

James Flynn
88 Posted 06/04/2024 at 06:09:20
The AI used is poor, which is common. Whatever it will be eventually, AI is no great shakes today. The one you're using clearly has trouble answering questions.

It's accumulated data related to your questions and placed Usmanov with two completely different companies as a partner. Really poor generator.

We're all friends here. I have to say, as an observation, not criticism, regarding these years of ToffeeWeb discussion about the Everton ownership and board.

More than any other poster you seem to view it all thru a kind of "Twilight Zone" prism. Nothing is too fantastical that you don't think it might be true. Even to writing paragraphs and more as if said fantasy is true.

Entertaining. To me anyway.

But this AI one? C'mon now. Even you can't really get on-board with it. The fact is no normal, in-depth search for information connects Usmanov to either MSP or 777. Which is correct.

Jerome Shields
89 Posted 06/04/2024 at 08:21:32

I remember the days when a few raised concerns about Kenwright and got dog's abuse for it. Anyone that persisted with their concerns was continually asked to provide evidence. It turns out that the evidence unfolded over years.

Moshiri and Usmanov are very much part of the same continuing story which has unravelled and will continue to unravel in the years ahead. You will see it. Your hope of a parcel solution will be a long wait. Hopefully Everton FC comes out the other side standing. By the way, those that do unravel the truth and act are rarely acknowledged and never given credit, such is life and groupthink.

By the way , on checking, it was not MSP who bought Usmanov's or USM Holdings Shares in Arsenal. I should have checked on AI. As for AI, you will not hear the last of it, you can be sure. AI is developing at a technological innovation pace, faster than anything ever before. I have no opinion on it, because yesterday's opinion would be out of date.

Charles Ward
91 Posted 06/04/2024 at 09:09:28
My doubts about Kenwright surfaced when he fully supported the “People's Club” mantra.

Made us look small time and seemed like we were appealing to a “People's Princess” audience.

It may have gone down well in the Luvvie Domain of Theatre Land but on football terraces?

Tony Abrahams
92 Posted 06/04/2024 at 09:21:10
I just checked on the internet Jerome, and it was Stan Kroenke who purchased Usmanov's Arsenal shares for £550 Million, which probably means whatever he made on Arsenal, he his going to lose on Everton?

What I find interesting, Jerome, is that whilst Bill Kenwright was alive, both MSP and this unnamed American consortium, were both turned down by Moshiri, and I've got no doubts that one of the first things both of these groups would have done once they had purchased Everton, would have been to get rid of Bill Kenwright.

It's a watch this space, and obviously depending on how much people want to speak “ill of the dead” but Kenwright has left a terrible legacy (whatever his sycophantic friends in the media portray) and I think we will be hearing a lot more about his ill-fated reign in the near future.

Paul [The Esk]
93 Posted 06/04/2024 at 16:10:32
I have huge respect for Jerome, always enjoyed his contributions but under no circumstances is Usmanov an investor via MSP.
Jerome Shields
94 Posted 09/04/2024 at 11:42:04
Much appreciated, Paul the Esk. I accept your findings under the pressure of AI. Really hope you are right.

Jerome Shields
95 Posted 09/04/2024 at 11:58:23
Tony @92

You are right regarding Arsenal and my recollection was wrong.

I always thought that Bill Kenwright harboured the notion that he would continue to control Everton, even when Moshiri hit the buffers, by being on the inside track of a takeover, whether Everton survived or not in the Premier League.

The wrong things got the better. It would be only natural that he would not want parties involved that did not need him and his associates. All who were doing well and some managing a golden handshake.

I know this may appear to labour things a bit, but I feel that what we got was a kick in the arse.

Ed Prytherch
96 Posted 10/04/2024 at 00:36:04
Keith Wyness predicted that Everton would come very close to administration but would escape by the skin of their teeth (or words to that effect). We may be close to that point with the repayment of the MSP loans.

Hopefully we will receive the answer in the next couple of weeks.

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