Some figures that might help us all realise just what a mess Moshiri has got us into:
In the accounts dated year ending 30 June 2022, we state Assets Under Construction are £168m. ‘Assets under construction’ are the stadium. Moshiri has recently stated the stadium will cost £760m so there is a further £592m to still be booked. £130m of this is rumoured to be coming from MSP, although this has still not been confirmed. No one has a clue where the remaining £462m will be found. Where is the funding?
Once the stadium is completed, we will have to start depreciating the £760m cost. In the accounting statements, we say Properties are depreciated over 10 to 40 years but Plant and Equipment over 5 years. If we take 20 years as a rough average depreciation period, then we will be booking approx. £40m a year to depreciation and reducing our profit. As our gate receipts at Goodison last year were under £16m, we will be struggling to cover this additional £40m cost from increased attendance, corporate hospitality and naming rights.
On top of this, we will have to service the massive debts we will have incurred and are going to incur. Currently, we have the following debts:
In Other Loans, we show a debt to Rights & Media of £150m
We also show that we took out a loan from the Government CIBILS for Covid impact of £26m
We also have loans out from Moshiri’s foreign company ‘Blue Sky Capital’ of £380m
A total of £556m that all have to be repaid at some point. They are incurring interest charges that also need paying.
On top of that, there will be the £592m we have remaining on the new stadium – that’s well over £1.1 billion in debt and nothing to repay it back with.
To make matters even worse, once we move into our new stadium, we are committed to demolishing Goodison Park and renovating the area around it. Plans have been made but I’ve seen nothing on just how much all of this will cost, nor the funding.
With another £592m still to be paid on the stadium, servicing the debt, and the additional costs of running two sites, is it any wonder that we have nothing for players? Any sales we do are going to pay the builders, and that the board and the auditors started mentioning concerns on whether we would remain a Going Concern if relegated.
We are deep in the shit and it won’t be fixed in 1 year’s time – maybe not even 10 years’ time.