Everton interest costs hit five figures as £150m loan news emerges
The daily interest at Everton from the Rights and Media £150m loan could be costing the club around £49.3k each day, according to The Esk.
The Guardian reported on 6 May the Blues owe Rights and Media Funding Limited £150million and such a debt would have risen considerably had the Toffees suffered relegation from the Premier League on the final day last season.
Financial Fair Play rules have held the Blues back for a couple of years now, along with the Toffees and majority owner Farhad Moshiri needing funding for their new Bramley Moore-Dock stadium development which has been helped by the £150m loan and is expected to be further aided by MSP Sports Capital once their 25% takeover has been finalised.
And the Esk writing on their Twitter account [27 June] detailed the daily fallout that Everton are potentially suffering from through the £150m loan.
He tweeted: “Just to give an idea of the cost of borrowing, the cost of our financial performance if we are using the whole of the Rights & Media facility of £200m that’s costing £65.7k in interest each day.
“£150m is £49.3k a day.”
Wow
These are astonishing figures reported by the Esk, and just go to show the struggle and pressures that the Toffees are under, especially with manager Sean Dyche needing funds to bolster his squad next season.
Staying in the Premier League may have saved Everton’s skin, but they are still severely impacted by the loans they’ve been paying in the past and that is now having damaging repercussions with the club now forced to sell their key assets in order to boost funds at Goodison Park.
The MSP Sports Capital takeover simply cannot arrive any quicker as Everton could well face another gruelling and disappointing campaign if they carry on in such mucky waters on the pitch and behind the scenes.
The new stadium development is all well and good for the future of Everton football but it won’t mean anything if Everton aren’t hitting the heights on the football pitch before then.
In order to achieve that, the club needs a steady and considerable influx of cash but the numbers being quoted regarding their daily interests certainly indicate that it may get worse before it gets better before the Toffees can be clear of these shackling debts.