Everton boardroom news as exits cost £7million payout in compensation
The cost of the exits of Denise Barrett-Baxendale, Grant Ingles and Graeme Sharpe from the Everton boardroom in June totalled £7m, according to The Esk.
Writing on their official Twitter account (20 July), the costs of the Everton directors exits will be confirmed once the 2022/23 campaign accounts are published by the club.
On 12 June, Barrett-Baxendale, Ingles and Sharp all left their roles at Goodison Park after Farhad Moshiri entered an exclusivity agreement with the US-based investment firm MSP Sports Capital ahead of a 25% takeover [Daily Mail, 23 May] and with the American consortium expecting changes at boardroom level.
The Esk tweeted: “Having published financial projections earlier this week, I am very reliably informed that the cost of compensating the 3 departing directors for loss of office totalled £7 million.
“Will be confirmed when the 22/23 accounts are published.”
Woah!
Woah! £7m for three departing Everton directors is a lot of money to lose, especially considering the financial position the club finds itself in right now.
And once those accounts for the 2022/23 campaign are confirmed, Moshiri and the Everton hierarchy could well be set for mini heartaches after taking a look at how much money they’ve lost during another tumultuous year.
The £7million could well have been used for a new signing which Sean Dyche desperately needs right now to ensure Everton are challenging higher in the Premier League table, but the malaise of the Everton board over the past few months, including the remaining Bill Kenwright, those three directors simply had to depart.
Following the confirmation of Kenwright remaining in his position at the club, it’s a surprise to still seem in his chairman position at the club, but now seeing the money Everton have lost, it was an easy decision for Moshiri to keep him on because that £7m could have reached double figures.
It all makes sense now.
In other Everton news, the club are open to selling one star to boost their transfer kitty for a new striker.