Everton face ‘particularly onerous’ debt amid ‘crippling’ £24m per year loan repayments
Everton are facing a “crippling” £24million per year loan repayment over a “particularly onerous” debt, according to the Mail on Sunday.
The British newspaper reported in its print edition on Sunday [8 October, pg 103] that the Toffees’ are essentially £1billion in the red amid fears potential new owners 777 Partners will not have the cash to manage the spiralling costs.
The Mail said it was the £200million owed to Image & Media Rights (IMR), which the paper’s sources claim is owned by British bookmaker, gambler and racehorse owner Michael Tabor, that looks particularly worrisome.
“The debt to IMR is particularly onerous. IMR, which was set up to lend cash to football clubs, has agreed loans with Nottingham Forest, West Ham, and several clubs in Spain over recent seasons,” the report said.
“IMR agreed six loans with Everton between 2016 and 2022, while it is understood the Merseyside club have agreed loans with interest rates of 12 per cent. That means the club face crippling loan repayments of £24m a year to IMR – equivalent to £460,000 per week.
“IMR’s funding comes from offshore tax havens including the Bahamas and Cyprus, according to official documents.”
Extremely worrying
The report really does lay bare the huge concerns facing Everton off the pitch.
There have been plenty of questions arising from the potential takeover of the club by 777 Partners, who still need to pass all the checks and balances before their agreed purchase of Farhad Moshiri’s 94 per cent stake is ratified.
But the spiralling debts are extremely worrying, not least the debt accrued with IMR. It is an eye-watering sum of money to owe, and if 777 Partners cannot prove they have the funds to manage the situation then Everton may be in real trouble.
It is a shame this news has come at a time when Everton showed a hugely encouraging improvement on the pitch on Saturday (8 October) as Bournemouth were put to the sword in a 3-0 victory at Goodison Park.
Let’s all hope for some much-needed good news off the pitch in the coming days.
In other Everton news, an injury update has been provided on one player who could not feature against Bournemouth.