Kieran Maguire makes Everton admission after seeing 777 Partners loan terms, ‘genuinely made me shudder’
Kieran Maguire has made a concerning Everton admission amid the 777 Partners loan terms at Melbourne Victory.
Speaking on The Price of Football podcast on Thursday (26 October), the football finance expert said it looks like the Toffees are having to borrow on a short-term basis after The Times reported on 18 October that the club have now loaned up to £40million from the US investment firm.
He added that he doesn’t know what interest rate the group are charging the Blues, but after seeing the repayment terms at Melbourne Victory – another club it’s connected with – he revealed that they made him “shudder”.
“We understand that 777 Partners have put further money into the club,” said Maguire. “So I think the initial loan that 777 were linked with was about £20million. According to the latest reports in the press, I think that’s now been doubled, so it does indicate that Everton are having to borrow on a short-term basis.
“I don’t know what interest rate if any 777 are charging, but we had somebody who turned up to the live gig in a Melbourne Victory shirt, who are one of the clubs 777 are connected with. Having seen the repayment terms on the loans there, they genuinely made me shudder. So it’s a mess. Ultimately, it’s a contractual issue.”
Concerning
If it wasn’t concerning enough that Everton have been forced to take out these loans from 777 Partners, there is the potential that the repayment plan could prove to be quite frightening.
At the end of the day, no business is really going to offer money out of the goodness of its heart because it makes absolutely no financial sense.
Maguire is right that the whole situation is a mess and it’s shocking that the club’s finances have been allowed to reach this point on Farhad Moshiri’s watch.
They desperately need to get on top of things because it’s just one piece of bad news after another at this moment in time and it’s impossible to see the light at the end of the tunnel for the club.
It’s the fans that will ultimately suffer and feel the consequences the most as they are the only ones that will undoubtedly still be there once this saga comes to an end.
In other Everton news, Simon Jordan has shared what Bill Kenwright told him about Farhad Moshiri.