The Esk stunned as Everton cash appears out of thin air amid ‘appalling’ £100m update at Goodison
The Esk has been left stunned as cash has appeared out of thin air at Everton as they look to complete the new Bramley-Moore Dock Stadium.
Writing on Twitter on Friday (29 December), the Toffees financial expert highlighted an update in the minutes from a recent meeting between the club and the Everton Football Club Shareholders’ Association, where it claimed there is less than £100million left to fund the stadium and that the funding is there to complete the development.
Farhad Moshiri has previously revealed the stadium would cost £760million to build, meaning that a further £492million was needed after the club confirmed £168million had been spent by June 2022.
The Esk said the Blues have since sourced £390million through an increase in a shareholder loan worth £50million, a £140million stadium loan from MSP Sports Capital, 777 Partners’ £100million emergency funding, the use of available cash balance of up to £50million and a £50million use of prepayment, leaving up to £100million unaccounted for.
It added that the “lack of transparency” from the club on this matter is “appalling”, while also asking how this funding has been arranged and on what terms.
More questions than answers
This development can be taken in more than one way because it could be seen as a huge positive that less than £100million is needed to complete the development.
But there are massive questions at hand about where this money is coming from as it’s become abundantly clear over the past few months that Everton are strapped for cash.
The Esk asked whether it could have been achieved through the extension of short-term debt facilities, which is a concern due to the amound the club already owes to other parties.
While the new stadium is a potential game-changer for the Toffees, the development shouldn’t be completed in a way that puts the club at risk financially in the future.
With 777 Partners looking to complete a takeover of the Blues over the next few months, there must concerns about how much debt the US investment firm is going to take on if it can get the deal over the line.
In other Everton news, an ex-FIFA official has blasted a controversial decision against Manchester City.