Everton accounts reveal new Bramley Moore stadium development still lacks full funding
Everton still haven’t secured full funding for their new stadium development at Bramley Moore Dock, the club’s most recent accounts reveal.
The release of the club’s accounts for the 2022/23 season came over the Easter bank holiday weekend, in what has been perceived in some quarters as a deliberate attempt to slip bad news out at a time when it would not receive as much attention.
And perhaps that is no surprise when there doesn’t appear to be much contained within the document to make Evertonains feel any more secure about the situation they see their club going through.
The new dockside stadium, for all the pressures it is putting on the club, has at times felt like a beacon of hope for Everton and the supporters, and certainly appears to be a key part of 777 Partners’ plans if they can complete their takeover, if the club can just cling on in the Premier League until it is time to move in.
But it appears there could be yet another financial scramble on the horizon there if full funding has still not been secured for the project, which has already ballooned in cost hundreds of millions over the initial projections, and has now topped £800m.
Everton stadium development to become next cash crisis?
Buried on page 21 of the accounts release (note 1c) it states: “The Club is also continuing negotiations to secure the next stage of funding for the Bramley-Moore Dock development for the new stadium.
“Various options are being explored, however, the Club has yet to secure legally binding facilities as at the date of approval of the financial statements and this facility is not yet guaranteed.”
There is no shortage of other causes of uncertainty and concern in the document, with an overall loss for the 2022/23 year of £89.1million providing a worrying insight into the recent independent commission hearing which will determine whether to hit the club with a second points deduction this season.
The 777 takeover which has dragged on without answer all season is as yet unresolved, although there is reportedly due to be an imminent confirmation on that front, emerged from the ashes of MSP Sports Capital’s attempt to land a 25% minority stake in the club.
In the end the Americans were blocked by another creditor, Rights and Media Funding Ltd, but the £150m they had provided last summer was considered at the time to secure the stadium construction project, especially as it ended up becoming a straight loan for the build when their plan for it to become equity fell through.
But it appears the club are still in search of more funding to ensure the future of the new ground and have so far been unsuccessful.
This is despite indicating as far back as August that they were making “good progress” on doing so [Liverpool Echo, 24 August].
It really never rains but pours around the Toffees recently, and if the profit and sustainability charges, the takeover concerns, and the lack of form on the pitch, weren’t bad enough it seems there is another worry in the form of a shortfall on the club’s new home.
In other Everton news, a Premier League commitment has been made to Toffees supporters with a direct update imminent right now.
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