Everton: £30m interest claim emerges as debt now over £500m, documents show
Everton have paid around £30million in interest fees to an “opaque” lender, according to a report in the Guardian.
The British newspaper reported on its website on 12 April that after accessing the corporate records, it has been revealed that the club’s debt to third-party lenders is now over £500million.
Rights & Media Funding (RMF) are believed to be the club’s largest creditors with £225million in debt built up.
Everton face uncertain and tricky financial times
Everton’s financial situation presents significant challenges for the club’s future.
The team has incurred substantial interest charges from a £225million debt with its largest lender and recently paid around £30million in interest charges, causing a major cash outflow and affecting the profit and loss account.
Additionally, the club faces scrutiny from the Premier League for breaching profitability and sustainability (PSR) rules, resulting in points deductions this season.
The auditors have expressed doubts about Everton’s ability to continue as a going concern due to financing uncertainties.
Furthermore, the ongoing takeover by 777 Partners has been delayed for months as the firm struggles to secure funding.
The Toffees’ attempts to lower its reported losses by changing accounting policies and removing interest charges related to the construction of its new stadium at Bramley-Moore Dock may lead to further penalties from the Premier League so all is certainly not well on Merseyside.
In other Everton news, Ian Wright has savaged a senior figure at the club after a fresh development has emerged with regards to PSR and the 777 Partners takeover.
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