Everton debt with Rights and Media Funding costing £30m in interest each year
Everton owe a staggering £225million to Rights and Media Funding – a loan which is costing the club £30m a year in interest alone, according to the Mirror.
The report states that, while 777 Partners missed their deadline to complete their attempted takeover of Everton, they remain creditors, having injected a £200m loan into the club last season.
Additionally, Farhad Moshiri has provided a loan of his own totalling £450m – taking the Toffees’ total debt to almost £1billion.
How badly do Everton need a new owner?
Everton’s financial situation is dire – there is no disguising that fact.
Their summer transfer business will surely be affected, with loans, free transfers and cheap moves likely to be prioritised and star players possibly sold.
777 Partners remain in the frame despite missing their deadline, but the good news for Everton fans is that Moshiri is now able to negotiate with other parties.
The pool of entities with the resources and the will to drag the Toffees out of the financial hole they find themselves in is likely to be small, but there will be those who sense an opportunity to take control of a historic club and steer them to a brighter future.
With a new stadium at Bramley-Moore Dock still under construction, the club could be well-placed to kick on if they can navigate this tricky period in their history.
Everton’s position remains precarious and it is imperative for the future of the club that the right owner takes the reins from Moshiri – one with not just resources and ambition but the patience and nous to navigate what is likely to be a difficult year or two – at least.
Everton supporters can only watch and wait as the situation unfolds.
In other Everton news, the Toffees are the favourites to sign Kalvin Phillips.
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