Everton Hopeful of Investment Deal - 21/11/2004

Everton's debts rose to £42m in the last financial year, but the club is confident that a £12.8m investment deal will be in place by next month's annual meeting. The £4m increase in the net debt was recorded before the sale of Wayne Rooney to Manchester United. They have since paid the first of two £10m instalments while the first phase of an investment by the Fortress Sports Fund is scheduled to be completed before 7 December. The Fortress Sports Fund will pay £12.8m for an initial 29.9% stake with an option to invest a further £17.2m that would take its shareholding up to a controlling 50.1%.