The seriousness of Everton’s financial problems have been revealed in the transcript of a meeting between chairman Bill Kenwright and the supporters’ coalition Blue Union. The publication of the transcript has been a serious embarrasment and the possibility of legal action against Blue Union is being considered.
The seriousness of Everton’s financial problems have been revealed in the transcript of a meeting between chairman Bill Kenwright and the supporters’ coalition Blue Union. The publication of the transcript has been a serious embarrasment and the possibility of legal action against Blue Union is being considered.
Kenwright revealed that Barclays Bank has cut the club’s overdraft facility after calling in debts totalling £45m. This prevented David Moyes from making any signings in the summer. Kenwright is now in talks with Barclays in an attempt to convince the club’s creditors to allow them to reinvest the proceeds from the sale of a top player rather than it being used to reduce their debts.
The club has been engaged in a long-term search for new investors. However, confidence in those involved in the process by the revelation that Everton allowed one potential purchaser to conduct due diligence in the belief that he was the head of ICI in the Far East. ICI as a company no longer exists and it was discovered that the so-called investor lived in a one bedroom flat. ‘Look, we’re desperate, I’m desperate,’ Kenwright said in the transcript.
If this situation continues there must be doubts about long highly regarded manager David Moyes would remain at the club. Should Arsene Wenger leave Arsenal, he would certainly be in the frame.