DURING the summer I blogged about the confusion generated when Everton went from transfer market paupers to high-rollers in an instant.
We went from struggling to match mid-table clubs in the bidding for Kieran Richardson to bidding £11m bid for Lucho Gonzalez.
The same question was on every blue’s lips; “Where has all this new money came from?”
I speculated on the rumours that new board director Robert ‘Planet Hollywood’ Earl had got his wallet out.
It was the strongest rumour and one which Everton did absolutely nothing to dispel.
Now a growing school of thought suggests strongly that was not the case.
I’ll let Colin Fitz, a knowledgeable blue with an insider’s tip, expand. He writes; ‘On August 24th, the day after the Kirkby stadium vote closed, Barclays Bank PLC submitted the paperwork on a £25,000,000 loan for Everton Football Club secured against the combined TV and merit revenue streams for the 2007/2008 season, the loan being in the form of an overdraft facility at 8.75%.
‘This new arrangement follows an earlier £14,000,000 charge obtained by Barclays in April of this year, which appears to have been finally satisfied using part of this new loan’.
Colin’s information suggests Everton have simply borrowed more to get the money which paid for Yakubu (try not to groan) and could pay for the extra creative midfielder we desperately need in January.
Is that a good thing? What do you think?
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Tony wrote...
Bill Kenwright in papering over the cracks shocker?
No way !
Posted by: Tony | October 2, 2007 3:09 PM