CREDIT where it's due. It seems Everton's board have, somehow, managed to secure another major loan to provide David Moyes with proper transfer funds.
Aware that something had to be done, especially with that unsigned contract looming large, Kenwright, Earl and Woods are reported to have persuaded another bank to brave the Credit Crunch and give us some readies.
How they've done it, and how thin that spreads our future income streams is up for discussion.
But you can't complain about them not backing the boss and then moan when they do it on borrowed money. There is no other type of money in the Goodison coffers which can be splashed on top players.
So just like last summer when the Yak dough appeared out of nowhere (well, strictly speaking out of Barclays) fingers crossed Moyes will be able to recruit with ambition.
Congratulations to whoever brokered the deal. I think.
(Below is the piece from the Guardian.)
Matt Scott The Guardian, Thursday July 10, 2008
While David Moyes demands assurances that his club have the means to match his ambition, Everton have added two more mortgages to their balance sheet.
The loans, both struck with the boutique Edinburgh bank Adam & Company, are in addition to money borrowed from Barclays last year against future television income.
The first Adam & Co loan was drawn last October and the second last month, meaning that Everton now have a total of 12 outstanding loans against their property and assets. Most significant among them is a £30m loan from the Prudential which will cost £68m to repay over a 25-year term and "will be repaid in a securitisation agreement serviced by future season-ticket sales and match-day ticket sales".
Having broken the club's transfer record in each of the past two summers with the purchases of Andy Johnson and Yakubu Ayegbeni, it is unclear how often Everton will be able to repeat that feat having mortgaged future revenues.
Meanwhile, the club are shrugging off the latest move by a group campaigning against the proposed move to out-of-town Kirkby. The Keep Everton in our City campaign believes it will soon be in a position to force the board to hold an EGM over its concerns about the additional £78m in borrowings that the club must find for the relocation.
But Everton say that the group will not secure the support of the required 20% of shareholders to call the EGM.
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Pete Streetwise wrote...
eh lid, when you gonna start writing some footy blogs instead of all this investment, backers, finance, credit crunch, directors stuff?
proper dreary lad! we wanna read about the skills on the pitch. players, transfers, tactics, way we play, not agendas and stadium wrangles.
Posted by: Pete Streetwise | July 10, 2008 2:23 PM