25 Mar 2024 12:14:49
Ed can you explain to me something please. If we have no money and have to rely on loans to keep the business going, why are no other clubs in the same situation?
Presumably, it is because all of our working capital is being consumed by the costs of the stadium?
If this is the case why were we not allowed to capitalize interests on our loans for PSR purposes. If our cash is going on the stadium and as a result we need loans for day to day costs, surely it can be argued that the this volume of loans whilst not technically for, is only necessary because of the stadium?
{Ed002's Note - Everton do not have the cash to finish paying for the stadium. They have run out of money and are using loans from 777 Partners to get by. The loans were categorised as "working capital" and therefore the interest counts towards the losses.
The issue right now is that there is no cash - the club are relying on the sale going through, or at least being agreed, before the new Financial Year. The problem is that 777 Partners may still need additional time to raise the funds required to keep the club going for the rest of the season - and they are being asked to put those funds on the table now and in to ESCROW. There remains the responsibility for the outstanding loans from MSP and the charges registered against the assets of the club (effectively Goodison Park) and a further charge with Metro Bank. 777 need answers to the list of questions they have been asked to address - and they will need funds immediately to assure the Premier League that they and Everton are viable moving forward.}
25 Mar 2024 14:22:11
So in other words Ed its a total rubbish show.
{Ed002's Note - It is very tough.}
25 Mar 2024 19:25:08
So it sounds like the club are really very close to going under? Does not appear to be a sustainable situation.
25 Mar 2024 20:46:40
If 666… sorry, 777, fall through, is there anyone waiting in the wings to save us or is the only other option administration?