According to the Mail on Sunday, Everton is facing a “crippling” £24 million loan payback over a “particularly onerous” debt.
The British newspaper reported in its print edition on Sunday [8 October, pg 103] that the Toffees’ are essentially £1billion in the red amid fears potential new owners 777 Partners will not have the cash to manage the spiralling costs.
According to sources cited by The Mail, British bookmaker, gambler, and racehorse owner Michael Tabor is the proprietor of Image & Media Rights (IMR), which is due £200 million.
“The obligation owed to IMR is especially heavy. IMR, which was established to lend money to football clubs, has loans in place with clubs including Nottingham Forest, West Ham, and others in Spain, according to the source.
Everton and IMR agreed to six loans between 2016 and 2022, with the Merseyside club reportedly accepting loans with a 12% interest rate. As a result, the club will have to make onerous loan repayments to IMR of £24 million year, or £460,000 every week.
Official records state that offshore tax havens like Cyprus and the Bahamas provide funds for IMR.
The research reveals the serious issues Everton is facing off the pitch.
There are still many checks and balances to be satisfied before 777 Partners’ agreed purchase of Farhad Moshiri’s 94% share in the club can be completed, therefore there have been many questions raised about its proposed takeover.
But the mounting obligations, especially the debt incurred with IMR, are quite concerning. It is a staggering amount of debt, and if 777 Partners cannot demonstrate that they have the resources to handle the situation, Everton may be in serious trouble.
It is unfortunate that this news broke at a time when Everton was playing with a lot more confidence on the pitch on Saturday (8 October), defeating Bournemouth 3-0.
Let’s all hope that the upcoming days bring some much-needed positive news off the pitch.
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