Everton over £1billion in red as British racehorse owner Michael Tabor named in involvement
The debt levels of the club plus financial liabilities related to the Bramley-Moore Dock Stadium mean Everton are now effectively more than £1billion in the red, according to the Mail on Sunday.
The newspaper shared in their print edition [8 October, pg 103] that around £200million of that money is owed to Image & Media Rights, which the Mail’s sources claim is owned by British bookmaker, gambler and racehorse owner Michael Tabor.
In addition to the debts owed to IMR, the club also owe a further £490million in shareholder loans to Farhad Moshiri, £140million to MSP Sports Capital and a £20million loan to 777 Partners. On top of this, they must plug a £200million shortfall on the stadium.
The thought is that 777 Partners, in their proposed takeover of Everton, will cover the debts owed by the club to the various lenders and companies, as well as financing the completion of the new stadium, which is starting to become somewhat of a financial burden.
The problem there is that 777 are still yet to prove that they have the financial power to afford to tackle all of the debt and invest in the future. It’s another blow to their takeover prospects which has received plenty of criticism.
The Mail on Sunday also shared further concerns over a lawsuit filed in the U.S. containing allegations that the investors are involved in large-scale fraud.
Concerns continue to circle over the proposed takeover with several new concerns seemingly emerging every day, whether it’s court cases, unhappy clubs in their portfolio, or missing payments to their other investments, there is certainly cause for concern.
In other Everton news, Sean Dyche admitted his concern as key metric finally pays back.