Revealed: Everton hit with £30m bill after new update
Everton are paying interest fees of over £30million per year because of the club’s debt, Football Insider can reveal.
The Toffees have had to search externally for funds this season after struggling to cover day-to-day operating costs at Goodison Park.
The Merseyside club have loans active with MSP Sports Capital, Rights and Media Funding Limited and prospective new owners 777 Partners.
Everton chairman Farhad Moshiri has agreed to sell his 94.1 percent stake in the club to 777, and the US investment group is now in the process of being assessed by the Premier League.
777 Partners gave Everton an initial £20million loan after striking the agreement deal, but The Times report that the loan deal has now grown to £40million.
Everton also owe £100million to MSP Sports Capital and over £150million to Rights and Media Funding.
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Everton’s debt levels are now effectively more than £1billion. [Daily Mail]
On top of their wage bill and daily operating costs, Football Insider has been told that the Toffees are paying over £30million a year on interest payments because of their debt.
777 Partners are able to convert their own £40million loan into equity if they take control at Everton, but MSP Sports Capital want to recall their £100million loan if the takeover is completed.
The US investment group will be responsible for repaying that loan fee as well as tackling the remainder of the club’s debt, including the owed payments for the stadium.
The Daily Mail report that there is still a £200million shortfall on the payments for the Bramley Moore Dock stadium.