The Guardian reports (with fan sites like ToffeeWeb frothing in shock and disgust) that Everton may well have exchanged their entire future and spending power for a supermarket of a stadium and a couple of summer signings.
Reports confirm that the Toffees have taken out yet another mortgage, a revelation which will do nothing to quiet the growing unease amongst Everton fans. :
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. (Guardian)
With Moyes’ future uncertain, Goodison’s future perilous, and – bizarrely – Andy Johnson being shuffled to the exit door when both manager and player seem perfectly happy to stay – is the good ship Everton going to run aground?