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Everything is for sale at Everton
Arteta was sacrificed on deadline day to appease the banks
“This asset utilization and disposal plan that has been adopted by the board, it can’t be sustained forever can it?” ”No” came the reply. “It’s inherently unsustainable, won’t the assets run out and the loan repayments overwhelm the clubs ability to provide sufficient funds to obtain better players?” “We have a highly qualified finance team and a good relationship with the bank. That wouldn’t be allowed to happen” replied Robert Elstone.
Robert Elstone 8th December 2008
“Look, we have just done a document to the bank which says you can’t stop the football club from trading…do you not think the bank doesn’t ask me every week how we’re doing with the sale?”
Bill Kenwright, 12th August 2011
Everything’ is for sale at Everton. The club have borrowed against every tangible asset and revenue stream, only the players are left.
As for the document to the bank….a mortgage against next year’s TV revenue with a ten percent interest charge from a bank based in the British Virgin Isles; an off-shore tax haven. This is the document that keeps the club trading. I’ll try not to mention a certain word beginning with A.
The assets disposed of on transfer deadline day have brought in approximately £15 million, most of which will go towards the debt. Mikel Arteta being sold is not a surprise being the top earner at the club, the fee was reasonable. Yakubu being disposed of does not concern me; Jermaine Beckford last season’s top-scorer does concern me. The current squad can compensate for the loss of Arteta, but is in desperate need of a regular goalscorer and the current options in Saha, Anichebe and an Argentine with an unpronounceable surname don’t excite me.
The squad still has enough quality to steer the club to the middle of the table, but it needs certain under-performers to step up and produce the goods. The size of the squad means that an injury crisis will be disastrous, as there are no adequate replacements waiting in the wings to cover many positions. We must also hope that other mid table teams with money to spend have not improved.
Another concern is that season ticket sales are down by 3000, two years without signing a first team player, poor performances by the team last season and lower league placements from 2009 have killed the enthusiasm of at least 3000 supporters.
The sad truth is that the boards strategy (I won’t blame Bill Kenwright personally even though he represents the 75% that own the club) has failed; asset disposal has failed, the club have also gambled by spending on average £5 million that they don’t have to achieve a champions league position. It’s a modest gamble that has failed. They have also failed to solve the stadium issue, if they got that right the money would be available to make the club a major force in the EPL and beyond (Kings Dock, not Kirkby).
The banks have now moved in and are dictating terms to the club (reduce the overdraft and debt), how much longer until they dictate the terms of the sale? Let’s not bring up the A word yet. The asset that are currently being disposed of are first team players; this is not conducive to maintaining a competitive Premier League team. Now for the good news…the A-word may never crop up because the promising young players will be sold to avert a crisis as happened in 2004.
The clubs current financial position is deteriorating and it is inevitably going to have an effect on the pitch and the warning signs have always been there if you were willing to look at the evidence before you. No assets other than players, no wealthy backer, and unsustainable debt brought upon by over spending and the repayments required by the asset disposal strategy and of greater concern falling revenues from match day and merit. It’s a huge cause for concern.
The worse will be averted if the club can get an astronomical fee for one of their promising young players as they did with Rooney in the summer of 2004, but that will only help to sustain an unsustainable model until it reaches crisis point again. What’s required is a new strategy, one that will raise revenues through investing not only in the team, but also the stadium to give the club a sustainable future.
The current boards strategy has failed, it’s time for a change.
David O’Keefe
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25 Comments
SOS poll: do you believe Arteta really wanted to leave EFC…are you seriously asking that question?? And some actually voted no…
Here’s a more realistic one for the conspiracy theorist abound in this website..Arteta is really father christmas
Is this Blue Bill’s strategy for his next broadway hit?
Maybe the next poll can be do you think the CIA was behind the sale of Arteta?
Good write up, David.
Unfortunately the reality of our situation doesn’t sit comfortably with some sections of our fanbase.
As for the poll, I’m pleasantly surprised that some Evertonians are seeing the situation for how it was.
There’s no billionaire coming to save the day lads. Controversial but I think now Arteta’s gone, it’s time to also sell Jags and Cahill and rebuild the side with younger players, built around Fellaini, Rodwell and Barkley.
We could have bought Dann and Long for example, plus had money left over to find a creative player, a winger, or another striker. A line up of Coleman, Heitinga, Dann, Baines, Drenthe, Fellani, Barkley, Rodwell. Very young team which is still strong, with a secure future for the club.
Why don’t you give it a rest and start supporting the team rather than bleating on about how everybody’s out to shaft Everton?
Most people know that we needed a left sided wide playwer and striker and that’s what we have got. Your conclusion that Beckford (who was sold to the Championship) was the answer but the Argy isn’t on the basis you can’t pronounce his name sums it up!
Excellent article. Nail on the head.
SELL MORE PIES say the puritans and religious zealots who’s faith is totally in moyes
What I really hate about conspiracy theorists, like those who say the CIA were behind 9/11, is that they are mostly doing it to make a profit on the backs of those who are suffering.
I have read, re-read and read again your article David. It is well written, well researched and states the facts with the ultimate conclusion that something needs to be done. Unfortunately as with all these articles that have been circulating now for months you offer no reliable options, no alternatives that are feasible hence the article becomes another ‘stone throwing’ exercise at windows that we all know are broken. Tell us how to fix the windows, tell us who is going to fix them and tell us when they will be fixed? These are the hard questions not the facts many of which are historic and hence easy to roll out – amazing that no one has any ‘real world’ answers for the hard questions: or is it …perhaps there are no answers at present for the hard questions?
An Argentine with an unpronouncable surname? That’s just the final straw. Sack the board.
Sure smells of apologism in here…
Great write-up, Keefy.
David Moyes management career
the only thing he has won is the Second Division championship with Preston
With Preston North End
1997-98 : 15th
1998-99: 5th
1999–2000: 1st (Promotion To Football League First Division)
2000-01: 4th
[edit] With Everton
2001-02: 15th
2002-03: 7th
2003-04: 17th
2004-05: 4th
2005-06: 11th
2006-07: 6th
2007-08: 5th
2008-09: 5th
2009-10: 8th
2010-11: 7th
is he / has he ever been good enough – NO
can we sell him and save a few million quid?
just a few points to your article. You state that the club have spent money that they dont have yet like Smith before him Moyes has spent exactly what he has sold, in fact I think he has shown a slight profit after this last transfer window. You raise the issue of Kings Dock again yet if the club was doing well do you really think we could generate a further 13,000 through the gates to genuinely make a difference financially? we have averaged 37,000 for a number of years now, despite an FA cup final and fourth and two fifth place finishes in the last six years, were are these extra fans? Or are you talking about actually challenging for the title and regular CL qualification? Surely we would need investment that the likes of City and Chelsea have to achieve that? A bigger stadium alone wouldnt solve all our problems, we would have to fill it and that is something they would struggle to do, especially watching the football under Moyes. I am not a fan of Kenwright by any means and his complete ignorance of the additional 24 million spent on none wages borders on something quite sinister but Moyes is also accountable. The sales from the Lescott transfer was wasted. Even if that had of been spent on just a quality winger and centre forward we would have got European qualification safely for the last two years instead we got Billy and Heitinga, ditto the rooney money. The premiership is not a great league, as moyes has shown what can be achieved with just organisation and a bit of dedication from the team. Boro, Portsmouth, Blackburn, Stoke,Birmingham, Cardiff, Wigan, Southampton and West Ham have all got to finals since Moyes has been at Everton, not that difficult to do. If Moyes just showed a bit of adventure and the likes of Gueye, Rodwell, Barkley and Coleman transferred potential into consistent top performances then we will be fine.
well said Blue Bob.
Paul Daly – it’s not apologism. It’s called looking for the answers. You know, when you stop whinging and actually offer solutions?
BK’s a tit, we all know that, the board are shit – we also know that. So…. should they finally bugger off then what after that?
You see – answers are what’s needed. Solutions. I’m sure every Evertonian will get behind the people who come up with the workable and practical answers.
The answer to EFCs problems is obvious but perhaps not particularly palatable for our fanbase. For such a small squad our wage build is uneconomical and unsustainable (we have one of the smallest squads but are c7th in the premier league wage table!). Was Arteta worth £75,000 per week (or £4m a year!!) – NO. The board sanctioning this pay rise (and perhaps bowing to pressure from Moyes – who knows?) is financial mismanagement. Clubs have pay ceilings in place for a reason, they can then effectively plan and budget. Let’s not forget Arteta took a pay reduction to join Arsenal! Our wage structure is not sustainable and whether Moyes likes it or not, a wage ceiling or cap must be restored as a matter of urgency. We then need to revisit our business model and this is the unpalatable bit. We need to accept the reality that as a club, we have been overtaken by many clubs who may not have anywhere near our history, heritage or record of success but, at the moment are better equipped (financially) to acquire players and this will continue for as long as we try and borrow our way out of this debt. As part of the business model we need to consider our true assets; our players, our manager and our fanbase. Naturally we need to retain our manager and fanbase but have to look at our players. Personally, from a footballing perspective, I regret the decision to sell Arteta as I was a fan of his style of play however, crucially, he had lost his form and had not been the same for well over 2 years and at 29 years of age and with a £10m offer, it was good business sense and this is the world us Evertonians have to accept we are in at the moment. We may have to sacrifice some players to address our debt. But there must be a plan! It cannot be a case of creating a fire sale. We have one of the best youth academies in the country and we are beginning to produce some young stars, this is where our future lies. Finally, I cannot criticise the passion or support Kenwright has given our club over the years. There are not many (unpaid) Chairmen who would re-mortgage their homes for their club. Indeed, there are not many supporters who would consider doing this. However, the stadium(s) debacle (particularly Kings Dock which was unforgivable) and the failure to implement a vision and business model that would have allowed us to grow within our means (and not be left behind) evidences what we all know which is that we will not move forward (or trade our way out of this problem) with the existing Chairman and Board. The board members are effectively the gate keepers to our club yet, they have watched whilst we slip into this unsustainable position, without intervention. The absence of an effective business model or strategy is unforgivable and professional negligence. This cannot continue and as it stands, the board are currently a weakness and threat to our club. Big decisions need to be taken quickly and perhaps ego’s may have to be sacrificed. The sooner this is done the better for the future of our beloved club.
interesting one JayOne
but, and it’s a big but, Kenwright’s EGO is bigger than both the debt and the club
so there will be no move to replenish/ renew the club in viable terms until he gives it up … and as for the Board or should it be BORED? … in reality we know its make up … in practice we don’t know who the hell does what with whom or why … now there’s the rub
It is obvious that not everyone here accepts the true depth of misery at Everton. A once proud club has been brought to its knees by incompetence and mismanagement. Everything is for sale (what’s left) and promises to give Moyes any money at all given his poor track record, his obsession with negative game plans and absolutely awful tactics would just add to the misery.
Moyes has recently spoken of how a section of the fans at Everton leave a lot to be desired because they challenge the current status quo. What he forgets is that those self same fans will be there long after he has left for pastures new. Moyes’ support for the current management puts him firmly in the same bracket as Kenwright and Co. It’s about time they all realised that the problems are not going away and the future looks bleak – unless they all go away.
Is any article on this website ever positive? Lets face it, Arteta, great player he was, was not the same player the last 2 seasons, and at 29 this was the last chance we had to sell. If he had another season like the last, and the way he started this season it looked like that was going to happen, then everyone would say next year “we should have sold him whilst we could”. Time for the youngsters to step up, Rdwell and Barkley, Fellaini and Osman, we are not short in that area. The Beckford sale confuses me a bit though
This is an excellent article and I cannot believe the sheer stupidity of some these responses. As season-ticket holder for 40 years, I have never known the Club to be in such a perilous state off the pitch. The Board have failed to do their jobs properly; in any other field they would lose those jobs. In football fantasy land, however, they have legions of apologists springing out of the ground to defend them.
Why are Anichebe,Hibbert still Everton players ?? Any other team would have seen them for what they are and got rid years ago .
Why were Beckford and Yakubu sold?? Yakubu is natural goal proven scorer who needs regular football ,if he gets regular games at Blackburn he will score goals. Beckford was just finding his feet at this level and deserved another season . Anichebe however ,we`ve sen what he can do ,he has nothing more to offer. Phil Neville too although a good proffessional ,his only attribute on the field is that he`s better than the woeful Hibbert . This team peaked about 2007/2008 ,there`s dark days ahead and Moyes` selections on a Saturday afternoon aren`t helping.
ARRYARSE TELLING IT LIKE IT IS,UNFORTUNATELY
Everton are heading for the same fate as what happened to Leeds utd different circumstances but similar outcome ..do the national media still think Everton Football Club is the blueprint on how a club should be run ? how wrong they were yet i’m still reading Bill Kenwright loves his club.. he has loved it to death and is still fucking the corpse until its dry
I must add my voice to the £10m for Arteta was good business debate. Maybe £10m was a fair price under normal circumstances, but when you have a buyer with £80m+ in recent income (Nasri & fabregas sales, plus £25m for getting to the group stage of the Champions league)to spend, a whopping great hole in their midfield and it’s the last day of the transfer window £10m is not so good. If honest Bill hadn’t told the world and its dog that we were potless the weekend before I believe we would have got £15m minimum. This transfer sits nicely alongside giving Gosling away for nothing and selling Pienaar for £2m as recent examples of his lack of an form of business common sense.