August 25 – Premier League Everton “continue to explore discussions on new investment” after talks with MSP Sports Capital collapsed, a huge blow to one of English football’s most iconic clubs.
It was reported in May that the US-based investment group had signed an exclusivity agreement with the crisis-torn club.
They were planning to pump £150 million into Everton in the form of convertible debt that would roughly equate to a 25%. But media reports say they have now pulled out at the 11th hour
The timing of the deal piles more pressure on a club that has faced years of criticism from fans. Everton, who narrowly avoided relegation last season, have lost their opening Premier League games to sit bottom of the table.
The club is also preparing to appear before an independent commission on October 25 over alleged breaches of financial fair play rules.
Chief executive Denise Barrett-Baxendale, chief finance and strategy officer Grant Ingles and non-executive director Graeme Sharp all left their boardroom roles at the end of last season.
At the centre of Everton’s financial picture is the development of the club’s new stadium. Owner Farhad Moshiri has indicated that the Bramley Moore Dock stadium project could potentially balloon to £760 million – a £260 million surge from prior estimates.
“The club can confirm that it continues to make good progress on securing the complete stadium financing, and as part of this progress, it has secured a loan to support the development costs for our new stadium,” said a statement.
“As the majority shareholder has stated previously, he will continue to explore discussions on new investment, provided it is right for the future development of the football club.”
Contact the writer of this story at moc.l1734972591labto1734972591ofdlr1734972591owedi1734972591sni@w1734972591ahsra1734972591w.wer1734972591dnA1734972591. Additional reporting by Harry Ewing.