Everton take out new mortgage

[billycopper]

http://www.guardian.co.uk/sport/2011/sep/19/everton-broadcast-income-mortgage

At first I thought it was to replace a current loan with one with a lower interest rate but, apparently, we'll be paying a premium for borrowing on next year's earnings. WTF We've just banked something like £15m and brought the wage bill down substantially. Why do we need another £14m loan? It's looking like no spending money in January and we might even need to sell again.

 

[anotherbecksplease]

this article is 2 to 3 weeks old there was plenty of discussion about it at the time

 

[billycopper]

It's dated yesterday. What was the upshot then?

 

[Leonard Rossiter]

slow news day - re-hash of old stuff

 

[Aidey9]

If i remember rightly this loan was taken out in early january this year and if im not mistaken it wasnt £14m, it was £13m and it was to help go towards paying a bit off an exsisting debt and to help us through the season by paying wages and other bills within the club.

I'm positive it was january this year and not recently cos it was brought up and discussed on this or definitely another forum back then cos it was roughly before Pienaar fcuked off and when we all heard about it and then sold Pienaar, we all said that his fee would go to the banks aswell and that turned out to be the case.

 

[billycopper]

I think this is a different one. It mentions that we did have a mortgage secured against one year's tv rights but that we've now taken out another one secured against the next two years tv money.

 

[Aidey9]

I dont know, 2 mortgages out in one year for a club with money problems like us, i wouldnt of thought we could do it, but cos it's with that virgin/british isles or where ever, its the same one as the loan/mortgage we took out in january so thats why im thinking its that one and not a new one.

 

[billycopper]

I think the Virgin Isles is the only place where we can get any credit, which is why we've gone back there. I still don't get it though. What would it take for us to break even?

 

[neonleon]

Clarification from the OS.

 

[davek]

Clarification from the OS.

Clarification that Everton, as well as (unspecified) other clubs are, indeed, run like a whelk stall.

 

[johnnydawg68]

I think the Virgin Isles is the only place where we can get any credit, which is why we've gone back there. I still don't get it though. What would it take for us to break even?

Spend less, earn more.

 

[Frank Drebin]

Spend less, earn more.

Sell high, buy low. Time is money.

<buys red braces and filofax>

 

[Matt Damon]

Its not a MORTGAGE.

Its a BRIDGING LOAN

FFS.

http://www.evertonfc.com//news/archive/2011/09/20/officials-confirm-no-new-lending

Elstone's felt the need to comment. I've taken note he's kept it short and to the point.


Unlike allowing Derek Hatton, to comment on the website, or the "no one's interested" - to - "no one's knocking down the door"



But it is a bridging loan. And there is no new lending, its just a re-negotiation of an informal "overdraft" through borrowing the money in advance in times of low cash flow.

Football is seasonal. But if Everton improved the infrastructure that cashflow wouldn't be squeezed since cashflow would continue 24/7 from these assets - such as Hotels, bar(s), museum, CONFERENCING, EVENTS etc

 

[peteblue]

It just rolls an existing loan over, businesses do it all the time, nothing to see here, move along.........

 

[mjohn06]

This time next year we will be debating the merits of a loan from Wonga and quick quid and Bill will be telling us that they are good friends of Everton football club.

Always remember Bill is a trained actor.