Everton's "corporate structure"

Chang Elephant · January 3, 2016

Already linked in a subsidiary thread:

http://nicosiamoneynews.com/2016/01/01/premier-league-footballs-game-changer/

This being a recopy of an FT article. Anyone have any views on the following comment given by Neil Blankstone of Blankstone Sington stockbrokers:

With Everton rumoured to be their next target, the corporate structure of the club could prove a problem. “It is not straightforward,” says Neil Blankstone, a stockbroker who makes a market in Everton shares.

“There is a separate holding company for the ground and the match day [and] one for the revenues from television rights. It is complicated to break it all down and see what the break clauses are. There is £45m to £50m of debt. Three directors, including Bill Kenwright, own 68 per cent. A few larger shareholders take that up to 75 per cent and then the rest is individuals.”

This being the local firm that handles EFC share trades wtf is he on about? Easy to write it off as incorrect, but he should know the everton structure 100% so what's causing his confusion ?

tim gabbott · January 3, 2016

James Patrick · January 3, 2016

Nothing unusual about corporate structure of club. Similar model in place for other clubs who mortgaged future ticket sales.

hibbo'sclass · January 3, 2016

hibbo'sclass said:
No one will bother reading this anyway, but it's cathartic to write.
Can't open the Nicosia link, so going off moutsgoats precis, but if they are making the big revelation that Goodison and gate receipts are spun out GPSL/EIL which is very difficult to break down, God help us, it happened 13+ yeats ago!!!
GPSL/EIL is a structure required to facilitate the AIB loan which sidestepped the possibility of mortgaging the player registrations which is prohibited by EPL rules.
Neither of these companies is a separate holding company, they are 100% owned by EFCL and are part of the group.
There is no seperate company for television rights - all income except gate receipts for home matches goes to EFCL, home matches to GPSL.
If you got the largest 6 shareholders to sell, you would have 84+%
Only thing they got correct is that it is difficult to find break dates assuming they mean AIB loan, because without seeing the loan document you wouldn't know what the redemption penalties are and if their are specific break clauses.
Don't know where the debt figure came from but the latest borrowings figures in the public domain are in the 2015 accounts and are c39 mil.
And breathe.

Think that answers the corporate structure bit mate.