Farhad Moshiri

[JLW]

The minute Moshiri and Sir Egotistical are removed from this club will be a day to celebrate, an absolute disaster this has been

Agreed but no chance slug head will go without a fight! That waste of space will for sure want to be the one who cuts the ribbon on BMD.

 

[BenToffee79]

Agreed but no chance slug head will go without a fight! That waste of space will for sure want to be the one who cuts the ribbon on BMD.

I don’t know what us fans have done to be at the whim of this control freak for so long. He’s the curse of EFC, nothing else , brings in Moshiri who in line with his own achievements turns out to be a disaster

 

[Ferguson1878]

According to the theory of the multiverse I'm the owner of Everton. Today, I sacked Kenwright.

You should have shot him instead

 

[Ferguson1878]

Agreed but no chance slug head will go without a fight! That waste of space will for sure want to be the one who cuts the ribbon on BMD.

Shameless isn’t he

 

[JLW]

Shameless isn’t he

Absolutely mate, he’s oblivious to all the hate. He actually thinks we love him.

 

[Ferguson1878]

Absolutely mate, he’s oblivious to all the hate. He actually thinks we love him.

I used to think that mate now I think he loves the attention like one of his pantomime villains

 

[Jacko93]

Thanks mate, i remember it back in April i thought it was fluffy and non specific language at the time, "greater certainty" is different to "fixed costs".

To be honest i took it that LOR needed reassurance that the finance would be in place for the project, yet no specifics have emerged.

No way anyone at the time (April) was agreeing to fixed costs due to the escalating costs of materials and rising interest rates - which have proven to be the case.

The actual quotes from DBB:

I am delighted to tell you that we have finalised and signed a contract with our construction partners, Laing O'Rourke, which gives us greater certainty as to the costs of the remaining stages of our stadium project. The agreement ensures the work on bringing our new home to reality will continue apace.

To explain the significance, this agreement means we have renewed clarity over the costs for the remaining stages of the project - and that clarity is in line with our budget and cost planning. In short - we have certainty in these uncertain times.

Our accounts, released last month, revealed the profound scale of the impact the pandemic has had, and continues to have, on our Club. They also demonstrated, though, the scale of investment we have already made in our new stadium - and the unwavering commitment of our owner to finish what he has started.

To put it into financial terms, this is the biggest investment and the biggest commercial deal and partnership we have ever struck in our Club's history.

Its not fixed cost, its GMP (Guaranteed Maximum Price). That means that if the stadium stays exactly as it is in design and construction, it will cost no more than £Xm. Essentially, the Main contractor takes the risks and responsibility on board. The stadium could still cost more though, and that is in the case of design changes for which the client is responsible as t would be unreasonable to expect the main contractor to take the responsibility and risk of that. That's why its cost certainty, as we will have the opportunity to spend more if we have the ability to, and we will have control over the amount extra that we spend by simply adding or not adding what we want.

 

[JLW]

I used to think that mate now I think he loves the attention like one of his pantomime villains

He’s horrible in he.
Proper cringy when he speaks

 

[James]

I read it as, like a lot of other firms, they want no connection to Russia/Russian money. End of the day, a lot of that money is still Usmanov's

They've done our books for 2/3 years and that's the period where its looked most dodgy, so why bail now? Has to be the former.

It will be sanctions related. The government has just extended the ban on providing professional services to companies with a Russian connection so that it now covers audit services. BDO won’t want to even chance it with this one.

Auditors don’t normally resign due to going concern risks. They just put that qualification in the opinion.

 

[Pittsburgh Footy]

It will be sanctions related. The government has just extended the ban on providing professional services to companies with a Russian connection so that it now covers audit services. BDO won’t want to even chance it with this one.

Auditors don’t normally resign due to going concern risks. They just put that qualification in the opinion.

While i see your first point, with respect to your second, if Everton told them they won't take a qualified opinion, then BDO could walk.

Either way, their resignation is not good. Not good at all

 

[James]

While i see your first point, with respect to your second, if Everton told them they won't take a qualified opinion, then BDO could walk.

Either way, their resignation is not good. Not good at all

We’ve relied on Moshiri’s continued investment to ensure going concern is met in the past year. With the savings we’ve made in the last 12 months I’d guess going concern basis would be at risk only if he’d had enough and was walking away. It would be odd for BDO to change their view now.

What will be a problem if BDO do resign is external stadium financing. No audited financials is a huge red flag to pretty much every lender…

 

[4737carlin]

MOSHIRI OUT

 

[blulouie]

I don't think there is anything more to add to this.
Sounds like a journalist on a fishing trip has had his nose shoved out of joint.
Does what they do best , makes up a story based on "sources" close to the company.
Anyone remember the Panama Paper's ?

 

[kenada_blue]

It will be sanctions related. The government has just extended the ban on providing professional services to companies with a Russian connection so that it now covers audit services. BDO won’t want to even chance it with this one.

Auditors don’t normally resign due to going concern risks. They just put that qualification in the opinion.

Clear conscience on Saudi blood money though

 

[Dublin blue 75]

I thought the league still was helping/looking at the books and seeing what the club could spend ect.

The league will be only see the management accounts they are provided with at face value. The auditors should have a much more unobstructed view of the clubs inner workings, funding sources, cashflow and outgoings.

Which makes this turn of events rather concerning if accurate. Without an auditor (unclear if they have actually resigned yet), we will eventually be in all manner of issues with other interested parties, lenders, any service providers who are themselves regulated, the HMRC, the PL itself. This is not good.