No mate it would mean that the overdraft had been reduced and long term debt increased to pay the overdraft, I.e. debt remains stagnant(the clubs word not mine!)
You seem to have completely misunderstood what I've been posting or your in complete denial that the club LOSES £15m a season in real terms and sells assets to make this up. When we get the extra money we may be able to stop selling assets and exist on an even keel.
So you’re saying that additional debt was taken on to pay or reduce the overdraft, and that this kept the debt 'constant’?
I don’t think this is accurate for a number of reasons. Firstly, I’m pretty sure that overdrafts aren’t listed as debt in the accounts, so the procedure that you claim took place (acquiring debt to pay off an overdraft) would have resulted in our debt increasing from the constant 45million figure, but it hasn’t. Secondly, it really doesn’t tally with the need for our Arteta/Bellefield fire-sale.
The fire-sale took place because we needed to repay the bank large chunks of cash immediately as it was repayable on demand. Your scenario of acquiring new debt to pay off an overdraft wouldn’t have required us to make massive payments back to the bank, instead we would have inherited a new monthly re-payment liability, so where has all the Bellefield and Arteta money gone?
You are the first and only person that I have come across who has claimed that we have been racking up losses of 15million pound a year. This would mean that we had lost around 75million over the past 5years. Who has covered that 75million? We have sold off assets to repay losses but not to the tune of 75million over 5 years, it would be impossible to do that as it is completely unsustainable.
REVENUES HAVE SKYROCKETED THROUGH THE PL YEARS. THE ONLY THING THATS KEPT PACE WITH THEM IS EVERTONS DEBT AND PLAYER WAGES. WHAT WILL CHANGE?
The team will change, as it has done over the past 10 years, we really wouldn’t have had a squad packed with the likes of Fellaini, Jelavic, Pienaar and Heitinga etc etc, who are all on 50k a week+, without the massive increase in revenues over the past 10 years. The new revenue will help us assemble a team of more expensive better players!