No Lending

[Bilbo]

Says Elstone on the website

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Following a newspaper report earlier today, Everton Chief Executive Robert Elstone said: "Let's be absolutely clear about this. There has been no new lending at Goodison this summer.
"For the third consecutive season we have advanced a relatively small amount of next season's TV money.
"Each season the amount is repaid in full and then the loan is repeated at the same level, with no increase in overall debt levels. This is a very familiar source of finance to football clubs.
He added: "We were pleased this summer to find a lender able to offer us better terms than previously."

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if it's a repost, sorry...

 

[Zatara]

Well, he's basically saying that they paid off one loan and then took another one out for the same remaining amount.

Essentially it's a new loan -- so there is NEW lending (as he puts it).

Can I ask how this guy actually managed to get the Chief Executives role in a premier league club ????????????

 

[formerly manx toffee]

Semantics

No additional lending

 

[Matt Damon]

Well, he's basically saying that they paid off one loan and then took another one out for the same remaining amount.

Essentially it's a new loan -- so there is NEW lending (as he puts it).

Can I ask how this guy actually managed to get the Chief Executives role in a premier league club ????????????

New lending refers to NEW ADDITIONAL LOANS.

Which there isn't. Its a replacement of a previous one which bridged the club over the summer to the next Sky payment.


And there is a dedicated thread to this already.

 

[roydo]

Expect its cash flow. Problem is, when the TV money stops......Witness Leeds, Birmingham, etc etc etc etc.

Would be amazed if we are the only club to use this method.

 

[Chang Elephant]

Well, he's basically saying that they paid off one loan and then took another one out for the same remaining amount.

Essentially it's a new loan -- so there is NEW lending (as he puts it).

Can I ask how this guy actually managed to get the Chief Executives role in a premier league club ????????????

Agreed, there is new lending. I think Bobby is skilfully trying to divert from the fact that for a third season in a row we are borrowing in advance against income, which is the real salient issue in this. TBF he knows his audience, the match screen clappers, and Kirkby voters etc....they'll lap it up.

:toilet:

 

[johnnydawg68]

We're not. He said explicitly this is very common for a lot of team. Nothing new here except to the conspiracy theorists.

 

[roydo]

We're not. He said explicitly this is very common for a lot of team. Nothing new here except to the conspiracy theorists.

Quite. If you know you have a guaranteed income stream for a specific period, accepted business practice to borrow against it.

 

[Chang Elephant]

Quite. If you know you have a guaranteed income stream for a specific period, accepted business practice to borrow against it.

Accepted business practice for businesses that are right in the sh1te financially, and even more acceptable to those who don't wish to question why the business in question has finished up where it is.

 

[Neiler]

Lol some great nuggets of "i like the board" & "i dont like the board", saying a lot without saying much at all.

A more pertinent question would be why the need for borrowing when we saved some mundo, wages and also have had a equity injection?

 

[Chang Elephant]

Lol some great nuggets of "i like the board" & "i dont like the board", saying a lot without saying much at all.

A more pertinent question would be why the need for forrowing when we saved some mundo, wages and also have had a equity injection?

Cheers Neiler, you owe me a copyright fee.

 

[Neiler]

Cheers Neiler, you owe me a copyright fee.

I doubt it tbh.

 

[davek]

Lol some great nuggets of "i like the board" & "i dont like the board", saying a lot without saying much at all.

A more pertinent question would be why the need for borrowing when we saved some mundo, wages and also have had a equity injection?

It's for Bill's scouting fees. keep up.

 

[Neiler]

It's for Bill's scouting fees. keep up.

Come on mate, its old tbh not to mention a bit handbag carrying.

*Waits for administration come back.

 

[Chang Elephant]

I doubt it tbh.

Morally, not literally ffs