Everton are a club that has been on the decline for years now, no thanks to their owner.
Farhad Moshiri has plenty to answer for across his toxic tenure as the custodian of the Toffees, which kickstarted when he first assumed a huge chunk of control in 2016.
Fans thought the club was rich at last, and whilst they were right, they could not have possibly predicted how unintelligent those handed the funds would be.
Having now just escaped their third-straight relegation battle, few would have thought this would be the legacy that the Iranian billionaire left behind when he called time on his tenure at the top of Everton.
Not only that, but he is actually set to leave further turmoil in his wake with news emerging earlier today.
Farhad Moshiri set to take on fresh loans at Everton
As per a report via Bloomberg, Moshiri has been offered the chance to take on a fresh set of loans, just weeks after 777 Partners’ spending on Everton surpassed a whopping £200m.
The piece states: ‘Struggling Premier League football club Everton has been offered a loan of as much as £150 million ($188 million) by GDA Luma Capital, a private equity firm specializing in distressed debt, according to people with knowledge of the situation.’
It is said that this fresh injection is set to provide the necessary cash to complete the Bramley-Moore Dock stadium, which provided a new construction update just yesterday.
And whilst on the surface this seems positive, to continue accumulating this debt is certainly not a good thing for the long-term future of the Toffees.
This is noted later in the report, which notes: ‘Everton has a long list of creditors including the sports investor MSP Sports Capital, which is considering a takeover bid, Bloomberg reported last week. Other creditors include Rights and Media Funding Limited and 777, which has lent the club around $200 million since its takeover deal was agreed with Moshiri in September.’
Farhad Moshiri is drowning the club in debt
As all this information attests, Everton are a club accumulating mountains of debt.
It is truly ludicrous that the Premier League have allowed this fiasco to go on, especially regarding 777 Partners, which has seen them make the club now reliant on their funds.
After all, with Moshiri seemingly unbothered by the fate of the club, the Miami-based firm has swooped like a vulture to ‘save’ the Toffees from falling into administration.
However, doing it in such a nefarious way casts significant doubt over their reliability as people, let alone professional owners.
How Richard Masters and co have allowed this to happen is scandalous, but befitting of the Premier League’s Everton treatment all season.