Everton hit with major new stadium blow as statement casts doubt on club’s ‘ability to continue as a going concern’
EVERTON have failed to secure funds for the next phase of their Bramley-Moore Dock stadium.
And that has prompted fears over whether the club can complete its £760million construction.
The Toffees’ ownership situation is in limbo, with 777 Capital Partners waiting to discover whether they will be given the green light to take over.
In the meantime, current owner Farhad Moshiri has not yet managed to get the necessary funding to finish building.
The club accepted an offer from 777 in September — but the deal has still not been signed off after seven months.
Everton are due to move into their state of the art ground in time for the 2025-26 season.
Moshiri is in talks with a number of lenders, with fresh accounts for the new project admitting: “The club is continuing negotiations to secure the next stage of funding for the Bramley-Moore Dock development . . .
“Various options are being explored, however, the club has yet to secure legally binding facilities as at the date of approval of the financial statements and this facility is not yet guaranteed.
“The board are confident that funding will be secured or refinanced.
PREM SIDES HITS BY POINTS DEDUCTIONS
Nottingham Forest
Deducted four points for breaching Premier League spending limit by £34.563m. Have launched an appeal, with final decision expected by early May.
Everton
Initial 10 point deduction for 2021-22 Premier League breaches reduced to six points on appeal. Now deducted a further two points.
Sheffield United
Hit with a two-point deduction for their finances during the 2022/23 EFL season. Will begin next season on -2 points should they be relegated to the Championship.
OTHERS WHO COULD FACE PUNISHMENT…
Manchester City
Etihad club emphatically denies the 115 allegations laid against them in February 2023. The lengthy Commission case has been scheduled to start in October or November but a final decision is not expected until March or April 2025.
Chelsea
Blues chiefs flagged up illicit payments made to agents and others during the Roman Abramovich era. Fined £8.6m by Uefa but still to be formally charged by the Prem despite an ongoing investigation.
Leicester (currently Championship)
Foxes breached Prem PSR loss limits last season but did not have to report their 2022-23 accounts until this month because of their relegation. That puts the timetable back and means that they will probably face a Prem points deduction next term if they are promoted back to the top flight.
“However the directors acknowledge these uncertainties may cast significant doubt on the entity’s ability to continue as a going concern.”
Everton Stadium Development Limited has debts of £539.1m — up from £283.1m the previous year.