Everton Summer transfers 2021

[Azza]

I honestly dont know how it works fully with owner "investment".

Obviously we need to get a 5 year flexible credit facility of about £200m at 1.27%.

 

[CahillsCornerFlag]

....linked & he hasn’t got his own thread;

His passing is fantastic, James-esque. I will never, ever say no to more through balls.

 

[Curtis]

All you accounting nerds need to scram to a different thread, this place is reserved for people indulging in implausible transfer delusions and smug self appointed footballing authorities casting condescension on others.......

 

[andy4efc]

We won't get back anywhere near cost on these players. They will have to drop several levels to get interest.

Delph/Sigurdsson etc. are good enough for the Championship for example, just about.

The problem isn't attracting interest, the problem is the wages. We've paid stunningly stupid wages to too many players to the point where it's a massive drain on us and we can't offload them until the contracts expire.

The only thing we can do is take a massive hit on the transfer fee to lure clubs in. So Iwobi for £5m or whatever.

That's what I meant. People arent' going to see that we have overpaid for, and overpaying these players to then go 'we'll take that burden off you for a distinctly average player'.

None of us would buy them, so scouts at clubs who actually have a bit of dough or interest aren't going to either you know.

Unfortunately we're gonnoa have to start from scratch again with these I think.

 

[MrGrumpy]

Most important thing this summer is to sort out the right side of them team, then look for upgrades at Mid and CB

 

[hoppy]

Summer Spending?​

With talk of £100m being available for summer transfers, a look at our projected cash position and how the close-season business might be achieved​

PAUL THE ESK 27/05/2021 0COMMENTS | Jump to last
With yet another “big summer” looming for Everton and claims that Moshiri will fund player acquisitions drawn up by Ancelotti and Brands by perhaps as much as £100 million, knowing what our cash position is, and knowing how we might fund player acquisitions this summer is of interest to all Evertonians.

Predicting cash flow from outside an organisation is a notoriously difficult task. However it is possible to give a range with reasonable accuracy. The accounts providing a starting point and provide information such as opening cash balances and amounts due to be paid and received in the following twelve months. It is also reasonable to predict operating revenues and costs, the main difficulty is in predicting cash flows from transfer activity and any changes to creditor and debtor positions throughout the year.

So what is Everton’s cash position?​

The 20219/2020 accounts showed a cash position of £56.4 million as at the 30 June 2020. That sounds pretty healthy and with incoming transfer spend of £67.38 million in the transfer window one might assume that Everton’s finances were relatively healthy in the early days of the pandemic.

However various liabilities were due to be paid in 2020/21 including repayments of loans, £58.7 million and deferred payments to HMRC of £40.16 million. Trade creditors due were £65.4 million and trade debtors £55.6 million. Thus cash movements out of the club of £108.66 million. If we assume 50% of the transfer fees from last summer were paid at the time of the transfer, that adds another £34 million, making a total of £142.66 million.

I have projected cash outflows of £37.5 million from normal operating activities, and it is expected that continued costs relating to Bramley-Moore may be as high as £20 million.

As a result there is close to £200 million of negative cash flow out of the club before finance and investing activities are considered.

It is known from the details surrounding the share placement that Moshiri provided £50 million in November 2020 and an additional £50 million just after the share placement, therefore providing £100 million of new cash.

The remaining negative cash flow will therefore be funded by existing cash reserves (£56.4 million as at 30 June 2020) and new borrowings from Rights and Media Funding. It is believed we have credit facilities of £80 million with this funder. If we used all of this facility (and the new charges added at the beginning of May suggest we are close to that). In addition, 2021/22 season ticket receipts of at least £10 million will be received. This suggests we probably have cash balances of around £45 million. TV broadcasting money will also be received but given they are to meet operating costs and wages I am not including them in any calculations.

However the cash balance of around £45 million cannot just be spent on transfers, the club continues to lose money on day to day operations – my projections suggest around £3 million a month. Additionally, the club has future liabilities to meet including net £23 million on previous transfers, plus the outstanding £34 million (assuming last summer’s transfers were paid over two years).

Thus any war chest for incoming transfers must be met from one of three sources, (i) an increase in borrowings (ii) the sale of players or (iii) further capital injections by Farhad Moshiri.

Let’s look at the possibilities:​

(i) an increase in borrowings. Highly unlikely in my opinion given the club will continue to lose money on its day to day operations for the foreseeable future, our wages and operating costs outstripping expected income. The level of external borrowings will also be of concern to potential lenders re Bramley-Moore.

(ii) A sale of players. As in recent years, Brands will continue to be charged with the task of moving expensive players on – a task made difficult by the performance levels of those on offer and their contract demands in a post pandemic environment. Walcott, Bolasie, Besic, Pennington, and King have left/will leave the club as free agents. Whilst the reduction in wages is welcome, the club receives no compensation from their next clubs. It is possible that we receive offers for Bernard, Kenny, Delph, Tosun (although still injured) and Gomes, however being realistic, the fees are not going to be high if indeed their contract terms could be matched elsewhere. In the context of bringing in new players, relying upon the sales of these players seems fraught with risk and minimal return. That leaves us the sale of sellable assets. Of the existing squad Moise Kean seems the most likely early sale (selling him before June 30 would assist Everton’s Profit & Loss account for this financial year). What sort of fee? Perhaps upwards of £40 million? Useful, but again not sufficient to meet Ancelotti’s acquisition plans. So who else? We are now looking at core players, the players ideally we would like to build a team around not dispose to potential opponents in future European competitions. I suppose Richarlison is the most likely candidate. Reluctantly from my perspective, but a fee of £70 million plus, if achievable, would probably represent good value if re-invested in productive players.

(iii) Further funding from Moshiri. There is speculation that Moshiri will provide funding of £100 million for the acquisition of players. I think this has to be treated with caution. Whilst it is true there are an outstanding 33,333 shares priced at £3,000 each which are at his disposal, it is my understanding that this was ear-marked for his contribution to Bramley-Moore, or in the event it is not required a further conversion of existing shareholder debt into equity. Either scenario would not provide additional funding for player purchases. In addition, spending £100 million on say four players would add something in the region of £45 million to our annual costs and therefore losses (assuming £5m a year wages for each player and four year contracts).

Summary​

It is clear that Ancelotti expects support in the transfer market and to be fair to Moshiri, he has continued to fund transfer activity from his own pocket, especially when we have not been able to dispose of player assets. But each year it gets increasingly more difficult to keep adding costs to a business that currently has limited upside in terms of revenue (especially with not qualifying for Europe). We already are a heavily loss making business and in the absence of a massive increase of revenue we will continue to be so.

For me, the sale of Moise Kean and Richarlison (however reluctantly I type that) are the only viable solutions – gross receipts of over £100 million and a reduction in wages and amortisation costs for the two (I’d estimate at over £20 million a year savings) would give the space and the cash resources for Ancelotti’s acquisitions; Moshiri throwing £100 million into the club without player sales would just produce greater financial problems down the road.

 

[Goat]

Summer Spending?​

With talk of £100m being available for summer transfers, a look at our projected cash position and how the close-season business might be achieved​

PAUL THE ESK 27/05/2021 0COMMENTS | Jump to last
With yet another “big summer” looming for Everton and claims that Moshiri will fund player acquisitions drawn up by Ancelotti and Brands by perhaps as much as £100 million, knowing what our cash position is, and knowing how we might fund player acquisitions this summer is of interest to all Evertonians.

Predicting cash flow from outside an organisation is a notoriously difficult task. However it is possible to give a range with reasonable accuracy. The accounts providing a starting point and provide information such as opening cash balances and amounts due to be paid and received in the following twelve months. It is also reasonable to predict operating revenues and costs, the main difficulty is in predicting cash flows from transfer activity and any changes to creditor and debtor positions throughout the year.

So what is Everton’s cash position?​

The 20219/2020 accounts showed a cash position of £56.4 million as at the 30 June 2020. That sounds pretty healthy and with incoming transfer spend of £67.38 million in the transfer window one might assume that Everton’s finances were relatively healthy in the early days of the pandemic.

However various liabilities were due to be paid in 2020/21 including repayments of loans, £58.7 million and deferred payments to HMRC of £40.16 million. Trade creditors due were £65.4 million and trade debtors £55.6 million. Thus cash movements out of the club of £108.66 million. If we assume 50% of the transfer fees from last summer were paid at the time of the transfer, that adds another £34 million, making a total of £142.66 million.

I have projected cash outflows of £37.5 million from normal operating activities, and it is expected that continued costs relating to Bramley-Moore may be as high as £20 million.

As a result there is close to £200 million of negative cash flow out of the club before finance and investing activities are considered.

It is known from the details surrounding the share placement that Moshiri provided £50 million in November 2020 and an additional £50 million just after the share placement, therefore providing £100 million of new cash.

The remaining negative cash flow will therefore be funded by existing cash reserves (£56.4 million as at 30 June 2020) and new borrowings from Rights and Media Funding. It is believed we have credit facilities of £80 million with this funder. If we used all of this facility (and the new charges added at the beginning of May suggest we are close to that). In addition, 2021/22 season ticket receipts of at least £10 million will be received. This suggests we probably have cash balances of around £45 million. TV broadcasting money will also be received but given they are to meet operating costs and wages I am not including them in any calculations.

However the cash balance of around £45 million cannot just be spent on transfers, the club continues to lose money on day to day operations – my projections suggest around £3 million a month. Additionally, the club has future liabilities to meet including net £23 million on previous transfers, plus the outstanding £34 million (assuming last summer’s transfers were paid over two years).

Thus any war chest for incoming transfers must be met from one of three sources, (i) an increase in borrowings (ii) the sale of players or (iii) further capital injections by Farhad Moshiri.

Let’s look at the possibilities:​

(i) an increase in borrowings. Highly unlikely in my opinion given the club will continue to lose money on its day to day operations for the foreseeable future, our wages and operating costs outstripping expected income. The level of external borrowings will also be of concern to potential lenders re Bramley-Moore.

(ii) A sale of players. As in recent years, Brands will continue to be charged with the task of moving expensive players on – a task made difficult by the performance levels of those on offer and their contract demands in a post pandemic environment. Walcott, Bolasie, Besic, Pennington, and King have left/will leave the club as free agents. Whilst the reduction in wages is welcome, the club receives no compensation from their next clubs. It is possible that we receive offers for Bernard, Kenny, Delph, Tosun (although still injured) and Gomes, however being realistic, the fees are not going to be high if indeed their contract terms could be matched elsewhere. In the context of bringing in new players, relying upon the sales of these players seems fraught with risk and minimal return. That leaves us the sale of sellable assets. Of the existing squad Moise Kean seems the most likely early sale (selling him before June 30 would assist Everton’s Profit & Loss account for this financial year). What sort of fee? Perhaps upwards of £40 million? Useful, but again not sufficient to meet Ancelotti’s acquisition plans. So who else? We are now looking at core players, the players ideally we would like to build a team around not dispose to potential opponents in future European competitions. I suppose Richarlison is the most likely candidate. Reluctantly from my perspective, but a fee of £70 million plus, if achievable, would probably represent good value if re-invested in productive players.

(iii) Further funding from Moshiri. There is speculation that Moshiri will provide funding of £100 million for the acquisition of players. I think this has to be treated with caution. Whilst it is true there are an outstanding 33,333 shares priced at £3,000 each which are at his disposal, it is my understanding that this was ear-marked for his contribution to Bramley-Moore, or in the event it is not required a further conversion of existing shareholder debt into equity. Either scenario would not provide additional funding for player purchases. In addition, spending £100 million on say four players would add something in the region of £45 million to our annual costs and therefore losses (assuming £5m a year wages for each player and four year contracts).

Summary​

It is clear that Ancelotti expects support in the transfer market and to be fair to Moshiri, he has continued to fund transfer activity from his own pocket, especially when we have not been able to dispose of player assets. But each year it gets increasingly more difficult to keep adding costs to a business that currently has limited upside in terms of revenue (especially with not qualifying for Europe). We already are a heavily loss making business and in the absence of a massive increase of revenue we will continue to be so.

For me, the sale of Moise Kean and Richarlison (however reluctantly I type that) are the only viable solutions – gross receipts of over £100 million and a reduction in wages and amortisation costs for the two (I’d estimate at over £20 million a year savings) would give the space and the cash resources for Ancelotti’s acquisitions; Moshiri throwing £100 million into the club without player sales would just produce greater financial problems down the road.

Sigh.

Every year he says the same thing.

I mean hes not wrong, from a business POV we cant spend without significant sales, but as he touches on himself, that hasnt prevented us from buying for the last 5 years.

I mean Carlo isnt sounding like a man whos expecting to see frugal spending.

 

[Gilbert..]

Just seen on SSN ( I know ) that the owners of Inter Milan have told Conte to trim the wage bill by about 20% and sell players up to the value of 70m.
I know they would get that and more for Lukaku but is there anybody who would be of interest to us and who might come to us
Conte is not very happy about it by all accounts
If the Italian champions are in serious financial trouble what does that have to say about the rest of Italian Football and the wider European clubs
TLDR
Kessie and Koubailly are ours

Interesting though that he's left inter for that reason. Where to? Madrid are in the same boat. Koeman may get the chop at barca. Same boat.
Possibly PSG if pottechino goes.
He may have jumped ship at inter a bit quick. His options looked limited based on why he left inter.

 

[Bluewolf]

I bet over 80% of footy fans had not heard of either of them. Czech footballer of the year is like being number one at archery in Britain. Its a great title but no one knows your name.

Yeah 80% of football fans might not of but DOF bloody well should of.

Pluck so.e kid from the Brazilian 3rd division and ill say that's a unknown. Being a full international and footballer of the year in your country should be someone every "football person" knows about.

 

[Bluewolf]

Summer Spending?​

With talk of £100m being available for summer transfers, a look at our projected cash position and how the close-season business might be achieved​

PAUL THE ESK 27/05/2021 0COMMENTS | Jump to last
With yet another “big summer” looming for Everton and claims that Moshiri will fund player acquisitions drawn up by Ancelotti and Brands by perhaps as much as £100 million, knowing what our cash position is, and knowing how we might fund player acquisitions this summer is of interest to all Evertonians.

Predicting cash flow from outside an organisation is a notoriously difficult task. However it is possible to give a range with reasonable accuracy. The accounts providing a starting point and provide information such as opening cash balances and amounts due to be paid and received in the following twelve months. It is also reasonable to predict operating revenues and costs, the main difficulty is in predicting cash flows from transfer activity and any changes to creditor and debtor positions throughout the year.

So what is Everton’s cash position?​

The 20219/2020 accounts showed a cash position of £56.4 million as at the 30 June 2020. That sounds pretty healthy and with incoming transfer spend of £67.38 million in the transfer window one might assume that Everton’s finances were relatively healthy in the early days of the pandemic.

However various liabilities were due to be paid in 2020/21 including repayments of loans, £58.7 million and deferred payments to HMRC of £40.16 million. Trade creditors due were £65.4 million and trade debtors £55.6 million. Thus cash movements out of the club of £108.66 million. If we assume 50% of the transfer fees from last summer were paid at the time of the transfer, that adds another £34 million, making a total of £142.66 million.

I have projected cash outflows of £37.5 million from normal operating activities, and it is expected that continued costs relating to Bramley-Moore may be as high as £20 million.

As a result there is close to £200 million of negative cash flow out of the club before finance and investing activities are considered.

It is known from the details surrounding the share placement that Moshiri provided £50 million in November 2020 and an additional £50 million just after the share placement, therefore providing £100 million of new cash.

The remaining negative cash flow will therefore be funded by existing cash reserves (£56.4 million as at 30 June 2020) and new borrowings from Rights and Media Funding. It is believed we have credit facilities of £80 million with this funder. If we used all of this facility (and the new charges added at the beginning of May suggest we are close to that). In addition, 2021/22 season ticket receipts of at least £10 million will be received. This suggests we probably have cash balances of around £45 million. TV broadcasting money will also be received but given they are to meet operating costs and wages I am not including them in any calculations.

However the cash balance of around £45 million cannot just be spent on transfers, the club continues to lose money on day to day operations – my projections suggest around £3 million a month. Additionally, the club has future liabilities to meet including net £23 million on previous transfers, plus the outstanding £34 million (assuming last summer’s transfers were paid over two years).

Thus any war chest for incoming transfers must be met from one of three sources, (i) an increase in borrowings (ii) the sale of players or (iii) further capital injections by Farhad Moshiri.

Let’s look at the possibilities:​

(i) an increase in borrowings. Highly unlikely in my opinion given the club will continue to lose money on its day to day operations for the foreseeable future, our wages and operating costs outstripping expected income. The level of external borrowings will also be of concern to potential lenders re Bramley-Moore.

(ii) A sale of players. As in recent years, Brands will continue to be charged with the task of moving expensive players on – a task made difficult by the performance levels of those on offer and their contract demands in a post pandemic environment. Walcott, Bolasie, Besic, Pennington, and King have left/will leave the club as free agents. Whilst the reduction in wages is welcome, the club receives no compensation from their next clubs. It is possible that we receive offers for Bernard, Kenny, Delph, Tosun (although still injured) and Gomes, however being realistic, the fees are not going to be high if indeed their contract terms could be matched elsewhere. In the context of bringing in new players, relying upon the sales of these players seems fraught with risk and minimal return. That leaves us the sale of sellable assets. Of the existing squad Moise Kean seems the most likely early sale (selling him before June 30 would assist Everton’s Profit & Loss account for this financial year). What sort of fee? Perhaps upwards of £40 million? Useful, but again not sufficient to meet Ancelotti’s acquisition plans. So who else? We are now looking at core players, the players ideally we would like to build a team around not dispose to potential opponents in future European competitions. I suppose Richarlison is the most likely candidate. Reluctantly from my perspective, but a fee of £70 million plus, if achievable, would probably represent good value if re-invested in productive players.

(iii) Further funding from Moshiri. There is speculation that Moshiri will provide funding of £100 million for the acquisition of players. I think this has to be treated with caution. Whilst it is true there are an outstanding 33,333 shares priced at £3,000 each which are at his disposal, it is my understanding that this was ear-marked for his contribution to Bramley-Moore, or in the event it is not required a further conversion of existing shareholder debt into equity. Either scenario would not provide additional funding for player purchases. In addition, spending £100 million on say four players would add something in the region of £45 million to our annual costs and therefore losses (assuming £5m a year wages for each player and four year contracts).

Summary​

It is clear that Ancelotti expects support in the transfer market and to be fair to Moshiri, he has continued to fund transfer activity from his own pocket, especially when we have not been able to dispose of player assets. But each year it gets increasingly more difficult to keep adding costs to a business that currently has limited upside in terms of revenue (especially with not qualifying for Europe). We already are a heavily loss making business and in the absence of a massive increase of revenue we will continue to be so.

For me, the sale of Moise Kean and Richarlison (however reluctantly I type that) are the only viable solutions – gross receipts of over £100 million and a reduction in wages and amortisation costs for the two (I’d estimate at over £20 million a year savings) would give the space and the cash resources for Ancelotti’s acquisitions; Moshiri throwing £100 million into the club without player sales would just produce greater financial problems down the road.

I presume he just copies and pastes that every year now

 

[FTY]

....linked & he hasn’t got his own thread;

Very VERY good looking man

Makes James look like Iain Dowe

 

[Gilbert..]

I just want players who can provide consistent forward momentum with the ball. It's so depressing how ecstatic I become in the rare occurrences where we actually string together a series of 3 or 4 forward passes together. I actually marvel at the event like it was some spectacular feat.

Even players who look at ease with the ball would be good. I watched villareal last night. By no means a team with superstar players. And prob on a fraction of some Everton players. Yet they all look comfortable on the ball. Weight of passes. Recieving a pass etc.
I watch Everton and i have this constant feeling after two passes we're about to give it away.

 

[Stephenlloyd]

Summer Spending?​

With talk of £100m being available for summer transfers, a look at our projected cash position and how the close-season business might be achieved​

PAUL THE ESK 27/05/2021 0COMMENTS | Jump to last
With yet another “big summer” looming for Everton and claims that Moshiri will fund player acquisitions drawn up by Ancelotti and Brands by perhaps as much as £100 million, knowing what our cash position is, and knowing how we might fund player acquisitions this summer is of interest to all Evertonians.

Predicting cash flow from outside an organisation is a notoriously difficult task. However it is possible to give a range with reasonable accuracy. The accounts providing a starting point and provide information such as opening cash balances and amounts due to be paid and received in the following twelve months. It is also reasonable to predict operating revenues and costs, the main difficulty is in predicting cash flows from transfer activity and any changes to creditor and debtor positions throughout the year.

So what is Everton’s cash position?​

The 20219/2020 accounts showed a cash position of £56.4 million as at the 30 June 2020. That sounds pretty healthy and with incoming transfer spend of £67.38 million in the transfer window one might assume that Everton’s finances were relatively healthy in the early days of the pandemic.

However various liabilities were due to be paid in 2020/21 including repayments of loans, £58.7 million and deferred payments to HMRC of £40.16 million. Trade creditors due were £65.4 million and trade debtors £55.6 million. Thus cash movements out of the club of £108.66 million. If we assume 50% of the transfer fees from last summer were paid at the time of the transfer, that adds another £34 million, making a total of £142.66 million.

I have projected cash outflows of £37.5 million from normal operating activities, and it is expected that continued costs relating to Bramley-Moore may be as high as £20 million.

As a result there is close to £200 million of negative cash flow out of the club before finance and investing activities are considered.

It is known from the details surrounding the share placement that Moshiri provided £50 million in November 2020 and an additional £50 million just after the share placement, therefore providing £100 million of new cash.

The remaining negative cash flow will therefore be funded by existing cash reserves (£56.4 million as at 30 June 2020) and new borrowings from Rights and Media Funding. It is believed we have credit facilities of £80 million with this funder. If we used all of this facility (and the new charges added at the beginning of May suggest we are close to that). In addition, 2021/22 season ticket receipts of at least £10 million will be received. This suggests we probably have cash balances of around £45 million. TV broadcasting money will also be received but given they are to meet operating costs and wages I am not including them in any calculations.

However the cash balance of around £45 million cannot just be spent on transfers, the club continues to lose money on day to day operations – my projections suggest around £3 million a month. Additionally, the club has future liabilities to meet including net £23 million on previous transfers, plus the outstanding £34 million (assuming last summer’s transfers were paid over two years).

Thus any war chest for incoming transfers must be met from one of three sources, (i) an increase in borrowings (ii) the sale of players or (iii) further capital injections by Farhad Moshiri.

Let’s look at the possibilities:​

(i) an increase in borrowings. Highly unlikely in my opinion given the club will continue to lose money on its day to day operations for the foreseeable future, our wages and operating costs outstripping expected income. The level of external borrowings will also be of concern to potential lenders re Bramley-Moore.

(ii) A sale of players. As in recent years, Brands will continue to be charged with the task of moving expensive players on – a task made difficult by the performance levels of those on offer and their contract demands in a post pandemic environment. Walcott, Bolasie, Besic, Pennington, and King have left/will leave the club as free agents. Whilst the reduction in wages is welcome, the club receives no compensation from their next clubs. It is possible that we receive offers for Bernard, Kenny, Delph, Tosun (although still injured) and Gomes, however being realistic, the fees are not going to be high if indeed their contract terms could be matched elsewhere. In the context of bringing in new players, relying upon the sales of these players seems fraught with risk and minimal return. That leaves us the sale of sellable assets. Of the existing squad Moise Kean seems the most likely early sale (selling him before June 30 would assist Everton’s Profit & Loss account for this financial year). What sort of fee? Perhaps upwards of £40 million? Useful, but again not sufficient to meet Ancelotti’s acquisition plans. So who else? We are now looking at core players, the players ideally we would like to build a team around not dispose to potential opponents in future European competitions. I suppose Richarlison is the most likely candidate. Reluctantly from my perspective, but a fee of £70 million plus, if achievable, would probably represent good value if re-invested in productive players.

(iii) Further funding from Moshiri. There is speculation that Moshiri will provide funding of £100 million for the acquisition of players. I think this has to be treated with caution. Whilst it is true there are an outstanding 33,333 shares priced at £3,000 each which are at his disposal, it is my understanding that this was ear-marked for his contribution to Bramley-Moore, or in the event it is not required a further conversion of existing shareholder debt into equity. Either scenario would not provide additional funding for player purchases. In addition, spending £100 million on say four players would add something in the region of £45 million to our annual costs and therefore losses (assuming £5m a year wages for each player and four year contracts).

Summary​

It is clear that Ancelotti expects support in the transfer market and to be fair to Moshiri, he has continued to fund transfer activity from his own pocket, especially when we have not been able to dispose of player assets. But each year it gets increasingly more difficult to keep adding costs to a business that currently has limited upside in terms of revenue (especially with not qualifying for Europe). We already are a heavily loss making business and in the absence of a massive increase of revenue we will continue to be so.

For me, the sale of Moise Kean and Richarlison (however reluctantly I type that) are the only viable solutions – gross receipts of over £100 million and a reduction in wages and amortisation costs for the two (I’d estimate at over £20 million a year savings) would give the space and the cash resources for Ancelotti’s acquisitions; Moshiri throwing £100 million into the club without player sales would just produce greater financial problems down the road.

We know the Esk would put a negative spin on his mrs winning the lottery.

But out in interest how did Chelsea manage it 20yrs ago or city 12 yrs ago. I know FFP didn’t exist then, but he’s not really talking about FFP

 

[FTY]

Didn’t believe the rumours til I seen this pic of him pointing at his Godfrey tattoo

 

[catcherintherye]

Sigh.

Every year he says the same thing.

I mean hes not wrong, from a business POV we cant spend without significant sales, but as he touches on himself, that hasnt prevented us from buying for the last 5 years.

I mean Carlo isnt sounding like a man whos expecting to see frugal spending.

He is spot on, but you know that the answer is point C. Moshiri finds more money to spend.