He sure does. Here are his conclusions for anyone who hasn't read the article:
Implications for Everton
This is another huge hammer blow to the credibility of the owner and of the board. It demonstrates yet again, the validity of the claims that this is an incompetent board and at best, an extremely careless owner. Many Evertonians would like to see rid of Farhad Moshiri, and aside the amount of funding he has provided the club there is little to support his ownership. However, he is unlikely to sell the club at this time.
What he can do, is change the board. This is obviously a long term theme of mine and many others. But the need for a competent Chair, CEO and financial team is even greater today than it was yesterday.
No future investment until this is cleared
This referral has huge implications for Everton. The ability of the club to attract fresh investment to complete the building of the stadium was stalling prior to this announcement. Until this matter is resolved, then it is dead in the water. We will not attract investment until this matter is concluded.
What implications that has for Everton depends on Moshiri’s willingness or ability to continue funding. We are now wholly dependent upon him, and him alone. That places the business at great risk in the absence of his continued support – indeed this is also an issue for the Premier League. They will want to know Everton have continued “secured funding”. Any suggestion we do not have that further complicates and makes an alleged breach even more serious.
What has to happen?
The board and owner have to come out of hiding and explain in simple terms the position the club is in, the potential risks to the business and our Premier League status, and finally what the remedial actions are.
Their silence has never been acceptable. Today it is even less so. They, the directors, have a duty to act also. They have a duty to promote the interests of the company, to protect the interests of stakeholders including shareholders, employees and suppliers. This duty is enshrined in law, section 172 of the Companies Act 2006.
Moshiri, as heavily invested as he is, has to act – he has to get the club to a position where it can be sold to suitable committed owners. He can start that process by appointing a number of emergency, interim directors, experienced in corporate recovery and turnaround. He can demonstrate to the Premier League, the players, the manager, employees and equally importantly the fans his commitment to turning around a desperate situation. The consequences of not doing so not only threaten our Premier League survival but our existence. Moshiri has spoken of existential threats, he knows what is at stake.
In my opinion, he has to act now, to ensure the worst in sporting terms (relegation) and in business terms (potential administration) do not happen.
