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New Everton Stadium

Bungle said:
Oh good god, I think the only thing that could top it is if Fearne had bought along Nick Grimshaw, I think my head might actually explode.
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He would be the Xmas surprise, jump out of a big present with John Bishop and James Cordon and you have the pleasure of sitting on their table while eating the Xmas meal.
 
Lads....it might be a daft question but who owns Goodison?

I have just read something on the Guardian website regarding the new stadium announcement. It looks to me that the clubs owners are about to sell us short again....though I could be wrong.

They are saying that Rob Elstone has said that plans and sites are being considered, along with the possibility that we become tenants. Having already sold off Finch Farm so that we have to rent it back, they now want to do the same with a new stadium. Sell Goodison no doubt and rent a new one from the council.

I suspect that if this ever plan got off the ground, while we were all excited about sitting in nice shiny new seats, Goodison would be sold, the money pocketed and the club left in debt and having to rent the new stadium.

Personally, I would only want to see this new stadium happen if we have a land swap (Goodison for the new site) and we can fund the construction of the stadium so that we retain ownership of it. That would however require us to repay the mortgage debt secured against Goodison so that we can dispose of it unencumbered. Does anyone know how much debt is secured against Goodison? The same Guardian article says that our forecast is healthier than some others with our net liabilities due to reduce from £43 million odd to around £13 million.
 
Jxg said:
Club is losing money (about £5m a year). We have interest to pay on the debt.

If we were to pay the entire debt off (£50-30m depending on what you read) we'd be sorted... for a year. Then we lose £5m and have to borrow again (or sell a player). That means we're in debt again and have blown everything we have for nothing. The money we spent (again, £50-30m depending on what you read) could have been spent improving the squad, getting us into the CL and thus increasing revenue to such an extent that we'll be profiting, not losing money.
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We won't start making losses again until the surplus has been spent. I think it's been a while now since the club was making losses. We broke even in our last accounting period.
 
Loz said:
Lads....it might be a daft question but who owns Goodison?

I have just read something on the Guardian website regarding the new stadium announcement. It looks to me that the clubs owners are about to sell us short again....though I could be wrong.

They are saying that Rob Elstone has said that plans and sites are being considered, along with the possibility that we become tenants. Having already sold off Finch Farm so that we have to rent it back, they now want to do the same with a new stadium. Sell Goodison no doubt and rent a new one from the council.

I suspect that if this ever plan got off the ground, while we were all excited about sitting in nice shiny new seats, Goodison would be sold, the money pocketed and the club left in debt and having to rent the new stadium.

Personally, I would only want to see this new stadium happen if we have a land swap (Goodison for the new site) and we can fund the construction of the stadium so that we retain ownership of it. That would however require us to repay the mortgage debt secured against Goodison so that we can dispose of it unencumbered. Does anyone know how much debt is secured against Goodison? The same Guardian article says that our forecast is healthier than some others with our net liabilities due to reduce from £43 million odd to around £13 million.
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D410 said:
We still have the Bear Sterns mortgage, £30m over 25 years (from 2002), and the outstanding loan notes listed at companys house.
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I've just been having a look at the 2012/13 accounts:-

http://www.evertonfc.com/assets/_fi...1391068051_EFC_Annual_Report_and_Accounts.pdf

The Bear Sterns loan was reported to be under £24 m at the time the accounts were produced. The other more expensive loan was cleared in Aug 13. The loan is secured against future ticket sales so I assume it could be transferred across to the new stadium.


From the 2012/13 Statement of accounts.page 69.

Other loans include £23,095,000 of loan notes (2012: £23,993,000) which are repayable in annual instalments over a 25 year period at a fixed interest rate of 7.79%. The first payment under the agreement was made on 30th September 2002 amounting to £1,588,000 with subsequent annual payments of £2,767,000 (including interest) starting on 30th September 2003.

The notes will be repaid in a securitisation agreement serviced by future season ticket sales. The costs incurred in raising the finance, amounting to £710,000, have been offset against the original £30,000,000 loan, and are contained within prepaid finance costs and charged to the profit and loss in line with the interest charge over a period of 25 years.

Other loans also include £12,868,000 (2012: £14,000,000) secured by legal charges over the Company’s guaranteed Premier League broadcast revenues. This loan incurs interest at a rate of 8.8% and was repaid in August 2013. The group has obtained further funding post year end as described in note 1. [\QUOTE]
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allen said:
Although the thought of a new stadium a stone's throw from Goodison is great, I'm already worried about what's going to happen to the proceeds from the sale of Goodison. It's basically our last non-playing asset.

I hope we're not going to tip that away to get a stadium built that we'll have to pay rent on.
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There's a loan taken out against Goodison so any sale will go to pay that off and we'll be lucky if there's anything left
 

allen said:
I think that was about making our financial position look better than it is. I don't think that surplus cash is going to be used to pay off the debt. Frankly, that would be madness. It's going to be the summer transfer kitty.
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It would be madness, unless you wanted to decrease the debt to make the club more attractive to a buyer.
 
I let myself get excited for a moment when I heard the news, but it's beginning to sound as though they've drawn a picture of a stadium, come up with a ballpark capacity and called it progress.

They'd be better off going back to blag takeover rumours for next year's end of season blagathon.
 
Carlito said:
I let myself get excited for a moment when I heard the news, but it's beginning to sound as though they've drawn a picture of a stadium, come up with a ballpark capacity and called it progress.

They'd be better off going back to blag takeover rumours for next year's end of season blagathon.
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Not yet, they are debating wheter to use crayons or felt tips to draw a picture of it first.
 

BlueThai said:
It would be madness, unless you wanted to decrease the debt to make the club more attractive to a buyer.
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I agree - which is no doubt one of the reasons they reported it that way. It looks better saying 'we have this cash in the bank which we could use to pay off the debt if we wanted.' I just hope they don't actually do that.
 
....sorry, just come in from work and haven't the time to read all the thread. Facebook reds laughing that our new stadium has fallen at the 1st hurdle, and the indication from a few pages here is because the Council disagree with EFCs assumption that it will support funding. Apologies if I have that wrong.

I was out very early this morning and Alan Brazil said he knows the people providing monies and that they are Abu Dhabi based. The deal according to him was as good as done. Not sure what the real status of this is, but I support others who say we don't want to rent.
 
Mikey_Fitzgerald said:
More investment is needed in the squad though mate. That's without question

We've faded away this season, and that's due to squad depth more than anything else
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maybe mikey but we have been shafted with injuries, another couple good quality players will be great and won't kill the balance sheet
 

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