Everton in talks to secure new funding, report says

  • Everton could raise equity and have had debt-raising talks, according to the FT
  • The club have recorded a combined loss of £265million over the last three financial years

Everton are in talks to secure new funding as the top-flight English football club seek to recoup the shortfall resulting from the cancellation of several sponsorship deals, according to the Financial Times.

The Premier League side suspended business ties with Russian companies USM, MegaFon and Yota, all of which are owned by oligarch Alisher Usmanov, earlier this month. The assets of the Russian billionaire have been frozen by the European Union (EU).

Everton are also in the hunt for a new shirt sponsor for next season after online car retailer Cazoo confirmed the pair’s partnership will come to an end once the 2021/22 campaign is over.

Farhad Moshiri, the Iranian businessman and USM chairman who acquired Everton for £200m ($262m) in 2016, has committed a further £100m ($131m) to the club in January after increasing its participation to 94%. .

The Athletic reports that the severance of business ties with Usmanov’s companies, coupled with the end of the Cazoo deal, means the Toffees could face an annual shortfall of £30m (£39.3m). millions of dollars). According to the Financial Times, Everton are exploring the possibility of raising equity and have held debt-raising talks.

However, the FT report that a separate source close to Moshiri and the club claim Everton’s main focus for the fundraising campaign is the new £500m ($655m) stadium, which talks precede the breaking of ties with Usmanov.

Everton have posted a combined loss of £265m ($347m) over the past three financial years. Their latest annual accounts should be published by the end of the month.

On the pitch, Everton is 17and in the Premier League and only came out of the relegation zone on goal difference. The club have played in the top tier of English football since 1954. Their next league game is away against West Ham United on 3rd April.

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