Moshiri converts another £100m into share equity

With regards to the 27 year campaign, was Moshiri listening last night? Have you just seen his statement released through the club. Something one of the speakers spoke of passionately about last night. Communication but through the club.

Confirming is personal commitment, pumping another £100M loan to the club into equity. Talking of structures and a strategic football review. He must be reading Paul's articles as well!

It has been a difficult season to date - with results not meeting the expectations of anyone associated with the Club. As a result, the decision was taken last weekend to part ways with Rafa Benitez as our manager.

After a very disappointing run of results, it was the right decision for the Club – although it is never one that is taken lightly.

As we prepare for our forthcoming games, we have a fiercely passionate Evertonian in Duncan Ferguson taking charge of the team on an interim basis. He is a remarkable man and I know he will give his all in leading the team, as he did so impressively during his spell as caretaker boss in December 2019.

I understand the frustration felt by everybody who loves Everton because of our inconsistent form in recent seasons, despite significant investment in the playing squad.

The money that has been spent since 2016, not just on the playing squad but also on key projects including our new stadium, demonstrates my commitment to Everton.

I write to you to assure you that my commitment remains strong and focused. The Club has announced today the conversion of a £100m loan to the club into equity which is a clear demonstration of my commitment and greatly strengthens the balance sheet.

I am a private man and I do not speak publicly very often. But I promise you that my determination to deliver for Everton will not waver.

The strategic football review that is currently ongoing will ensure we have the best model in place moving forward. I am working closely with the Chairman and the Board as part of that strategic review - and I can assure you the recruitment process for a new manager is aligned to that. It is vital we appoint a manager that fits the structure we are putting in place and so, whilst we are keen to make an appointment as quickly as possible, we will work together to ensure it is the right candidate to deliver the success we all crave.

I have the utmost faith and respect in the Board, and I work incredibly well with them. The experience and knowledge of our Chairman blends perfectly with the vision and leadership of Denise, our CEO. He is respected across football, not only as an expert in player trading negotiations - skills that have been put to good use already this month with three new signings - but for the unwavering commitment and guidance he has given to Everton over so many years. There is no one working harder to bring success and happiness back to the Club.

The Boardroom also boasts the financial acumen of one of the most respected Finance Directors in football in Grant Ingles, and the recent addition of the footballing expertise provided by a true Everton legend in Graeme Sharp completes a robust and well-balanced team that leads by example in all areas of our operation. As always in business, we will not stand still - and will continue driving forward for the benefit of the Club.

The expertise of our senior leaders has been undeniably demonstrated in the last 18 months by the huge strides taken in delivering our new stadium on the banks of the Mersey despite the great-many challenges posed by the pandemic.

In the coming weeks and months, our new stadium will begin to rise from Bramley-Moore Dock as we maintain our progress as part of the three-year build schedule.

The Board and the Club’s Executive Leadership Team will deliver a new home befitting our Club’s incredibly passionate fanbase.

Indeed, the passion that is always demonstrated very clearly by fans is something I value and understand. Fans are the lifeblood of the Club and only by working together can we deliver the success we all long for. With that in mind, I am fully supportive of the work the Board and our CEO are doing in conjunction with key fan groups to put in place a Fan Advisory Board with representation at Board level. The Club is moving forward with its discussions with fan groups to ensure the voice of ALL Evertonians can be heard through a robust structure for the future. We will also introduce a series of regular events that will be accessible to all fans, enabling open and clear dialogue with the Club’s senior leaders.

Further updates on these important matters will be provided by our CEO in the weeks and months ahead. In the meantime, I thank you for your ongoing support – it is truly appreciated.

I was all on board with this letter, until I saw the attachment below.

Updated Manager search list

We haven't seen this kind of visible leadership from our owner before. I wonder if someone has finally told him he's been absent in charge?

I expect his email is going to generate some heave ire on here

- I sent a response.

Why do I feel I am on a different planet to these people?

Clicking the link results in "Error 404 Page cannot be found"

Where's the money Farhad?!

Classic Everton that! :-)

Naturally he's going to back his board. Hardly going to write "I've sussed out the chancer at long last and his days are numbered, as are those of L'il Miss Dynamite."

Up the fucking Toffees!

Farhad Moshiri's conversion of a £100m loan to equity whilst welcome is not new money into the club. It is money he previously lent the club.
He now owns 127.031 shares from a total of 135.000.
The Club still has £150m of outstanding shareholder loans to Farhad Moshiri.

It has no impact on profitability and sustainability rules whatsoever

ps: I can only see that being done at this stage to enable us to buy again in this window maybe.

A few years ago shares were changing hands at £3,500 for small lots via Blankstones. It's said that Moshiri's conversion of his loan to shares at a rate of £3,000 each.

It’s like Kenwright wrote that part himself. If there really is “no one working harder to bring suceess and happiness back the club” than Bill Kenwright, then we really are screwed. His track record after being on the board for 33 years preciding over the most unsuccessful period in the club’s history speaks far louder that a load of hollow words about him from Moshiri.

Kenwright Out!

This should have been communication to fans not telling us what wonderful management is in place – the last 6 years show that to be incorrect... the last 30 years show any mention of Kenwright and good governance is nonsense in the extreme.

I could go on but I am with Danny and others – tomorrow is about raucousness, resolution, and result or we are in a real fix.

Did nobody else get invited for a pre-match drink and meal at the 1878 Brasserie?

Perhaps some were just picked at random.

The current lot have reportedly contacted the Belgium FA about Martinez too, what astute judges of a coach this team are!

The man rarely speaks publicly... unless to Jim White!

Response -

I do applaud the message and the intent behind the communication, and it is reassuring that you remain personally committed.

Where it becomes more difficult is the unwavering belief that as a board you are doing the right thing, as many may argue that demonstrably this has not been the case
In my experience at board and other levels I often refer to 'form' in the horse racing context - so if a horse has performed badly over recent seasons, what is going to be different to make me believe that it might perform better and even win?

I cannot see anything in this message that suggests anything different, to suggest form will improve.

I am deliberately avoiding being personal about any of the board members, but suspect your support for the Chairman and his respected knowledge in the football world might inevitably provoke some negative reactions in certain part of the fan base.

I think essentially what you are saying is that you will continue to work hard to make the club a success and provide the funding necessary to make this happen. Essentially back to the horse form metaphor, you are not going to shoot the horse by pulling out, and you believe in your team

Obviously as a supporter and season ticket holder I hope you are right !

I knew some fucker would let the cat out of the bag, there is only six of us been selected, I hope I’m not sitting next to you!!

The club's owner is to trigger the option to purchase 33,333 more shares which will see £100m worth of loans turned into equity.

Moshiri will then own 94.1% of shares at Goodison.

In February of last year Moshiri, via Blue Heaven Holdings, bought 66.667% of the 100,000 new shares that were issued - at £3,000 a share - which saw just over £200m of new cash and loan conversions going to the club.

Everton say that today's confirmation of Moshiri committing to buying more shares will improve the balance sheet and give the club better options in the transfer market and with the on-going funding of the new stadium at Bramley-Moore Dock."

He could sell to Mike Ashley. Be careful what you wish for, gentlemen…

I personally think it was a good move to finally hear from the man himself and it gives me more cause for optimism, along with the Fan Director and Fan Advisory Board that should be implemented this year. Steps in the right direction after many steps nowhere or backwards. Now for Big Dunc to start turning us the right way on the pitch too…

Christine, our wonderful chairman has asked me personally to get you off his back. Your continued criticism has been unfortunately too accurate to allow it to continue; henceforth, I am afraid any planned visits to our wonderful club will be met by our new security expert, Mr Richard Dodd, who has given many years of service to our Chairman in particular.

We are sorry it's come to this as I am sure you are still an Evertonian; however, 20 years of brainwashing… sorry – 're-education', has failed to convince you that our Chairman's heart is not in his wallet.

I trust my personal note to you shows in some small way he has his best interests at heart. Should said Chairman recover his wits and, by some miracle, I my money, we will of course reconsider our need for your support.

I would expect also that you begin the road to recovery by posting positive articles on that bloody social media fanbase cesspit, ToffeeWeb, so badly infected by anti-social comments (against me? Don't tar me with the same brush as our mighty chairman!) against the wonderful man who has been running the club all on his own..

Yours – wait, maybe not..

Mr Moshiri (to you)

I know little about FFP but I think the rules concerning same revolve around profit & loss levels so I am doubtful if the above transaction makes a difference.

Moshiri has said he's going to listen to the fans, and if he does listen to genuine Evertonians, I wonder if he'll be shocked that his description of Kenwright is not matched by quite a large proportion of the fanbase?

We definitely deserve better than a man who thinks Bill Kenwright is the person who can put happiness back into Everton Football Club, Farhad, so it's time for you to listen to the fans.

I don't agree with his decisions around manager recruitment and cannot think of any logical reason why Martinez was approached (or why he thought Benitez was a good idea), but I believe him when he says he's committed to the club and the future.

I also think Rooney or Lampard would be a mistake. As others have said, we wouldn't even be looking at Rooney as an option if he wasn't an ex-player. Moshiri should give Dunc a chance for the rest of the season and then reassess, but that looks unlikely.

"A fool and his money are easily parted."

You’re quite right, this has no effect on the P&L, and converts a loan into company shares. This has been planned for a while I’d think, and doesn’t really help our ability to buy players. The state of the P&L is what has caused the issues.

Reducing debt is never a bad thing however, and increasing Shareholder capital does strengthen the Balance Sheet, as stated.

There were reports yesterday that there would be no further buying this window, in the absence of a Manager. How true that is we’ll see over the next 10 days or so.

"What the fuck, Bob? What do you expect me to do? Those Emirates dicks have zillions to invest while I have only around a billion.

"It would be worthwhile if our board had even the slightest clue how to appoint a manager and to sign players that have the slightest chance to fit together to create a team. I am lost for words. Please help."

How would you suggest I respond?

Give Moshiri his due though, he's putting money where his mouth is.

Let that sink in… £700 million and we are 6 points from the relegation zone. Unbelievable!

Fair enough.

Dear Sean,

Just renewed the contracts of Delph and Iwobi for a further 3 and 5 years.

Haven't told anyone else yet, going to announce it before the kick-off v Villa. Thanks for the advice LOL.

See you later.

Whether, he is committed or not, we have to stay in the Premier League, and if there is to be any sign of progress, we need a long-term manager and a clear-out of players who are not up to Premier League standard, starting with Holgate, Delph, Iwobi and Davies, and a summer review again.

Barcelona are in the same position with FFP. They got a so-called loan which enabled them to buy Ferran Torres from Man City. £600 million up to now, Wow!. How can anyone shout, "Sack the board, sack the board, sack the board"? Unbelievable.

Anyway, who does sack the board???

Where he has been let down has been the buying of players who have not been good enough and not worth the prices paid for them.

He's also been at fault of panicking too soon and sacking managers too soon in my opinion.

Moshiri could do with having a chat with Tony Fernandes to see what he learnt from uncontrolled spending at QPR, and how he started to come through the other side. He’s quoted as saying it took 4 years from the depths to seeing recovery. The main issue being overly generous contracts to players the club couldn’t move on.

Jesus above you can't fault this guy's commitment.

I really hope things turn around because despite the managerial merry-go-round Mosh has overseen and contributed to, he's propped the Club up time and again, and is looking to solidify its foundations and overall health with a new stadium.

It's a weird one. On the one hand I think we really couldn't ask for more from an owner. On the other hand I think we have a meddling monkeyshine of an owner.

Which sums up out Club perfectly at present: schizophrenic!

Tomorrow's game at the ripe time of 7:30 a.m. here is one of the biggest games we've had since? Since Dunc last coached us.

We're the Dallas fucking Cowboys of English Football.

Same basic color scheme with the Royal.

Always have ex-players milling about.

Diehard fanbase who's rabid for their team.

A team located in an area where there's a TON of local and civic pride.

A team with oodles of history.

An owner who loves the Club and pumps it full of money, but can't keep his grubby paws out of the decision making.

Wild success 40 years ago, dysfunctional and can't win shit now.

We're the Dallas fucking Cowboys. Ugh.

Just a heads up mate. You'll have to wear a tie. I know you normally do anyway but I think it'll have to be round your neck rather than holding yer kecks up!

It marginally improves the balance sheet. I say 'marginally' because the loans were already considered to be equity because there was no repayment schedule nor no interest charged.

The conversion was agreed last February (2021) although the timing was not announced then.

It marginally improves our attractiveness to stadium lenders.

I also think he says a lot of the right things. I know many people will simply see the undeserved praise of the existing board and disregard the rest but, realistically, there's only he so much he can say.

Now IF I was him and wanted to appoint Rooney as manager, I would stipulate that Bill should relinquish his shares in Everton and that Rooney as the new manager should buy them (he's probably got enough behind the sofa for that). That would focus his mind just enough to turn this club around.

Oh yes, I would also stipulate that, if things go tits up, there is no severance package involved. Fail and there is no reward; succeed and his shares goes up!!

At £3,000 per share, the total equity value of shares in Everton Football Club is now £405M.

That still seems undervalued based on Moshiri's total commitment of ~£600M?

If you're a shareholder and your name is William H Kenwright CBE, the bad news is that your share in the total club equity has been further diluted to just 1.3%.

However, the good news is that 1.3% is worth a cool £5¼M.

But the ever-increasing value of the new stadium through the construction process at Bramley-Moore Dock has to figure in building up that total equity value over time…

Let's say the total cost of the stadium will rise to £595M by the time it's finished. If we add that to the current equity value, it suggests the club would be worth (pinkie in mouth) around one billion pounds!!!

Divide that by the 135,000 shares outstanding and you get a price of just below £8k per share.

And finally back to Brian Murray's nemesis: Billy Boy's final pay-off (assuming he lives that long) would have risen to an eye-watering £14M – that's on top of the huge profits he's already seen from selling most of his shares.

And some people think investing in football clubs is a mug's game...

I hope your comparison with the Dallas Cowboys was a joke because they got bumped off the other night by a no-mark team.

Let's instead compare them to the Tampa Bay Buccaneers and hope they put a swashbuckling performance in tomorrow.

I'd have thought that's good news. Although his era of ownership has not gone well - there's plenty of worse owners out there. And his handling of the much needed new stadium seems to be going very well.

He says this improves the balance sheet too. Does that create some more room for spending? That's the big deal really because (a) we need better players and (b) as we saw last time, not many managers are keen to manage a club with only peanuts to spend.

But although Moshiri is very slow to learn his lessons on the footballing side, he's certainly put the investment in. So hopefully it actually bears fruit this time.

If anyone else is in support of Dunc, then I would suggest clicking on reply on the email, and asking him to consider Duncan for a longer spell.

He said a lot about Brands then!

Your money and investment is very welcome but, if you are looking for somebody to manage it well, Bill is NOT your man and Denise will show you how to give it away to charitable causes.

Instead, may I suggest you appoint somebody of the calibre of Les Reed and Nicola Cortese to the board and put Bill back into acting – something he has perfected the art of after over 50 years practice.

Dear Farhad,

As a supporter for over 60 years, I am so grateful for your continued and very valuable financial support.

It must be obvious to you and has been to so many supporters for a long time that the board is not functioning at all to its required standards.

As President of my current company and, having held positions on the boards of many FTSE 250 companies, I feel qualified to offer some advice and one of the principles I have stayed true to is "creating the conditions in which people can work effectively". This is certainly not the case at the club currently.

My personal belief which is shared by many other supporters is that this board lacks the "football" experience and personality needed to drive this club forward.

Vanity and overestimating one's ability is not a good trait for any board member, let alone the leader of the board who should be a counsellor rather than a dictator who interferes with the process rather than aiding it.

I honestly believe that the only way to succeed is to headhunt "the best" football people and appoint them to the board with executive powers to give the club an identity and a football style and decide on the coaching and structural support.

Obviously, nobody has all the answers, but I think you will find many supporters who have no faith in "any" of the current board members.

Yours sincerely,

Kind regards,

Converting non-repayable debt to cheap equity is not an altruistic act, regardless of how it is portrayed. Moshiri's is a profitable exit route that depends upon buying equity to sell at a higher price sometime in the future.

If only he would acknowledge that a successful club would help him achieve his objectives too.

He recognized -- belatedly perhaps -- that it was necessary to communicate with the fan base at this point.

This is something that runs against both his nature and his business background, so it demonstrates both his commitment and his ability to learn on the job that public outreach is necessary.

Whether or not you like what he wrote (and come on, did you really expect him to criticize his own board or throw himself on his own sword?), it is noteworthy that he wrote it. If he's talking to us, that means he's listening.

And being something of an expert on PR communication, I can tell you this letter shows every sign of having been written by the man himself, not his PR agency.

I agree with you but he headhunted Marcel Brands thinking he was a knowledgeable and capable man. He was not. He thought getting Carlo, a world class manager, would help him; he proved to be well past his sell-by date. So how do we get the right person for the two key jobs ?

I think getting Cahill in may help but where do we start?

Kenwright has been the one saying "try him" but he is not a real level-headed football man, he is a theatre impresario, so where do we start? Who is the key footballing person to get us going?

This is the key now. We have a billionaire, new ground rising... but who does Moshiri call? He wants to be successful but keeps picking red instead of black?

Who?

No change... just more bullshit to quell the masses. We've been here before, methinks.

Your investment is most welcome, but money isn't actually the main problem at the moment.

1. No one expected him to throw the board under the bus but he didn't have to go overboard about what a great job they are doing either when this is patently untrue. The guff he wrote about Kenwright is particularly nauseating.

2. There is no way that he wrote the letter himself without significant PR input. It is in a similar style to the type that Denise Barrett-Baxendale sends and full of meaningless platitudes typical of Everton corporate press releases: Big Dunc, banks of the Mersey, passionate fan base, lifeblood of the club, etc etc.

"If only he would acknowledge that a successful club would help him achieve his objectives too."

That's sort of like acknowledging that the sun coming up makes the day brighter. Not actually expressing that obvious point doesn't mean he's overlooked it.

Jay #80, yeah, I'd say calling his chairman a "dictator" probably does reduce the chances of a reply.

My only surprise in the letter is the wording that Sharp's appointment to the Board "completes a robust and well-balanced team" . The word "completes" seems to imply that no other Board additions are planned, which would disappoint this Tim Cahill fan no end.

Chris #88, point one is your opinion (and that of many here), but the fact is that he likes Bill and Denise, and apparently thinks they are doing a fine job. The effusive language is his polite way of telling you and the rest of the fans to "get over it".

As for who wrote the letter, of course he would have consulted Bill and the in-house communications team on the phrasing you point out. My point is that virtually all of his previous communication was clearly written by his external PR team, a large London agency. This clearly was not. This was an unprecedented commitment of his own time and thoughts to communicate with the fan base. I want to recognize and encourage that, rather than just sneering at his opinions of Kenwright and Barrett-Baxendale.

We will know when EFC has a chance of redemption – the dinosaurs will be shown the door. If not, then the next manager is doomed and relegation will be the only solution remaining.

Better to stay shtum. Except they then get a hiding for saying nothing.

Brent, are you a member of the tribe?

That's a Yiddish word I last heard 60 years ago from my great-aunt Sophie.

I'm not interested in a reply but felt if enough people said it, there may be a sense of realization, if there isn't already.

Mark # 83, I would hope he learned the lessons from Walsh and Brands and takes better counsel than Jim White and Kia Joorabchian.

I was enjoying the letter until the paragraph about the strategic football review but then I realised he is crazy if he thinks the same board who preside over the current mess are going to make us successful. This guy needs Nurse Ratchet and some medicine. Cuckoo, Cuckoo.

To give the man some credit, though, I knew there was big money in football... but not as much as he obviously knows.

Just fuck him off. There's a good billionaire.

Things may improve slightly on the pitch in the short to mid-term, with the help of Duncan or whoever is appointed as permanent manager, but it seems to me that the Iranian is quite content with the make-up and capabilities of the board.

There may be the odd change here and there relating to the football side of things but, in true British Comedy style, it'll remain: Carry On, Farhad!

I'm pretty sure everyone's would have finished with:

ps: You were right when you said Carlo was only here for the dosh.

The £100 m into equity was agreed in February last year according to Paul the Esk.

It is just bullshit.

The Executive Leadership have his complete faith.

Prepare for 5 more seasons of chaos!

I will send the reference to the Chief Executive so she can check her dates.

What would be your speculation as to why now, Paul?

Other than communicating to the fans through official club channels, what's new here or suggestive that Moshiri is aware of failings in the management and governance of the club and that he intends to address them?

He excuses himself as 'a private man who doesn't speak publicly often'. But that doesn't wash, does it? A sop to some grumbling fans. The conversion of the loan to equity is old news, just realized today. Changes very little.

The meat in the email for me is all the pap about the wonderful board which is leading the club's strategic review. Some passages could have been penned by Bill himself, couldn't they?

If Moshiri believes all he wrote in that context, then I don't anticipate any radical change or improvement in our management and governance any time soon. If that is the case, it is safe to anticipate continued incompetence on many fronts.

Another thing. I haven't seen mention of it on TW, but another story broke today which has conveniently gone unnoticed with people distracted by Moshiri's email.

The club announced today they intend to amend the club's articles of association to remove the commitment to hold Annual General Meetings once a year.

The Everton Shareholders Association (EFCSA) has responded with disappointment at this announcement.

The club's counter is that they intend to introduce more regular meetings with more fans in place of the once-a-year AGM.

Details here:

Everton to Scrap Shareholders AGM

EFCSA 'Disappointed' AGMs to be Scrapped

I was also disappointed to read some of the comments on the Everton Facebook page. For a moment, I thought I might've been transported to North Korea with all the accolades to Moshiri and Bill. What a board!!

Just like Moshiri, Lerner was a football dyslexic, so couldn't help making daft decisions at Villa Park – particularly in respect of managers!

ps: NIce try, Prof, but the phrasing gives you away!

Sycophantic nothingness with far too much emphasis on the board. Weird!

Moshiri is an incompetent fool who is leading us down the garden path to oblivion.

For what it's worth;

Pickford
Coleman
Mina
Branthwaite
Godfrey
Townsend
Doucouré
Allan (if fit)
Gray
Richarlison
Calvert-Lewin

If you can't beat ‘em….

Arrrggh!!

Liking it is the best way, like it or not.

Talking of eulogizing Benitez, can we conclude you have changed your mind about Rafa the ex-gafa since writing this gushing article in October?

Compare and Contrast

Really the Chief Executive has contacted Supporter Groups favourable to The Present Everton setup. There selected representatives are going to be on the Board asked by the present Board members and the Board with it's new and more unqualified Directors is going to have Meeting with these Supporter Groups who have no financial interest in Everton or business knowlege, instead of a statutory AGM, where they could be asked questions by Shareholders who have a financial interest in Everton and business knowledge.

When we all talk about the need for more Governance and Accountability, it looks as there is a orchestrated attempt to head in completely the opposite direction There is no way that such a organisation could organise a Football Club to be successful or appoint a suitable Manager.

Whats more they are totally barefaced in what they are doing and obviously have the attitude of lump it or leave it as far as Evertonians are concerned.

Moshiri is in Monaco watching Italian Television, he did not utter one word of that statement. It was suggested to him that it would be a good idea for him to issue a statement to supporters. He agreed and told the Chief Executive to issue a statement on his behalf with the help of the PR department. He didn't even read it once it was completed for press release.

It has the Chief Executive Officer's fingerprints all over it. It makes Moshiri look even worse than he was previously.

Relegation looks the only way to flush these clowns out so they have us over a barrel knowing the closer that may get, the more oxygen the board will get with rallying cries the odd storming comeback and then hopefully survival.

Joke of a club.

I wouldn't worry too much about the statement, it's just a symptom of modern PR. They often only say something in case someone says, "How come they didn't say something".

If confidence is shown in the incumbents, it's glossing over. If confidence isn't shown, it would be "Where is the belief" or "Why aren't they being backed".

We live in times of ankle-deep bullshit.

Meanwhile, back in the world of actual reality - 13.5 hours and counting...

The problem is that they haven't had a manager who can come up with a good system and instill the commitment and intensity required to put some teams to sleep early on in games.

They come out with a lethargic approach which always seems to have consequences even against very average teams like Norwich and Watford.

Having watched these two today I still cannot fathom how they lost to them especially that awful drubbing at Goodison by Watford.

Money can change things as long as the right players are bought.

I would think that if Rafa had a full squad a few months back then things right now would be different although still not enough to challenge for the top six.

Everton are carrying too many ''sick notes'' and they need to be sent packing soon so that fitter, more competent players can be brought in.

We do have games in hand but they are meaningless unless points can be gained from them.

I am sure that the present board and Big Dunc. are now fully aware of the precarious situation and they will have no excuse if things continue the way they are.

A win against Gerard's mob would be a great start.

Will # 128, and you believe that shit Jerome has said?

It will have been through the PR machine based on a brief by our man Mosh.

But anyway; do those words mean anything? I mean, really mean anything?

Why was this not done from the start of his reign?

Honestly, however, I'm not sure Jerome's missive is quite as ridiculous as Martin's at #119. Jerome merely asserts certainty of the writing process (no doubt based on his intimate knowledge of Moshiri's and Kenwright's respective writing styles, if not an eyewitness account from Monaco).

Martin actually expected groveling apologies and open kowtowing to the fans from the 94.1% owner of the club -- and is so foam-at-the-mouth infuriated at their absence that he insists that said 94.1% owner must be excised immediately like a cancer. How, or by whom, is left to the imagination.

Jerome is just making shit up as usual. Martin is orbiting another planet -- in an alternate universe.

That said; I think you should leave him in charge until the season ends.

Many people who come in direct contact with him say he's O.K.
Not the Faustian spawn of the devil woven in some posts.
Are they all mugs or shysters?

Science informs us not to be afraid of saying I don't know if there is lack of information.

With regard to Kenwright, like many fans, I don't know.

I often have a spare ticket if you ever need one for BMD (if god spares me, as my old ma would say).

Kenwright is running Everton with Moshiri money. Barrett Baxendale is his PA &PR assistant, not a Chief Executive. The Statement by Moshiri which I attribute to the Chief Executive /PR Department is in this context and is utimately Kenwright ploy to bullshit supporters. The Strategic plan Review is regrouping exercise after the attack by Benitez and Fans on Kenwright's powerbase. It consisted of so far the appointment of the Kenwrightite Sharpe to the Board and the cobbled together ESSG to offset the recomendations of the Fan Led Review and Fan protests against the Board, namely #27 years.

The next step is a layer of a scapgoat or scapegoats, namely, suitable Manager, or in addition a DOF. Along with this will the filling of vacated positions with Kenwright &Co loyalists. All acts of Self preservation by Kenwright &Co. Moshiri may go off on a tangent, but they will group together to sort that out, as they have in numerous occasions previously.

The main aim of the Moshiri Statement was to offset doubts surrounding the BMD development, in the light of end of year financials and as, Jay says to provide a smokescreen for the ending of future AGM news.

Christine is just stating her correct observations with facts, whilst you both have swallowed Kenwright's Self preservation campaign, hook, line and Sinker. You are about to witness yet another new dawn, which in reality is a merry go round of mediocrity orchestrated by your Blood Brother in Chief, Bill. Fact without emotion. Open yours eyes Christine is telling you both the truth.

I think this is the season that we just might be doomed.

Debt to equity conversion means very little in the context of an interest free loan without a repayment schedule. Debtors get paid before equity holders though, so as someone mentioned above this change actually removes an impediment to a sale of the business. Ho hum.

How many self described "private" men buy a football club in the most high profile and scrutinized league on the planet anyway?

With literally no football leadership in place whatsoever - because the owner sacked the lot - this statement fails for me. To my way of thinking, this is merely a case of "The fans are about to revolt, the media is starting to smell blue blood in the water and texts to Jim White are doing as much harm as good. This statement has to purport to come from the owner himself in order to have any shred of credibility whatsoever."

You are 100% spot on. The snake had ruined our club and brought in Sooty and his money. I fear the only way we will get rid of both is relegation. If the unthinkable happens, we will not be in a position to bounce back up. Not with that squad of useless sods.

I have supported Everton for nearly 60 years but find myself in a bubble of indifference towards them. We are a Blackburn without the chicken or a Leeds trying to rewind to Don Revie.

That fool in North Korea must have taught Billy how to rule our club. Bring in a stooge or two and blame them for all the shortcomings while looking down on the throngs of supporters slavishly supporting the institution.

I'm done caring about Moshiri or the board as they repeatedly disrespect the fans. “The People's Club” – my arse.

Professor Simon Shibli, a professor of sport management at Sheffield Hallam University and a chartered accountant with experience in sport finance, told the Echo:

"By converting his loans to the club into equity, Mr Moshiri is doing the following: making a statement about his long-term commitment to the club by transferring the risk on the loans from the club to himself; increasing his already vice-like grip on the club more firmly by raising his ownership stake; and sending a signal to potential investors or providers of loans that the balance sheet has been reinforced by the reduction of debt.

"However, even all of that is a bit of an illusion because in the 2020 annual report, the £350m loan from Bluesky Capital Ltd was being treated as capital anyway.

"The actions taken do not impact on Financial Fair Play regulations because they are primarily concerned with the profit and loss account, whereas converting loans to equity is a balance sheet transaction with no impact on underlying financial performance."

He then goes on to throw this out:

"Billionaires can afford to play with - and lose - millions in a way that we mere mortals cannot. The old adage still holds good – ‘if you want to make a small fortune from football, then start with a big one'." – unless your name is Bill Kenwright, where Moshiri has enabled the complete opposite to be true.