Moshiri converts another £100m into share equity

Friday, 21 January, 2022 154comments  |  Jump to last

In a personal letter sent to all Official Everton Members and season-ticket holders, Farhad Moshiri has announced that he has further increased his ownership commitment to the club by converting an additional £100m in loans to equity in Everton shares.

The move increases his majority shareholding in the club to 94.1%.

In the lengthy letter that represents rare direct communication with supporters from the Monaco-based billionaire, Moshiri recognised the poor run of recent results that led to the sacking of Rafael Benitez and put himself firmly behind Duncan Ferguson, while also making reference to the strategic review underway into the footballing side of the club and the search for a new manager.

Facing criticism from the likes of the #27YearsCampaign over the performance and make-up of the Board of Directors, Moshiri presented a staunch defence of its members, including Chairman Bill Kenwright and CEO Denise Barrett-Baxendale, insisting that it has the right make-up to bring success to the club.

Moshiri's letter also trumpeted the creation of a Fan Advisory Board which is underway in concert with Everton Stakeholder Steering Group (ESSG) and which, with the separate news that the Board intends to amend the Articles of Association so that the commitment to an Annual General Meeting of shareholders is removed, looks as though it will be the prime method of engaging supporters over the long term.

"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," Moshiri's communiqué read in part.

"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."

 

Reader Comments (154)

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Derek Thomas
1 Posted 21/01/2022 at 09:36:18
I've just had an email from Moshiri drop in my inbox... the stadium is going well, the board are second to none and while there's no jam today, there's deffo jam tomorrow... more as we go.
Brent Stephens
2 Posted 21/01/2022 at 09:38:35
And the Moshiri email also says "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."
Nigel Munford
3 Posted 21/01/2022 at 09:39:20
Have we all had our email from Farhad?
Danny O’Neill
5 Posted 21/01/2022 at 09:42:40
On one hand, that made sombre reading. But then there is a glimmer. If I've interpreted this correctly, we can breach the P&S rules, but we've demonstrated we have a plan in place to rectify? I bit like compliance in my Cyber security world. As long as you demonstrate you have a remediation plan, you can be signed off as being compliant, but need to show evidence of that?

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!

Barry Hesketh
6 Posted 21/01/2022 at 09:45:51
Message from Mr. Moshiri, to season ticket holders:

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

Brian Murray
7 Posted 21/01/2022 at 09:46:02
Surely this increased stake in the club weakens Kenwright and if he can just be a bit more hands-on, he must see he needs professional people in his corner if he persists in being an errant owner. Time for stadium tours playwright piss-taker.
Ernie Baywood
8 Posted 21/01/2022 at 09:47:43
The most important bits for me are the loan conversion, and the commitment to making appointments in line with the strategic review.

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?

Brian Harrison
9 Posted 21/01/2022 at 09:49:04
Yes just looked in my inbox and there it is an email from Farhad Moshiri, to be honest I was hoping it was to give me a date for my interview with him and Usmanov to be the next Everton manager. Well I did ask yesterday for him to come out and tell us what his plan is, well reading the email they are still looking for our new manager and he said they want to complete that as quick as possible. So if they are in a hurry to make the announcement then it doesnt look like it will be Duncan Ferguson. So seems even if they win and play great on Saturday it looks as though they are looking elsewhere.
Anthony Flack
10 Posted 21/01/2022 at 10:03:53
I just got my personal email from Farhad

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

- I sent a response.

Stu Darlington
11 Posted 21/01/2022 at 10:06:56
Big shout for Kenwright in Moshiri’s statement praising his experience and skills in player trading negotiations. No change there then.

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

James Marshall
12 Posted 21/01/2022 at 10:09:21
Just seen the message from Moshiri on the OS and couldn't help but notice the club has announced today the conversion of a £100M loan to the club into equity.

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

Where's the money Farhad?!

Classic Everton that! :-)

Brian Williams
13 Posted 21/01/2022 at 10:13:45
Well the man's come out and done what many have been shouting for. Now he'll just get lambasted because he hasn't said exactly what some want to hear.

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!

Geoff Lambert
14 Posted 21/01/2022 at 10:18:55
How will the £100 million loan conversion reflect on our FFP status?
Barry Hesketh
15 Posted 21/01/2022 at 10:19:26
A couple of Tweets from Paul the Esk, in response to Moshiri's statement:

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

Brian Williams
16 Posted 21/01/2022 at 10:23:57
Geoff, if I understand it correctly it wipes out £100m and so reduces our losses for FFP purposes by that amount.
Come on Paul the Esk, put me right!!

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

Allen Rodgers
17 Posted 21/01/2022 at 10:24:09
From past threads I know I'm not the only shareholder on here so I just wondered how the new share issue affects the general value of shares for those of us who own only one or two?

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.

Chris Leyland
19 Posted 21/01/2022 at 10:27:57
Brian, the thing is, he didn’t have to say any of the tripe about Kenwright at all. Sometimes, saying nothing actually says far more.

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.

Brian Murray
20 Posted 21/01/2022 at 10:34:27
Chris. I was hoping it was just politician type tripe and he really sees we can’t move forward or at all while he has all these inept people looking after his club. Can’t stop fighting the good fight until he sees it.
James Marshall
21 Posted 21/01/2022 at 10:36:27
Brent - I got the same email. Way to make a man feel special eh.
John Otway
22 Posted 21/01/2022 at 10:38:05
Mick. If I was Farhad Moshiri and read your post, I'd naff off back to Monaco and leave you and Kenwright in charge of the world's biggest sandpit at Bramley-Moore Dock.
Rob Halligan
23 Posted 21/01/2022 at 10:41:11
Mick, the only person that needs to fuck off is Kenwright.

Kenwright Out!

Ken Kneale
24 Posted 21/01/2022 at 10:41:18
Chris, I agree.

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.

Brian Williams
25 Posted 21/01/2022 at 10:46:48
I'm surprised people so far got exactly the same email.

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

Perhaps some were just picked at random.

Rob Halligan
26 Posted 21/01/2022 at 10:51:20
Brian, I want to know how many people were actually present with Moshiri when those words were typed?
Eddie Dunn
27 Posted 21/01/2022 at 10:54:16
On Fahad's letter - with such a wonderful, well-balanced board, isn't it amazing how the decision to appoint Benitez was arrived at?

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!

Brian Williams
28 Posted 21/01/2022 at 10:55:00
Rob. I'll ask him tomorrow mate.
Anthony Flack
29 Posted 21/01/2022 at 10:56:12
This was my response to the club email - tried to be balanced and not insulting (also not trying to pee anyone off on this site !!)

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 !

Dave Abrahams
30 Posted 21/01/2022 at 10:57:30
Brian,

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!!

Iain Latchford
31 Posted 21/01/2022 at 10:58:14
I'm meeting Farhad in The Clock at 11am if anyone is interested.
Steve Brown
32 Posted 21/01/2022 at 11:10:27
"Farhad Moshiri will take his stake in Everton to over 94% after confirming he will buy more shares.

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."

Mark Ryan
33 Posted 21/01/2022 at 11:10:42
I'm glad he's still committed. The man means well and the new stadium at Bramley-Moore Dock will not be cheap. He means well. His bezzie mate is Usmanov.

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

Benjamin Dyke
34 Posted 21/01/2022 at 11:16:23
What do we make of the Moshiri's statement today?

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 Foster
35 Posted 21/01/2022 at 11:18:41
Hmm… my email is different. Starts the same but then:

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)

Christopher Timmins
36 Posted 21/01/2022 at 11:23:52
From what I am reading, the share transaction just converts debt into equity. The owner is not putting in more funds – just converting a loan into additional shares and so improving the debt-to-equity ratio.

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.

Michael Lynch
37 Posted 21/01/2022 at 11:26:02
I thought Mr Moshiri's email was very inspiring. I'm particularly looking forward to hearing more about this impressive new addition to the board. It's an incredible coincidence that his name is Kenwright, because he sounds the complete opposite of his incompetent namesake who is our current chairman.
Tony Abrahams
38 Posted 21/01/2022 at 11:32:14
When the pressure got put on the board during and after the Liverpool game, Brands was sacked and Barrett-Baxendale was supposedly looking for a new job, but when reading that letter from Moshiri, it sounds like the last thing she will be doing is leaving, and neither it seems will the man, who has overseen the most unsuccessful period in our entire history.

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.

James Lauwervine
39 Posted 21/01/2022 at 11:39:26
Good on Moshiri for communicating with the fans and for putting another £100M into the club. Obviously he's going to support the current board and defend their record – they've had massive criticism for some time now.

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.

Paul Hewitt
40 Posted 21/01/2022 at 11:40:03
What's the saying???

"A fool and his money are easily parted."

Chris Williams
41 Posted 21/01/2022 at 11:40:50
Christopher,

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.

Bill Fairfield
42 Posted 21/01/2022 at 11:43:08
Good to see Moshiri communicating with the fans at long last. But unless he changes the people at the top, no amount of investment will cure the ills of the last 6 years.
Christy Ring
43 Posted 21/01/2022 at 11:56:36
So he's putting his money where his mouth is, but take a back seat and make sure Kenwright takes a back seat, listen to the fans before picking the next manager.
Bob Parrington
44 Posted 21/01/2022 at 11:59:40
Christine, My email was somewhat different. Nice, personal start but it soon descended into:

"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?

Dave Lynch
45 Posted 21/01/2022 at 12:12:18
Sounds like the dreaded vote of confidence to me.

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

Paul Hewitt
46 Posted 21/01/2022 at 12:15:02
That takes Moshiri investment to around £700 million.

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

David Pearl
47 Posted 21/01/2022 at 12:17:56
Well, my letter said "ps: loved your song Blue Again and we will be playing it at half-time during the next FA Cup game on 5 February."

Fair enough.

Habib Erkan Jr
48 Posted 21/01/2022 at 12:19:49
International members (I live in the states) received the same message. It was certainly appropriate and welcomed considering the circumstances. Bless his heart and his wallet he deserves a more competitive Everton more than anyone
Sean Roe
49 Posted 21/01/2022 at 12:20:11
That's a bit different to the email I got.

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.

Brian Williams
50 Posted 21/01/2022 at 12:23:45
Dave #30,
Hey, you're okay sitting next to me, the ale's free!
Tony Abrahams
51 Posted 21/01/2022 at 12:29:26
Don’t be at it Brian, it’s cost him a fortune organizing that!
Mal van Schaick
52 Posted 21/01/2022 at 12:34:29
Moshiri is having to raise more money to pay off past managers' compensation, including Benitez.

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.

Brian Williams
53 Posted 21/01/2022 at 12:39:58
Tony. Moshiri said he'd pay, honest!
Colin Malone
54 Posted 21/01/2022 at 12:40:05
Moshiri or Usmanov?? This must ease the FFP.

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???

Raymond Fox
55 Posted 21/01/2022 at 12:45:27
He's in that deep now that he has no option to put more money in the club. He can see that there is a chance that we might be relegated which would be a disaster especially at this time.

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.

Joe McMahon
56 Posted 21/01/2022 at 13:18:55
Agree Mal and Raymond. Marco Silva being a good example.
Peter Neilson
57 Posted 21/01/2022 at 13:20:29
While having no impact on profitability/sustainability it demonstrates commitment. Now that he has converted his loan to equity his shares will only have a value when he sells them rather than a loan which is paid off within a fixed period or even (God help us) called in early.

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.

John Pickles
58 Posted 21/01/2022 at 13:25:58
It's nice to hear that Farhad is rearranging the deckchairs on the Titanic.
Jamie Crowley
59 Posted 21/01/2022 at 13:29:54
Woke up, read this, about poo'd my pants.

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.

Jamie Crowley
60 Posted 21/01/2022 at 13:37:29
American comment here:

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.

Dave Abrahams
61 Posted 21/01/2022 at 13:41:01
Brian (50), aright Brian mate, you okay mate, no one told me it was a free bar as well as that delicious scran they provide so after reviewing the situation I’ll be taking my seat at the table, thanks for that information, you look after yourself Bri. Best wishes Mate.
Brian Williams
62 Posted 21/01/2022 at 13:54:57
Dave #61.

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!

Paul [The Esk]
63 Posted 21/01/2022 at 13:55:04
This conversion from shareholder loan to equity has no impact on our profitability. It has no impact on our ability (or not as is the case) to spend more in the transfer window.

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.

Joe Corgan
64 Posted 21/01/2022 at 13:58:40
To be fair to the guy, he's put out this communication at the right time. It was needed.

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.

Derek Thomas
65 Posted 21/01/2022 at 13:59:04
He'll probably turn up tomorrow and get a standing ovation.
Paul Davies
66 Posted 21/01/2022 at 14:00:47
This does not ease the FFP but dilutes the value of his share holding. The overall debt is reduced and makes a sale in the near future thus more likely. Moshiri new message is basically a sales advert.
Dave Abrahams
67 Posted 21/01/2022 at 14:08:02
Brian (62), I tried to be nice to you Willo!! but listen about the tie, I live in Liverpool not bleedin’ Birkenhead, I’ll ignore you personally tomorrow!!
Robert Williams
68 Posted 21/01/2022 at 14:19:11
I hope he is not throwing good money after bad – but hey, it's his money.

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!!

Rob Halligan
69 Posted 21/01/2022 at 14:30:37
Paul # 46. I asked you this question elsewhere, and got no answer, so I’ll ask you again, in full view of everyone……………….So you’d rather Moshiri put no money at all into the club?
Colin Malone
70 Posted 21/01/2022 at 14:44:07
Moshiri / Usmanov are counting on getting their money back from, all that goes with a new stadium. Otherwise, in my opinion, he'd be off.
Brian Williams
71 Posted 21/01/2022 at 15:10:19
Paul#63.
Paul thanks for the clarification, and pissing on my "new midfielder in this window" chips. ;-)
Pat Kelly
72 Posted 21/01/2022 at 15:15:00
A bit of financial engineering which suggests he is investing more into the Club. Designed to send out a confident message about the future. Mainly a PR exercise but confidence on and off the field is important.
Michael Kenrick
73 Posted 21/01/2022 at 15:27:00
Some side notes on Moshiri's munificence:

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...

Jay Harris
74 Posted 21/01/2022 at 15:32:08
Jamie,,

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.

Robert Tressell
75 Posted 21/01/2022 at 15:32:45
In simple terms, this looks like Moshiri remains financially committed on the footballing side.

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.

Brian Wilkinson
76 Posted 21/01/2022 at 15:33:51
Not sure if it will fall on deaf ears, but I clicked on reply to the email and showed my support for Duncan and Leighton, to be given a longer spell in charge, than rush a manager in next week.

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.

Billy Roberts
77 Posted 21/01/2022 at 15:37:47
Chris @19 said "sometimes saying nothing says more"....

He said a lot about Brands then!

Jay Harris
78 Posted 21/01/2022 at 15:38:20
Dear Farhad,

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.

Paul Hewitt
79 Posted 21/01/2022 at 15:45:12
Rob, it seems the more he puts in, the worse we get.
Jay Harris
80 Posted 21/01/2022 at 16:03:58
Just sent my reply to Moshiri – not that he will read it:-

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,

Paul [The Esk]
81 Posted 21/01/2022 at 16:05:31
Michael #71.

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.

Mike Gaynes
82 Posted 21/01/2022 at 16:16:56
Despite all the negative reviews here on the content of the letter, I'd like to offer the owner a well-done for writing it.

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.

Mark Ryan
83 Posted 21/01/2022 at 16:17:08
Jay @80,

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?

Mike Hayes
84 Posted 21/01/2022 at 16:18:41
The fans are rebelling and what happens – more smoke and mirrors!

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

Nicholas Ryan
85 Posted 21/01/2022 at 16:22:00
Dear Farhad,

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

Frank Crewe
87 Posted 21/01/2022 at 16:39:16
Is this the same Moshiri who everyone wanted booted out because we got beat by Norwich City?
Chris Leyland
88 Posted 21/01/2022 at 16:42:18
Mike G, couple of points:

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.

Mike Gaynes
89 Posted 21/01/2022 at 16:43:00
Paul #81:

"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.

Bill Rodgers
90 Posted 21/01/2022 at 16:46:53
I feel sorry for Moshiri. He has poured money in but knows nothing of football. So he delegated the football to Kenwright whose primary focus is keeping the dinosaurs employed.

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.

Brent Stephens
91 Posted 21/01/2022 at 16:57:37
Said it before but, regardless of what they do or say, the likes of Moshiri and Kenwright are on a hiding to nothing.

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

Mike Gaynes
92 Posted 21/01/2022 at 17:02:33
"Shtum"??

Brent, are you a member of the tribe?

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

Brent Stephens
93 Posted 21/01/2022 at 17:07:08
Hi Mike. No, not a member of the tribe. My dad always used the word.
Jay Harris
94 Posted 21/01/2022 at 17:10:34
Mike,

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.

Pete Clarke
95 Posted 21/01/2022 at 17:33:18
I can only think that Bill introduced Farhad to theatre and he fell in love with it. Bill also convinced him that football is also theatre and, with a bit of spare change, Farhad decided he wanted a piece of the action.

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.

Winston Williamson
96 Posted 21/01/2022 at 17:34:03
Ahhh my message was in my junk folder…where it remains. He lost me at “I am working closely with the Chairman”

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

Barry Hesketh
97 Posted 21/01/2022 at 17:37:20
I'm sorry but the letter, even though, shock horror, it was sent via official club channels, doesn't help to convince me that the club is in good hands or that it's only a matter of time before we can look forward to better, more productive times.

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!

Darren Hind
98 Posted 21/01/2022 at 17:50:11
Can't believe people think these emails are sent out to individuals.

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

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

Darryl Ritchie
99 Posted 21/01/2022 at 17:50:47
I think this whole thing is in response to a rumour, from last week, that Moshiri was open to selling his shares in the club.
Jerome Shields
100 Posted 21/01/2022 at 17:58:13
The Chief Executive wrote that letter, with help of the PR department. It is full of her speak. Her comments on Evertonfc. com are full of similar patitudes with no reasons. Completely irrelevent regarding dealing with Evertons plight. The Strategic Review is just about self preservation.

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

It is just bullshit.

Anthony Jones
101 Posted 21/01/2022 at 18:00:54
It sounds like the strategic review is irrelevant.

The Executive Leadership have his complete faith.

Prepare for 5 more seasons of chaos!

Paul [The Esk]
102 Posted 21/01/2022 at 18:10:59
#100 Jerome
https://theesk.org/2021/02/18/details-of-proposed-share-placement-at-everton/
Jerome Shields
103 Posted 21/01/2022 at 18:29:36
Thank you, Paul, for the reference. I remember asking you at the time about it and you telling me where money introduced was in the Financial Accounts and clarifying the effect this equity conversion would have in addition.

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

Graham Fylde
104 Posted 21/01/2022 at 18:35:31
So although issued stock, as you say, in Feb 21 there was no agreed date to allocate the additional shares. Moshiri has chosen to do this now and turn debt into equity - no big difference to him but it improves our balance sheet, a good thing.

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

Colin Glassar
105 Posted 21/01/2022 at 18:40:01
I stopped reading this load of tripe once he started lauding Kenwright. What a load of bollocks!!! Moshiri is an idiot and a pawn of his fat friend.
Bobby Mallon
106 Posted 21/01/2022 at 18:55:31
Paul the Esk. I get even more miserable when I read your statements 😂
Duncan McDine
107 Posted 21/01/2022 at 18:58:55
I had a similar reaction, Colin. Just when the club are crying out for a change of direction and mentality, starting from the top, he basically tells us to expect a big future whilst doing fuck-all different.
Jay Wood
[BRZ]

108 Posted 21/01/2022 at 18:59:23
I'm surprised how little ire this email has drawn on TW. I don't find it reassuring or encouraging at all.

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

Colin Glassar
109 Posted 21/01/2022 at 19:07:15
This has all the signs of being written by Kenwright and proofread by Jim White. I feel Moshiri is suffering from Stockholm Syndrome and needs an urgent psychiatric intervention to save himself from himself.

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!!

Derek Taylor
110 Posted 21/01/2022 at 19:10:21
Followers of tomorrow's opposition will tell to that your team can still be relegated, however much money the owner throws down the pit. Literally, at Everton!

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!

Paul Smith
111 Posted 21/01/2022 at 19:20:00
Concur with many others that Moshiri seems blind to the real problems at Everton. Nothing in that mail to suggest anything different.

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

Colin Glassar
112 Posted 21/01/2022 at 19:21:58
Jay 108, too many Evertonians, sadly, have a limited attention span. Now everyone is playing Football Manager and dreaming of thumping stevie me lar tomorrow whilst posting their fantasy team.

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….

Don Alexander
113 Posted 21/01/2022 at 19:39:12
Farhad "I know better than Einstein" Moshiri ploughs on regardless then.

Arrrggh!!

Ashley Roberts
115 Posted 21/01/2022 at 20:14:46
I hope that means there is some money now in the pot for a midfielder we so desperately need?? Colin, I like your team but I really think we need another midfielder as we have been over-run in this area for most of the season. A 2-man midfield is just not working; hence the need for reinforcement.
Andy Crooks
116 Posted 21/01/2022 at 20:26:53
Disappointed that good Blues only got an email. He actually phoned me. Seems like there will be changes in the boardroom. Darren Hind, Jay Wood (shit… I nearly said 'Woods') and Dave Abrahams – stand by your phones.
Brent Stephens
117 Posted 21/01/2022 at 20:30:38
Andy, he called round to my house earlier. Others, have a look through your curtains.
Andy Crooks
118 Posted 21/01/2022 at 20:39:22
That is untrue, Brent. He mentioned both you and Mike Gaynes and he hates the stuff you both have posted on this site. Fact, don't shoot the messenger. He thinks Brian Williams is funny. Anyway, I've said too much already.
Martin O'Connor
119 Posted 21/01/2022 at 20:42:04
This is the most deluded arrogant piece of nonsense one could read. It is staggering in its parallel universe verbiage.

It starts with "the decision... to part ways with Rafa Benitez as our manager”. Not one word of apology for splitting the supporters down the middle and causing a virtual civil war by appointing Benitez in the first place.

Not one word of apology for eulogising Benitez in June via TalkSport and Jim White. No apology for allowing Benitez, in just 6 months, to run riot throughout the club, sacking the Director of Football, the Head of the Medical Department and the Head of Recruitment. Not one word of apology for how he got this so horribly wrong.

He then waffles on about his commitment to the club. He ends by saying he is a private man who does not speak very often. Fine! He can have his privacy but he is the owner and custodian of the great institution which is Everton Football Club. It is not his plaything.

Thousand and thousands of Evertonians live and breathe the club. So, it is beholden on the owner not to hide away. He must at times communicate to supporters, and through the correct channels, not through Talksport. This statement is nothing but an excuse for his 2disastrous communication strategy. It won't wash. Do we really believe Moshiri will now use club channels? This statement is nothing but a ploy to fool supporters.

The next part about the strategic football review beggars belief in its delusion grandeur and pomposity. Can the majority owner explain why the strategic football review is only taking place now, 6 years after he bought into the club? During this time, the club has had no plan, no strategy, no vision. It has had six permanent managers, and is now on its fourth interim manager.

What gives Farhad Moshiri any right to choose the next manager? He and the board have shown they are incapable of choosing a manager. The appalling decisions which have been made during the past 6 years are clear testament to this.

The transfer policy under his ownership has been horrendous. The club is close to breaking Premier League Profitability and Sustainability rules. Farhad Moshiri is a dim-wit who has the arrogance to think that, after the 6-year shit-show we have had to endure, the same people, with him at the helm, have the authority and qualifications to carry out a strategic football review. God help us!!

The buffoon then goes on to eulogise the failed board members in glowing terms including the newest Kenwright lackey to join the board. No mention of the absolute mess caused by these same people during the 6 years of his incompetent ownership of the club.

Of course, we get the sop of the bauble down on the docks. Maybe someone should tell the idiot that what supporters want is a team competing on the pitch and a well-run club. Without this, a new stadium means nothing.

Moshiri ends with a ridiculous rallying cry full of mealy-mouthed platitudes about uniting together that will get nowhere. How can we have unity when we have him as owner? He has turned the club into a laughing stock. He continues to give full support to the failing club board. Moshiri is totally responsible for turning Everton into a grotesque parody of a football club.

It took the club five days after the sacking of Benitez to come out with this ode from Moshiri to himself and the board. This statement clearly shows that Moshiri lives in a parallel universe. He is not fit to own Everton Football Club. He is a cancer which needs cutting out before it becomes terminal.
Andy Crooks
120 Posted 21/01/2022 at 20:47:07
Martin, without him we are doomed, done, finished. Cutting him out is not an option; he is Everton, like it or lump it.

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

Jay Wood
[BRZ]

121 Posted 21/01/2022 at 20:56:12
Martin @ 119.

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

Brent Stephens
122 Posted 21/01/2022 at 21:00:49
Andy, I'm mortified. Nice as pie to my face, he was.
Kunal Desai
123 Posted 21/01/2022 at 21:41:40
The lunatic has spoken, the fact that he even needs to mention the job his BoD are doing tells me he's an idiot and nothing will change.
Jerome Shields
124 Posted 21/01/2022 at 21:42:28
Scrapped the AGM for regular meeting with the ESSG( Everton Sanctioned Supporters Club:Everton independent Supporters Clubs: Everton Supporters Steering Group).

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.

Jerome Shields
125 Posted 21/01/2022 at 21:56:28
Martin #119,

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.

Brian Murray
126 Posted 21/01/2022 at 22:12:02
Any feelgood factor because of Dunc has gone for me after Moshiri's statement. It's insulting my and thousands of fans' intelligence to praise the idiot he leaves in charge month after month.

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.

Kieran Byrne
127 Posted 21/01/2022 at 22:45:10
How is that Everton have such a poor PR department? This letter is a farce, it’s amateur at best. Its almost condescending telling us that the CEO & Chairman are doing a great job whereas the media are calling us a shambles & wondering what’s going on & whats the plan?
Currently we have no DOF maybe Kenwright sees himself in this role lol.
One other thing, on all the footy shows they’re cutting the owner & management of Everton to shreds, not one word of Teflon Bills name as the cause of anything wrong at the club, Worst Chairman Ever

Will Mabon
128 Posted 21/01/2022 at 22:58:12
Jerome mostly has it covered.

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...

Tom Bowers
129 Posted 21/01/2022 at 23:05:18
Everton do have a lot of talented players in the squad with some really promising youngsters.

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.

Rob Halligan
130 Posted 21/01/2022 at 23:24:11
I asked earlier on who was present with Moshiri when that letter / email was typed, and it appears we have an answer…. Jerome Shields, step forward and take a bow. You must feel honoured to have been in the presence of Moshiri as he advised his CEO to compose, then press the Send button, a statement he doesn’t have a clue about what it contained, to thousands of season ticket holder’s, etc. I’m actually surprised you say he didn’t even read it, as I’d have thought he would at least like to have read what his CEO composed on his behalf. Still, never mind, I’m sure in the next few days you will inform us all about what happened during your day with Moshiri.

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

Brent Stephens
131 Posted 21/01/2022 at 23:31:34
Rob, look forward to Jerome’s breaking news before any other news outlets on Moshiri decisions on signings, BMD and conversion of loans to equity.
Rob Halligan
132 Posted 21/01/2022 at 23:33:26
So do I, Brent. It appears Jerome is the man ITK!
Will Mabon
133 Posted 21/01/2022 at 00:04:16
Rob, that's why I said "Mostly".

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?

Rob Halligan
134 Posted 22/01/2022 at 00:27:08
Will, who knows, but Jerome specifically says Moshiri didn’t say them, Jerome specifically says Moshiri’s CEO wrote those words and issued the statement, and Jerome specifically says that Moshiri didn’t even read the statement before it was sent. So one can only assume that Jerome was in the company of Moshiri when all this took place.
Pete Clarke
135 Posted 21/01/2022 at 00:52:34
There’s no time to rest with gettin back to this lunatic.
Given the precarious position we are in and the need to give Duncan and the team full backing for a win today, we need to let the board and the media know our thoughts on Moshiri and his ill thought out plan to continue with the same shambles of a board.
Banners and sheets as big as possible with a call for change at Board level. Something has to be done on a big scale because this clown knows no boundaries with us supporters.
Somebody dressed as the Grim Reaper carrying an image of Kenwright may be a good start.
Martinez, Koeman, Silva and Benitez have all been ripped to pieces for their poor performances and duly sacked.
Moshiri, in his role as commander in chief is performing ten times worse and is truly showing he is not only out of his depth in running a football club but for me is showing signs of utter arrogance towards the supporters with his total backing of the current board and his attempt to pacify us.
We are now in a situation in which Duncan simply has to get it right on the pitch because I dread the future with this lunatic running the show.

Phillip Warrington
136 Posted 22/01/2022 at 01:25:28
You have to ask if he is being honest and not some trumped-up pre-configured statement.

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

Pete Clarke
137 Posted 22/01/2022 at 01:29:47
I haven’t listened to Dark Side of the Moon for many years but there’s 1 song from the album that I can’t get out of my head right now.
Lock the door and throw away the key sounds appropriate for our owner.
Mike Gaynes
138 Posted 22/01/2022 at 01:45:32
Rob #130, thanks for the laughs.

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.

Derek Thomas
139 Posted 22/01/2022 at 03:56:59
Whats the Plan B if the Ferguson lightening doesn't strike twice Mr Moshiri?

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

Jonathan Oppenheimer
140 Posted 22/01/2022 at 04:39:53
Mike 138, I appreciate your thoughtfulness, as always, which forced me to go back and read the letter again after waking up to it this morning and quickly becoming pissed off and deleting it. I hear what you’re saying about commending the owner for communicating at all and that it shows he’s listening and all that — fair enough. But it surprises me that you’re so derisive towards passionate fans like Martin and a good many others who were enraged to receive a letter like that which felt purely like a PR stunt. Of course he’s not going to throw the Board under the bus, but we sure as hell don’t need him commending their utter lack of competence in recent years. As you said above, it was a gentle way of telling fans wanting Board change to fuck off; I’d guess many, like me, would prefer he said that directly if he’s going to say it at all. At the end of the day, the proof that this strategic review means anything and that he’s actually learned anything will come in the next few months and with the process to hire a new manager. If that proves to be as incompetent as his and Kenwright’s management has been in recent years, then hopefully you’ll stop defending him for being a good listener and a billionaire who gives so generously of his time reaching out us measley fans with shitty PR letters. So yeah, I get the wanting to give him the benefit of the doubt and all, but I sure as hell don’t want to receive another letter from him unless it’s announcing Kenwright is gone, he’s selling the club, there’s something meaningful to reveal about the strategic review (which I’m not even convinced is actually happening) or they’ve hired a half-decent director of football with real power. I’d guess more fans align with Martin’s general sentiments than yours, and we’re not on another planet: We don’t actually believe the cancer can be excised but we sure wish it were possible so we don’t end up relegated or dealing with decades more of this garbage.
Christine Foster
141 Posted 22/01/2022 at 05:19:09
Jay 108*, it has long been my contention that Moshiri handed over the running of the club to Kenwright as part of the share sale agreement. That position has been further confirmed of late with the removal of Brands, the vote of approval and support from Moshiri in his letter to fans and finally, the thing Bill always wanted. The removal of the need to have those inconvenient AGMs, whereby shareholders can ask questions he doesn't want to answer. This blatant engineering of a fictitious fans advisory (once again) board representative supposedly of real fans, not those found on ToffeeWeb of course. I would surmise this is the sum total of any strategic review, that being, how can we shut out criticism yet appear open to listen. This is sheer skullduggery to allow the running of the club without ANY need for governance. It's two fingers at the fans, hidden behind a rallying call by the owner.
All those fine articles by Paul the Esk, just toilet paper in the boardroom. You can almost hear the laughter.
Disgusting, done quietly while the fans rally behind Duncan Ferguson. Kenwright really is a piece of work.
Gerry Killen
142 Posted 22/01/2022 at 05:50:17
Surely at some point in time BKs must come under scrutiny after 20 -odd years at the helm with no silverware in sight, he makes sure everyone one on the Board are YES men / woman, so theres no chance he will be turfed out any time soon and he will veto any incoming DOF who might have the audacity to challenge the status quo and the only one who can make that change is Farhad. My hope is we get through this Season and get things sorted then, but for now we are at a point where us fans get behind the team for the whole game till the ref blows his whistle and the team gives everything in the course, COYB, Gerry
Andy Walker
143 Posted 22/01/2022 at 06:31:14
Hi Christine, if Kenwright was really running the club Moyes would be our manager. Ancelotti and Benitez would never have happened. Likely we’d now have been top 6 not bottom 6.
Tom Hughes
144 Posted 22/01/2022 at 06:45:19
Juggling debt to appear to increase value is a bit like putting a Ferrari body on a Morris Minor, or indeed, putting an expensive facade on a basic football stadium. It's window dressing without the product. A recurring, box-ticking, scatter-gun money-chucking theme. The problem is, at some point someone's got to foot the ever-growing "Bill".
Dave Evans
145 Posted 22/01/2022 at 07:06:11
Christine141
You weave a horrific web of pre-meditated intention.
The problem I have Is determining how much substance there is behind the Kenwright hating. To what extent is it weaved in disillusioned heads?

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.


Christine Foster
146 Posted 22/01/2022 at 07:19:16
Dave, Hate is a dreadful word, I don't hate Kenwright, I despise him for the lies, the cons and the continual lack of responsibility he has shown for anything. I have no intention of regurgitating the reasons why, the archives of ToffeeWeb are filled with facts regarding his chairmanship. From Kings Dock to Kirkby, from the suspension of AGMs to his 24/7 search to sell the club, which never was.. from the emplacement of people who will never question, to the utter failure to invest, find investment and put the club in debt, without a single penny of his or any other director in times of need. Or his distaste for people asking questions he would rather not answer, to his answerability to no one. For the complete and utter absence of Governance in the running of the club, to the complete and utter failure to even look like winning anything for the past 27 years.
He has a long list of form. The likelihood of him going anytime soon has gone. He has profited whilst the club burnt.
Christine Foster
147 Posted 22/01/2022 at 07:25:56
There goes my last chance of getting a ticket at BMD when I return.. Thanks Dave!
Tom Hughes
148 Posted 22/01/2022 at 08:03:12
Well said Christine. how much information does anyone need? From the big picture to endless minutiae he is the Boris Johnson of football chairmen.

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

Jerome Shields
149 Posted 22/01/2022 at 08:13:57
Andy /Dave#143&145

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.

Colin Glassar
150 Posted 22/01/2022 at 08:16:40
Spot on Christine. After 20 odd years of running our club into the ground, kenshite still has people supporting him and believing in this barefaced liar. Unfuckingbelievable!!
Alan J Thompson
151 Posted 22/01/2022 at 10:23:52
There may be doubts about the wisdom of his coaching appointees but you can't question his financial input.
Paul Smith
152 Posted 22/01/2022 at 12:23:14
Fly past “Time to Go Bill”. 22YEARSOFFAILURE. On BT Sport just now.
Jerome Shields
153 Posted 22/01/2022 at 15:51:41
Thanks Mike.
Jim Bennings
154 Posted 22/01/2022 at 16:39:29
Newcastle winning at Leeds, even the Geordies look sterner than us right now.

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

Derek Moore
155 Posted 22/01/2022 at 16:57:00
I thought Kenwright had written this to be honest, or at least one of his acolytes. And after reading the comments here - I'm even more confident of that belief. (Alas I lack the insider knowledge and contacts some others here seem to possess, so it is merely that, a belief)

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."



Sean Kelly
156 Posted 22/01/2022 at 19:58:58
Christine,

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.

Michael Kenrick
157 Posted 27/01/2022 at 08:25:39
Further comment on this wrongly called 'cash injection' in the Echo today, generally restating what Paul has already said:

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.

Tony Abrahams
158 Posted 27/01/2022 at 08:59:44
How much has Moshiri lost? How much has Kenwright gained? How long is it since Everton last won a sausage, or had some genuinely good times?

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