Farhad Moshiri faces a huge £300m financial black hole if he sells Everton after years of failed transfer spending
FARHAD MOSHIRI is staring at a financial black hole that could cost him as much as £300m if he sells Everton.
That staggering figure of failure would represent nearly a quarter of the 67-year-old’s fortune after seven years of failed spending during his tenure as the club’s majority owner.
Moshiri claimed last week that he has no plans to withdraw, but SunSport understands he made it clear to potential investors almost a year ago that he was choosing the right price.
And we are able to disclose that price after being made aware of documents listing details that are circulating.
Moshiri is understood to want £350m for the club – plus the release of one of the club’s loans totaling £150m.
In addition, the new buyer would need to raise a further £300m to complete construction of Everton’s new stadium at Bramley Moore Dock.
Moshiri bought his 94 per cent stake in the Toffees for £200million.
He was also thought to have given out £250m in loans but SunSport believe the club currently owe him £100m more.
So his total investment is £550m, but the sale would only get him back a maximum of £350m – £250m if they are relegated.
Abandoning a division means he would be staring at a £300million loss for walking away and not recovering the personal loans.
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A new owner’s investment could be much higher given that it is based on an alleged £500m “lock-in” construction price.
But Moshiri — a chartered accountant — suggested that someone on his ailing board had miscalculations.
The fixed price for the stadium was announced nine months ago, with CEO Denise Barrett-Baxendale claiming, “We are able to maintain construction costs while benefiting from Laing O’Rourke’s economies of scale in an ever-changing market.”
But in the days leading up to Saturday’s 2-0 defeat by West Ham that marked the end of Frank Lampard’s reign, the ailing Supremo told talkSPORT the final price would be close to £760m.
It was previously thought that only £200m had been invested in the 52,888 seat site.
Moshiri has been searching for new investors for months and now knows that if he sells the club he will score the biggest personal goal of any club owner in the Premier League era.
He told Everton’s Fan Advisory Board last week: “The club is not for sale, I have spoken to top real quality investors to fill the gap at the stadium.”
But while he searches for a new manager, he has still to find big moneymen willing to fund a club that has lost £372million in the last three years.
https://www.the-sun.com/sport/7227280/farhad-moshiri-financial-black-hole-everton-sale/ Farhad Moshiri faces a huge £300m financial black hole if he sells Everton after years of failed transfer spending