The Everton takeover

Tuesday, December 28 – 1999
Everton chairman Sir Philip Carter has warned fans there will be no magic wand to wave away the club’s financial troubles, despite Bill Kenwright’s Goodison Park takeover.

Carter, who remains chairman in Kenwright’s new regime, insists Everton’s overdraft – estimated at £15 million – will mean manager Walter Smith will not be handed a blank cheque book.

Kenwright has secured Peter Johnson’s 68 per cent shareholding for £20 million, which values one of English football’s oldest clubs at £30m. Neighbours Liverpool are rated at £220m.

But despite the cut-price takeover deal, Carter and Kenwright will now need to concentrate their efforts on raising extra revenue for team building. This includes looking at a new rights issue that will enable fans to become shareholders.

Carter said: “People say £30m is a cheap price for Everton, but what you’ve got to remember is we have got an overdraft to deal with and also the development of the club, such as completing the youth academy, so there is a lot of money involved in this.

It’s not going to be a magic wand waved suddenly. It’s going to be a case of slowly, slowly to build up the club gradually.

There are various ways of raising money which in the past has possibly not been open to us.
I said at the annual general meeting the raising of the club through our supporter base is extremely important. We know many of them would like to be involved, albeit in a small way.”
(Daily Express, 28-12-1999)

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