Everton 'Considerably' reduce 9-figure debt to key lender - report

Everton have managed to reduce the amount owed to Rights and Media Funding Ltd [RMF] “considerably” after recent developments, The Athletic reports.

According to Matt Slater via the outlet’s website on 13 September the debt to the long-term Toffees creditor is now down to around £150million, less than the amounts owed to both The Friedkin Group and 777 Partners who both put in around £200m.

The arrival of scheduled transfer fee instalments has allowed Everton to pay off part of the RMF as planned, while the Cheshire-based company appear satisfied to “sit tight” and reduce their exposure gradually, so there is no “pressing need” to address the rest of that debt.

John Textor is attempting to buy the club from Farhad Moshiri and will have to pay off Friedkin’s £200m immediately if he does so, while the cash owed to 777 is complicated by their financial and legal concerns [The Athletic, 20 July].

John Textor has agreed to cover Everton debt

The club’s total debt remains over £1billion so a reduction on the RMF loan might seem like a drop in the ocean, but that total includes around £450m technically owed to Moshiri himself, but which he “knows he is never seeing again”.

So it is a positive development for the Toffees to have seen their debts go down for once when the finances are an endless source of concern in recent years.

Textor is said to have agreed to cover the club’s obligations to lenders while paying Moshiri as much as £50m for his shares [Guardian, 10 September].

The reduction in the money owed to RMF looks set to save the American around £50m if he can get his deal done, although he still must make the key move to sell his Crystal Palace shares first.

There is clearly still a very complicated financial picture at Everton, and Textor’s own moves are causing some confusion despite his willingness to discuss the takeover publicly.

But in terms of the club’s finances as things stand the reduction to one key loan is a rare piece of good news to ease that picture slightly.

In other Everton news, the Toffees board are powerless to act on Sean Dyche contract issue.

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