Everton today announced their financial report for the 2019-20 season, including record losses of £139.9 million after interest and taxation, compared with £111.8m in 2018-19. Despite this news though, it appears majority shareholder Farhad Moshiri is continuing to double down his investment in the club.
In a statement on the club’s website, it appears that additional shares are being created and sold to the financier, to the tune of £250m more of investment.
Everton Football Club’s Board of Directors is proposing to create and issue new shares to Mr Moshiri’s Blue Heaven Holdings Limited.
Mr Moshiri is currently the Club’s majority shareholder with 77.2% and this proposal - representing up to an additional £250,000,000 of investment - further underlines his long-term commitment to the Club.
This investment will provide a welcome injection of capital into the Club as it continues to address the significant financial challenges presented by COVID-19.
It will include the capitalisation of some previous loans made by Mr Moshiri into equity and greatly strengthens the Club’s balance sheet.
A letter detailing the proposal and the associated process will be sent to all Shareholders in due course.
Moshiri’s injection of £250m will bring the club up from its original valuation of £175m (of which he holds 77.2%) to about £425m, with the Iranian businessman now holding about 90% of the shares in the Club.
Clearly, losses or not, Moshiri is fully invested in the club no matter what and that kind stability in today’s financial climes should come as a great relief to all Toffees.