Revealed: Everton’s ‘most affect’ dressing-room rollicking

At first there was silence. Deathly, funereal silence. In Goodison Park’s poky dressing room, Everton’s players sat with heads bowed, stunned at what had transpired.

With 87 minutes gone, they had looked set for a morale-boosting first victory of the season in front of a delighted, raucous crowd, leading a tepid Bournemouth by two goals to nil.

In the stands, some believed this was the best performance they had seen from those in blue shirts for three or four years.

What happened in the next nine minutes was the stuff of nightmares. Three goals conceded and three points surrendered thanks to a barely believable collapse.

Back in the changing room, the players were left wondering what on earth had happened. Slowly, the more experienced members of Sean Dyche’s devastated side began to speak up. Insiders say Seamus Coleman and James Tarkowski were among those trying to lift what was a desperately sombre mood.

The message from the manager was a simple one. This was not a game which should have ended in defeat.

The view from some of the older heads was that the team had taken their foot off the pedal and failed to do the basics properly.

But there was also a keenness to move on and to keep things on an even keel. Dyche is not one to get carried away with wins or losses. Those who know him say he is never too up or too down, and he ensures that when there is a rollicking to be given, it is delivered with maximum impact. The season is three games in and slow starts are nothing new at Everton.

The bemusement would later spill over to the players’ lounge. ‘Everyone was sombre,’ said one insider. ‘Almost like there had been a bereavement. A lot of the players sat there in silence. The football was on the TVs but nobody was watching.’

As the international break came straight after the chastening defeat, the chance to put things right must wait. Players are away until Monday, given time off following a typically gruelling pre-season.

Dyche is understood to have found sanctuary on the golf course. The group work to a pre-prepared schedule handed out at least a month in advance and that does not change. The squad appreciate being able to plan and know what time they will have to themselves, but it may be a challenge not to dwell on the Bournemouth defeat.

The long-suffering folk in the Gwladys Street End would tell you that such a calamity could only happen to Everton. And they may have a point. While what they had witnessed may have been a car crash, their club is the motor that cannot be sold.

Everton is the shiny blue car on the Premier League’s forecourt that, at first sight, looks like a steal. It comes complete with one of the most loyal fanbases in football. Soon-to-be-added features include a state-of-the-art, revenue-generating stadium on the banks of the Mersey that may become one of the landmarks of the global game. A precious place in the Premier League and all the TV money that it brings are also part of the deal, for now at least

But a look under the bonnet keeps putting buyers off — and has left many fearing that administration is the only way out of a ‘complete and utter mess’ for this proud, 146-year-old institution of English football.

Many of the faithful hordes who left Goodison scratching their heads last Saturday put all of this down to the ‘F’ word. Farhad. Farhad Moshiri, the British-Iranian businessman and Toffees owner for close to nine years.

On his watch, Everton — nine times champions of England — now find themselves with close to £600million of debt, and regular interest payments which those with knowledge of the situation describe as ‘mind-blowing’.

The latest would-be buyer is Crystal Palace co-owner John Textor who, like others before him, has entered into a period of exclusivity.

It remains to be seen if Textor will be the saviour so desperately needed. To be anything, he will first have to get rid of his 45 per cent stake in the Eagles. There is concern over how straightforward that would prove to be — and a belief the American may go the way of the other prospective buyers over recent months.

For Evertonians this summer, hope has been the worst of all evils. In June, there was a belief that a consortium led by wealthy fans George Downing and Andy Bell would come to the rescue. These were sensible operators with the club’s best interests at heart. But those aspirations were dashed when Moshiri instead chose to go with the Texas-based Friedkin Group (TFG), owners of AS Roma.

Still, TFG were seen as a better alternative to the status quo. Indeed, they promptly lent Everton £200m to pay off a group of investors including Downing and Bell, and pay the latest bill from Laing O’Rourke, the construction firm behind the new 52,888-capacity home at Bramley-Moore Dock. That in itself is a glimpse into what has become a hand-to-mouth existence.

But in July the familiar feeling of despair returned when TFG pulled out and plunged Everton back into crisis. Their key issue surrounded a further £200m, which was lent to the club by original suitors 777 Partners.

Amid a myriad of concerns, the Premier League refused to sanction 777’s takeover. Following the company’s descent into financial turmoil, their main backers — American insurance group A-Cap — took over the debt but they have now been accused of fraud by another investment firm, UK-based Leadenhall Capital Partners, in a US lawsuit over money they lent to 777.

There were concerns, which still linger, that criminal charges could follow. Even if the matter is resolved, there is a view that Everton may be deemed beneficiaries and therefore face further costs via proceeds of crime procedures. There are, in short, more red flags than on Amity Beach. The concern is that the longer this goes on the more the sharks will begin to circle.

Taking the mountain to around the £600m mark is a sum thought to be £200m owed to Cheshire-based Rights and Media Funding, with an interest rate believed to be around 10.25 per cent.

If Moshiri is due any credit, it should be noted that he is willing to write off £450m, and is understood to want between £40m and £80m for his shares. Allies describe him as ‘straight and open’ and point to the fact that the club have a number of top level advisers including Deloitte.

Regardless, the onus is now back on Moshiri to fund the club, and another lump of cash is needed to see them through September, although a surplus from summer transfer dealings should help.

It all means that before they even look at team-building (and Everton will have only 12 players in contract at the end of this season) a buyer would need to shell out around £700m.

‘In business, people do not tend to want to pay for other people’s mistakes,’ says Paul Quinn, who runs the Talking the Blues podcast and scrutinises the club’s finances. He is in little doubt where the blame lies. ‘There is one constant throughout this and it’s Farhad Moshiri,’ he said.

Quinn also sees the car analogy. ‘Would you buy a car from such a terrible owner? Would you buy a car with the service history that Everton have? A bad product attracts a bad buyer. When forensic accountants have gone through the books, they bring up difficult questions and there are rarely immediate answers.’

Quinn thinks there may be pain before recovery. ‘I’m not advocating for administration but it does look like the obvious conclusion at the moment,’ he explains.

‘Currently, aside from loans, the club are getting by from player sales. But they are running out of people to sell. It’s all a complete and utter mess.’

Is there any hope? For those of a strong constitution and an even stronger bank balance, Everton may still have a certain appeal. Smart operators could refinance the debt and bring down those eye-watering interest payments for an immediate equity injection.

They would also benefit from revenues in their new home that should dwarf those previously brought in at Goodison.

The early signs are good. At Goodison there is capacity in the hospitality lounges for 1,300 guests. At Bramley-Moore, it will be almost four times more. Sales on premium products have been above forecasts. Many Evertonians have signed multi-year deals.

Stadium naming rights present another opportunity, while commercial deals have already been signed with ‘founding partners’ such as kit makers Castore, caterers Aramark and IT firm HP.

The club currently have a waiting list of around 30,000 for season tickets. Gate receipts should go through the roof. There is planning permission to host concerts and to ensure the venue is a revenue-generator most days of the year.

Regardless, retaining Premier League status not just for this season, but for around the next decade, is of vital importance.

Much responsibility lies on the broad shoulders of Dyche, who masterfully guided his team to safety last season. Sources close to the club suggest he retains full backing despite last Saturday’s capitulation.

Dyche will need to lift and get a tune out of his squad, which may be testing given many are out of contract at the end of the season. While Chelsea have a cumulative 191 years’ worth of contracts on their books, Everton’s figure stands at 47.

One situation which needs to be addressed is that of Dominic Calvert-Lewin, whose contract expires in June. The striker wanted a move this summer and it would be a surprise if he does not get one in January. A new deal has been on the table for some time but lies unsigned.

Throughout this, Moshiri remains in charge. Numerous sources have described him as ‘difficult to do business with’. One explained their own experience with the 69-year-old as ‘chaotic’. Textor will be hoping for a better conclusion but the longer the situation lingers, the more damaging it becomes.

And so this is Everton in 2024. Some £600m in debt with money owed all over the shop. The football club on the verge of maxing out their credit cards.

At a time when they should be looking forward with excitement to the dawn of a new era at their sparkling riverside home, the main emotion among supporters is one of fear.

Fear that they may sink before they get there.