Everton administration: Wyness issues key claim as insolvency experts called in
Everton’s former chief Keith Wyness has claimed there is not yet a “credible threat of administration” at his old side.
Speaking on the new edition of Football Insider’s Inside Track podcast, the 66-year-old – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – claimed restructuring finances at Everton will be tough, but possible.
According to The Guardian (30 April), Everton have called in a leading firm of restructuring and insolvency advisers.
That development is another worrying twist in 777 Partners’ purchase of the club – which was agreed in September 2023 but is yet to be approved by the Premier League.
Clubs can choose to enter administration if they are unable to pay outstanding debts but will be handed a nine-point deduction for doing so.
Everton not yet in administration danger, says Wyness
Such a penalty would plunge Everton back into the fight for Premier League survival, but Wyness insisted there is no “credible threat”.
He told Football Insider‘s Insider Track podcast: “There’s news coming out about debt restructuring advisors coming to Everton and helping them get their debt under control.
“The problem with this, and this has always been a big issue, is that the debt has kept increasing with the 777 takeover dragging on for so long.
“Trying to refinance debt when interest levels are high is never going to be easy.
“Everyone has been amazed that the finances for the stadium were not put fully in place before they started building.
“The belief was that Usmanov was the source of capital, but the Ukraine war happened and he disappeared.
“Restructuring finance is now going to be crucial, and I think it can and will be done.
“I don’t believe there is a credible threat of administration. I really don’t believe that at all.
“We’re at the stage that everyone thought was coming, where 777 haven’t performed and we’re now left to pick up the pieces.
“There are still a few bits to unravel.”
In other news, Sean Dyche priority summer signing revealed.
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