Maguire: Moshiri is committed to giving Everton another £100m on top of £200m injection
Farhad Moshiri’s £200million Everton cash injection is to be used for operational costs and not in the transfer market – but £100m more is on the way.
That is according to finance guru and Football Insider columnist Kieran Maguire, speaking exclusively after it was revealed that the club is set to receive the enormous windfall courtesy of their British-Iranian owner.
The investment took the form of a share purchase and increased Moshiri’s stake in the club to 92.2 per cent.
It comes just weeks after Everton were granted planning permission for a new £500m stadium on the site of Merseyside’s Bramley Moore Dock.
Maguire explained that Moshiri has promised an extra lump sum to help with stadium costs and that the current £200m will be used for day-to-day costs.
He told Football Insider correspondent Adam Williams: “The £200m is £100m of loans being converted into shares. That’s a bit of housekeeping. Then there’s also £100m in cash.
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“That will be used for some operational costs. But we are starting to move towards boots on the ground as far as the new stadium is concerned. It’s providing funding for that.
“As soon as they get the green light, they don’t have to go to the bank and raise money because the money is already there in their bank account.
“So if you get given the go-ahead on the 16th of the month, you can start digging on the 17th.
“He’s also committed himself to giving a further £100m to helping with the development of Bramley Moore Dock in due course.
“I think the focus will be very much on providing background funding. But Everton are losing huge sums of money so clearly the cash is also being used to help pay day-to-day costs, wages and so on.”
Everton recorded a whopping £139.9m loss in their last set of financial results.
Nonetheless, the club seems intent on continuing their recent record of big-spending and Football Insider understands a top defender is top of the wishlist.