Just two games into the new season, protests are once again echoing around Goodison Park, many focused on Bill Kenwright's role. at the club Photo: Reuters/JASON CARNDUFF
In London's affluent Little Venice, Bill Kenwright is still squatting in his top-floor office adorned with Everton memorabilia. “Bill turns 78 next month, but he is still a fanatic who can’t leave his train,” explains one old friend, describing his daily routine, if health permits: arrive at 10 am, leave for club business until before the sun goes down, then focus on West End projects, sometimes until midnight.
The club chairman and theater impresario are out of shape for the formidable workaholic who spearheaded the initial £20m takeover in 1999. Condition since 2015. «But I don't see it happening.»
However, insiders claim that his addiction to «finally scratch that itch» at Everton still drives him. Kenwright once insisted that he receive the trophy as an adviser told him he had to leave after the 2009 FA Cup final loss to Chelsea. Today, ahead of a third consecutive relegation battle, the construction of the Bramley Moor Dock is being discussed internally as part of its legacy.
However, it is becoming increasingly doubtful whether Kenwright, who now owns just 1.3% of the club's shares, is worth the trouble. He has avoided Goodison Park since January due to safety concerns, but even in his absence, the «Kenwright leaves» banners will be back on Saturday.
«If they fly out, I fear the worst»
This last week has been for the People's Club, which is in constant crisis, as severe as any other. Confirmation followed on Wednesday that New York-based firm MSP Capital has backed out of an imminent £150m investment deal.
Farhad Moshiri, the British-Iranian owner, and Kenwright are already in talks with alternative investors. But it is assumed that the existing lender, Rights and Media Funding Limited, will actually have the right to demand «tens of millions» from whoever succeeds before even a penny gets into the club. Adding to the grim atmosphere is the fact that the club appeared before an independent panel on 25 October over an alleged breach of Financial Fair Play rules.
Some have accused Farhad Moshiri (left) of using Kenwright (right) to divert criticism from his own role. Photo: PA/Richard Sellers
As demonstrations once again ripple through Goodison Park, a former executive says the club's representatives are becoming more sympathetic to the whistle. “I love the club, as does Bill, and it hurts to look at,” the former employee admitted. “If they fly out, I sincerely fear the worst … the losses will be enormous. It's not just Sky's money, it's everything about it.»
The club is believed to have included clauses in sponsorship agreements to protect them from losing major contracts in the event the team fails. Internally, the company also insists that the price of the new stadium will not lead to a significant increase in the number of seats in Goodison Park. However, former employees argue that this year's downgrade would be disastrous as bills for the 53,000-seat building have yet to be paid.
“Everyone knows that if they are taken to the minor leagues, everything can collapse by itself,” says the former executive. “If Moshiri decides that he wants to leave completely, what are they going to do? No one is going to pay £400m or £500m for a club that is in debt and in the Championship. They just aren't going to do it. That's why there was such an outpouring of joy and relief when the club didn't sleep for the past two seasons. The fans understand, and the staff understands, if they fall, they can be fucked up.»
Everton's new stadium was conceived with the club still playing Premier League football. Credit: GETTY IMAGES/Christopher Furlong Moshiri 'can't keep throwing money down the drain'
Moshiri's wealth, let alone his long-term plan, is hard to fathom. His appetite for investment appeared to have subsided even before the assets of his former business partner, Alisher Usmanov, were frozen due to sanctions related to Russia's invasion of Ukraine. Everton insists that the club's connection with Usmanov no longer exists. USM Holdings Usmanova sponsored Everton's training facility and also previously held an option to name the club's new stadium, but the club promises that any future investor will not be linked to Russia.
Former employees suggest that Moshiri, who sold his part of a joint stake in Arsenal to raise capital for an initial share of just under 50 per cent of Everton, simply concluded that his previous spending was «ludicrous». Approximately £750 million was spent on over 50 players during his time, of which approximately £450 million was returned. Now he thinks he has «spent enough» and «can't keep throwing money into a hole in the road,» claims one former employee.
Moshiri, the former executive added, saw Kenwright as a reliable ally from the start. “Bill always made all the transfers, coordinated receipts and expenses,” he explained. «It was a one-man show, the manager was like, 'Yes, I need this player,' and then Bill dropped out, who was good at it.»
But seven years later, the couple are now leading the financial mess, listing confirmed losses for five straight years totaling more than £430m in March. Everton have blamed Covid-19 as a major factor in such staggering numbers, saying the pandemic has cost the club £170m. That figure alone raised eyebrows among Premier League rivals, with Aston Villa putting a £56m Covid loss by comparison.
Everton Q&A: How bad is it and how bad could it be? become? «It's absurd to go after Everton when there are 115 charges against Manchester City»
The club, however, remain optimistic about proving to the commission this fall that they meet the Premier League's profit and sustainability requirements, despite accusations reportedly linked to loan-related tax issues. One former employee agrees: «I don't think it's going to get anywhere because it's absurd to go after Everton when Manchester City have 115 charges.»
He is less optimistic about this issue. However, the team hopes for survival. Everton have spent more years than any other club in top English football but now «they have possibly the weakest side they have ever had compared to other teams,» suggests the boss.
Despite successive relegation battles, the club's transfer activity has been minimal this summer. Four new players have been added, three of them are on a free transfer. Neither of them looks like an adequate replacement for Anthony Gordon, who left in January, and Richarlison, who left a year ago.
With the exodus in previous years of playing personnel, in the bench and even in management, Everton director of football Kevin Thelwell is urging patience. In recent weeks, he has spoken of a more cautious approach, with «prudent trading, far-sighted acquisitions and use of the free transfer and loan market where needed.» «All the focus is on making sure Sean [Dyche] has a squad with the right balance and stats to handle the pressures of the Premier League campaign more effectively.»
Sean Dyche is a manager tasked with preserving Everton's proud history of top football. Credit: Shuttershock/Michael Zemanek Kenwright «feels he's the only person who can make a difference.»
Despite the doom and gloom, the Friends of Kenwright say it is not surprising that the beleaguered chairman holds on. His days looked numbered after the departures of CEO Denise Barrett-Baxendale, CFO Grant Ingles and non-executive director Graham Sharp in May. Moshiri then took the surprise by saying in June that Kenwright would still have a «critical» role to play during a «major transition.»
Without Kenwright, Moshiri, who is now a board member after the summer exodus, would have been exposed. Colin Chong, the stadium's general manager, has been named interim chief executive, but this is unlikely to be a long-term appointment. James Marignac, currently CFO, is acting as CFO on an interim basis. John Spellman has taken over the second newly created position on the Board of Directors.
Kenwright, Moshiri's useful lightning rod for criticism, will continue to crack down on various fan protests, as he has done for over a decade. “I have often said that I will never deny the right to protest to any football fan, especially Everton fans,” he wrote in a long open letter to the All Together Now campaign on the Everton website in April.
Friends say last season's abuses — especially the threatening letter that prompted management to stop attending matches in January — have affected Kenwright more than any other campaign.
But even at the lowest level, he wrote: “I know that your day will inevitably come. Likewise, I knew I would find you a billionaire when loud and long protests claimed I wasn't even looking.»
Whether Kenwright found the right billionaire is a matter of fierce debate, but former colleagues suggest that there could be a more controversial option. It is alleged that Sir Philip Green, the retail magnate who fell from favor, was once on the target list. «For a while, Bill hoped so, but Green was not interested in investing his money in football,» the source added.
However, since he was supported only by an interim CEO and not by his trusted ally Barrett-Baxendale. him, Kenwright is included in his temple in Everton, London. «He's a fanatic,» one friend explains when asked about Kenwright's refusal to leave. «He's the greatest supporter… He still believes he's the only person who can make a difference.»
Kenwright stayed away from Everton in recent years due to threats of violence from supporters. Credit: Shuttershock/Mark Greenwood
Simon Gerrard, restructuring and bankruptcy partner at JMW Solicitors, predicts the battle will be uphill after the MSP deal fails. «will put further pressure on the club's finances.»
But if Everton can make it to the end of this season, find an investor and move into their potentially transformative new stadium, there may be hope.
The man from the theater country is not yet ready for the curtain.
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