Farhad Moshiri can be the “solution provider” for Everton despite being responsible for the “appalling circumstances” the club currently finds itself in, according to The Esk.
Writing on its website on Sunday (25 February), the Toffees financial expert said the Iranian owner could accept that 777 Partners will not be allowed to purchase his shares in the club, removing the US investment firm from the equation as it still awaits approval from the Premier League to complete a takeover.
A second option it provided for Moshiri is to convert his remaining shareholder loans into equity – something he has previously done before – as that would improve the balance sheet marginally and demonstrate further commitment to the Blues.
Although it may cost him a further £75million to £100million, The Esk said the businessman could also commit to funding the club for a number of months while a new purchaser goes through the directors’ and owners’ test with the Premier League, allowing the club to make it to the end of this season and continue as a “going concern”.
“As much as Moshiri is responsible for the appalling circumstances we find ourselves in, he is also (assuming no one believes administration is the best option) the solution provider,” said the Esk. “He can solve the paralysis issue we have and provide a solution which does not necessitate administration.
“What does he need to do? In the first instance accept that 777 Partners will not be able or allowed to purchase his shares. Accept that and remove them from the equation.
“Secondly, he could convert his remaining shareholder loans into equity. He has done this before of course, converting £200million of loans into equity. The effect is largely cosmetic, but it would improve the balance sheet marginally and demonstrate further commitment to Everton. It would not solve our cashflow crisis whilst we seek an alternative purchaser.
