Fixing the broken relationship between Everton and swathes of its fanbase is a key priority for those hoping to lead the club beyond this summer, the ECHO understands.
Everton is currently being run by an interim board designed to oversee a period of transition that should lead to investment from US group MSP Sports Capital. The outfit has raised more than £100m intended to help Everton move forward with the construction of its new waterfront stadium.
That input would help the club but come at a cost to majority shareholder Farhad Moshiri, should it be signed off. His holding would be diluted by the terms of the proposed agreement, though he would likely retain majority control. He would also cede some power at operational level through the appointment of a new-look board that would be influenced by MSP.
Those close to the deal hope the investment will be concluded before the end of the summer, though there is an acceptance that financial and legal processes do not adhere to the footballing calendar and therefore may not be completed before the start of the new Premier League season.
READ MORE: Everton-linked striker El Bilal Toure tops Dominic Calvert-Lewin and Erling Haaland in key area
Exclusive: Preki on why he'd be better for Everton now, his new stadium hope and Lionel Messi
MSP entered a period of exclusivity with Moshiri at the beginning of the summer. The development came after months of discussions, with founders Jeff Moorad and Jahm Najafi present at Goodison Park for the defeat to Southampton in January. Investment designed to help progress continue with the new stadium at Bramley-Moore Dock is now close to being signed off. Documents filed in the US show MSP has raised just over £130m through 13 investors. The money has been pooled under the control of an offshoot vehicle named MSP EFC Investors LC.
Against the backdrop of discussions, three of Everton’s four directors left the club at the beginning of June. Chief executive Denise Barrett-Baxendale, chief finance officer Grant Ingles and non-executive director Graeme Sharp departed. The club has since appointed what appears to amount to a board of transition. It includes Colin Chong as interim chief executive and features the addition of Moshiri and businessman John Spellman as non-executive directors. Chong and Spellman have also been made directors of the company overseeing the stadium development.
As chief stadium development officer Chong has been the public face of the scheme for some time and was an important figure at the club before joining the board. He has also had responsibility for operational control of the club’s Royal Liver Building HQ. Spellman is described on the Everton website as being a chartered accountant with decades of experience in the energy sector and having “a consistent track record of recovering and developing companies”.
Bill Kenwright has remained as chairman and received a glowing endorsement from Moshiri as the other boardroom changes were announced. His position in proceedings had been the subject of confusion with some reports suggesting he initially intended to leave his post. It is understood a prospective replacement had been lined up should that have been the case but such a move was not necessary once he accepted Moshiri’s request to remain. Moshiri said: “I wanted Bill to remain as our chairman during this important period of transition for the club and I am delighted that he has accepted my request to do so. Bill’s knowledge and vast experience will be crucial for us as we look to reset, deliver on external investment and position Everton for a successful future.”
Kenwright’s longer-term involvement remains an issue to be addressed over the summer. Everton’s Fan Advisory Board issued a call of no confidence in him back in April and there is an awareness of the issues that have unfolded over recent months among those in talks with Moshiri. While a degree of change was inevitable it is understood there is a sense of regret that Ingles could not be retained. Those working with Everton are thought to hold his expertise in high regard. The interim board is expected to be in place until a deal is concluded, a feat it is hoped will be achieved soon but which may not be completed before August 12, when the new season starts with the visit of Fulham to L4, due to the complexity of the process. The finalisation of any agreement with MSP is expected to then lead to change in the boardroom. How a new-look board would be made up remains a subject of uncertainty with intense discussions ongoing.
MSP could be granted two board positions while the ECHO understands Andy Bell and George Downing, both successful businessmen and Everton supporters, are among those who could be considered for senior positions at the club. Bell is the founder and former chief executive of the investment giant AJ Bell, while Downing is the founder of Downing, a business that started in construction and has since expanded into property management and other areas. The firm’s website states that, to date, Downing is currently involved in developing student accommodation schemes to the value of around £1bn.
MSP is understood to see Everton as an opportunity with vast potential despite consecutive seasons in which the club has endured desperate battles against relegation. Supporters have been crucial in helping the Blues avoid the drop over both campaigns and those hoping to have influence at the club beyond this summer have identified repairing the damaged connection with parts of the fanbase as one of several crucial first steps. Protests were held ahead of home games earlier this year while numerous supporter organisations have called for changes to the management of the club. There is also a belief from those looking at the club that more could be done to exploit its rich heritage and identity and therefore use its history to help it grow in the future.
