The consortium in talks to buy Everton has sufficient resources to complete the purchase without the need for a leveraged buyout, but will not engage in the kind of wasteful spending seen under current owner Farhad Moshiri.
A group led by former Manchester United and Chelsea chief executive Peter Kenyon and funded by US property tycoon Maciek Kaminski and billionaire mining and investment tycoon John Thornton are engaged in exclusive talks to buy the Toffees.
The PA news agency understands they hope the takeover will be complete by the time the club plays a preseason friendly against Minnesota United in Kaminski’s hometown of Minneapolis on July 21.
However, unlike Moshiri who have spent over half a billion pounds on players in six years, the potential new owners will not be “throwing money like confetti”, according to a source.
While the takeover will be 100% equity, the announced purchase price of £500million – which does not include the cost of finishing the new stadium at Bramley-Moore Dock for a similar figure – will acquire current debt of the club but “would not touch the sides” of the combined wealth of interested parties.
The consortium, through shell company KAM Sports LLC, which was established in February to own and manage leading international sports assets, intends to take a balanced approach with “sense” investments – which include the training ground and Finch Farm youth team – to bring success to a club that only avoided relegation in the penultimate game of last season.
Everton’s current financial restrictions, they have suffered cumulative losses of over £370million over the last three financial years, mean there can be no madness over transfers and wages which has contributed to their current fate, although club officials argue the Covid implications have been particularly damaging.
But with Kenyon set to be installed as executive chairman, meaning the end of the long reign of Bill Kenright who has become a divisive figure for disgruntled fans, the potential new owners believe they can usher in a more professional and efficient way of running the club. .
The fan reaction to the board’s handling of things hasn’t gone unnoticed by senior figures across the consortium, who have pledged to dramatically improve fan engagement.
It is also understood that Kaminski, with his background in property, sees the area around Bramley-Moore Dock as having huge potential for redevelopment, even though the construction of the stadium and the regeneration of Goodison Park are set in stone.