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Testing times for Kenwright

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18 Aug 2011 19:30:33

Testing times for Kenwright

Everton chairman Bill Kenwright admits the search for a new owner is becoming increasingly more acute as the club's only way of raising money for transfers is through selling players.

Kenwright said the club have reached their limit when it comes to borrowing from the banks and that only a buy-out could currently solve the problem.

"We've come to a stage with our bank with our finance where we just can't borrow any more," he said.

"I've said year after year, what we do is we beg and borrow from the bank. That's what we've been doing. The banks are tightening in now. We just can't borrow any more money, a: to protect the football club and b: to protect the fans.

"We've got a lot of people out there, committed people like Keith Harris (who has brokered the sale of a number of clubs), like banks, agents, lawyers, trying to find the buyer.

"I thought about saying the right buyer for the club - of course it has to be the right buyer - but we're actually trying to find a buyer for the football club.

"We haven't got that billionaire or even multi-multi-millionaire because I'm neither of those things and we really do need the buyer that we have been searching to find for three years.

"The maths is simple; we've actually got an income up to £80million but the costs are £85million so you don't need a calculator to work out what the problem is."

The Toffees chairman freely admits they fully expected this summer to be a difficult one in terms of transfers with the club yet to make a signing. He told Sky Sports News: "The world is in a recession and I don't know any business that isn't suffering at the moment and I include football in that, other than the financial elite.

"We knew this summer we were going to get to a point where things were going to get very tight. We knew we had to trade. There has not been a lot of trading in football itself this summer. We've not been able to trade yet and that's the reason that we've not bought in a new player."


PA

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