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Kieran Maguire shreds 777 Partners after £30m Everton source's reveal
It is ‘very concerning’ that Everton are paying £30million per year in interest payments because of their numerous loan deals.
That is the view of finance expert Kieran Maguire, who exclusively told Football Insider that he is concerned about the motives of 777 Partners.
The US investment group are currently being assessed before being allowed to complete their takeover of the Toffees.
In the meantime, they have loaned £40million to Everton to help with daily operating costs.
However, the loans have only added to Everton’s growing debt figures, and Football Insider revealed that the Merseyside club are now paying £30million in interest fees per year.
The Daily Mail report that Everton’s debt has grown to effectively more than £1billion after accepting loans from 777 Partners and MSP Sports Capital this summer.
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Maguire believes the interest payments are ‘disappointing but not surprising’.
“If those figures are correct, then it is very concerning,” Maguire told Football Insider’s Sean Fisher.
“Effectively, for every £100 Everton are bringing in through gate receipts, they’ll be spending £200 on interest on loans.
“That’s not good optics for the club at all.
“You can understand the frustration of fans.
“They’d much rather that their club’s revenue is focused on what’s happening on the pitch rather than rewarding bankers.
“So it’s disappointing, but not surprising.
“I think anybody that’s seen what’s happening between 777 partners and Melbourne Victory in the Australian A-League would be very concerned with regards to 777’s motives.
“They don’t appear to be football-orientated or fan-orientated.“
In other news, Kieran Maguire issues ‘red flag’ claim after Everton takeover news emerges