Everton chairman Bill Kenwright has admitted that the Goodison Park club are losing up to £5 million a year due to the lack of investment, as the search for a new owner continues.
The Merseyside outfit have well documented financial constraints, which limited David Moyes from spending money in the recent transfer window, and forced the £10 million sale of Mikel Arteta to Arsenal.
That said, Kenwright believes that The Toffees fans would rather have him in charge than see the club succumb to huge debt.
“Maybe there’s a downside to having a chairman who is a football fan. We lose £4-5 million a year; that’s a lot of money, that’s a player to David Moyes,” he told BBC Sport.
“I think Evertonians would rather stay with me, with all my drawbacks, if they knew that a potential new owner would saddle the club with debt.”
Kenwright has not hid the fact that Everton need a new owner, but has stated that the club’s finances are stable until that happens.
“Our history is second to none, but until I find the right man, and I will find him, you’re better off with me.
“You don’t get an overdraft unless the bank thinks you can look after yourself, you don’t get millions of pounds unless they rate you. We have a very good relationship with our bankers, and there is a feeling of real respect from them for what we have done.
“It’s a fallacy to say that we have the sword of Damocles hanging over us,” he admitted.
Everton fans have been frustrated with their team’s lack of transfer activity, especially given the spending at city rivals Liverpool.
By Gareth McKnight
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