Everton’s financial troubles are usually discussed in terms of transfers, managerial changes and the new stadium. But the club’s property and financing history is another important part of the story — a long series of sales, leases and secured borrowings that left Everton with a fragmented and encumbered asset base.

Finch Farm: fragmented ownership

Everton acquired the 55-acre Finch Farm site in 2006 but almost immediately sold the freehold land to developers ROM Capital for around £2.1 million. The developer built the training complex, which opened in 2007.

The developer later went bust. In May 2013, Liverpool City Council bought the freehold from the liquidator for £12.925 million. Everton stayed on as tenant under a long lease and reportedly held periodic purchase options.

The main freehold title is MS523511, now owned by the Council. Everton holds a leasehold interest. Everton also holds separate Land Registry titles around Finch Farm, including MS509664, MS605623, MS186485 and MS616663. These are separate parcels or interests, not the main training-ground freehold. There is no evidence Everton ever bought back the Council’s freehold.

Goodison Park: ring-fenced in a subsidiary

Goodison Park is not directly owned by Everton Football Club Company Limited. In March 2002, the stadium assets were transferred to a wholly owned subsidiary, Goodison Park Stadium Limited.

The purpose was to provide security for £30 million of 25-year secured loan notes issued by another subsidiary, Everton Investments Limited. Under the securitisation agreement, Goodison Park Stadium Limited receives gate receipts and incurs the related operating costs. The stadium assets stand as security for the loan notes.

The 2010 accounts of Goodison Park Stadium Limited show net liabilities of £1,538,249, with tangible fixed assets of £5,783,208 (including freehold land of £650,000). The parent company itself owns almost no property directly. In 2011, after the Bellefield sale, its own freehold properties had a net book value of only £22,000. The stadium sits inside the subsidiary, ring-fenced from the club’s general creditors.

Everton Investments Limited: the financing vehicle

Everton Investments Limited (company number 04349739) is a wholly owned subsidiary that acts as a financing vehicle for group activities. In 2002 it issued £30 million of 25-year secured loan notes, serviced by future ticket sales. The 2010 accounts showed net liabilities of £19,004 and loan notes of £25,224,198.

The most recent accounts, for the year ended 30 June 2025, show a very different picture:

  • Profit for the year: £nil (2024: £nil).
  • Net assets: £2 (2024: net liabilities £36,504).
  • Debtors: £4,305,267 — amounts owed by a fellow subsidiary.
  • Creditors due within one year: £4,305,265 — amounts owed to parent.
  • Net intercompany position: £2.

The filing does not mention “loan notes” specifically. The gross intercompany balances remain, but they are almost fully offset, leaving only £2 net. On the face of it, the earlier loan note liability is no longer separately disclosed — suggesting it has been settled or restructured.

Other points from the 2025 filing:

  • Other reserves of £36,506 relate to a capital contribution.
  • The company has no employees other than the directors, and directors received no emoluments.
  • Auditor’s fee for the audit: £1,050 (2024: £nil).
  • Amounts owed by group undertakings are unsecured, interest-free and repayable on demand.
  • Ultimate controlling party: Roundhouse Capital Holdings Limited (company number 15992615).
  • Parent undertaking: Everton Football Club Company Limited (company number 36624).
  • Going concern basis adopted; the independent auditor’s report (Crowe U.K. LLP) gives a true and fair view.
  • The filing is labelled “unaudited financial statements” but includes an independent auditor’s report — an inconsistency in the document title.

Bellefield: sold to repay a working capital loan

Bellefield, the former training ground, was sold in December 2010 for £9.3 million. Everton’s 2011 accounts confirm a profit on disposal of £8.425 million.

The critical question is where the money went. The 2010 accounts of both Goodison Park Stadium Limited and Everton Investments Limited provide a direct answer:

The sale of Bellefield was subsequently completed, and proceeds received, in December 2010. The majority of the proceeds from the sale of Bellefield were used to repay the previous working capital loan facility.

So the money did not fund a new stadium, a new training ground, or any lasting asset. It repaid a working capital loan. It was a short-term fix, not a long-term investment.

Charges over Everton’s titles

Everton later used its separate Finch Farm titles as security for borrowing. A Companies House filing in November 2021 shows a charge in favour of Rights and Media Funding (RMF) over MS509664, MS186485 and MS616663.

Those charges have now been satisfied. When The Friedkin Group (TFG) took over in December 2024, it paid off the RMF debt — an early step to stabilise the finances and release assets from lender security. The underlying ownership fragmentation, however, remains.

Moshiri, the stadium and PSR

Moshiri inherited many of these arrangements in 2016. His ownership coincided with the Bramley-Moore Dock project, which consumed hundreds of millions. The stadium became both Everton’s greatest potential asset and a major financial burden.

Everton’s financial deterioration led to breaches of the Premier League’s Profit and Sustainability Rules. The club was found to have an adjusted loss of £124.5 million for the period ending 2021-22, against a £105 million threshold. Property transactions did not cause the PSR breaches, but stadium financing and accounting became directly relevant to the dispute.

Where the money went: wages, amortisation and executive pay

While Moshiri owned the club, Bill Kenwright remained chairman until 2023 and was effectively running it day to day. The largest driver of losses was remuneration and player costs.

  • 2011: Staff costs were £58.0 million, with wages-to-turnover at 71%.
  • 2018: Staff costs had risen to £145.5 million, with wages-to-turnover at 77%.

Player wages made up the bulk. Player amortisation (the write-down of transfer fees) added another £66.9 million in 2018. Directors’ emoluments grew to £2.455 million by 2018, with the highest-paid director on £917,000.

Losses were compounded by debt interest, exceptional costs and the stadium project. The pattern was clear: player wages and amortisation were out of control relative to revenue, and the board oversaw a culture of high spending without corresponding revenue growth.

Infrastructure beyond the stadium

The stadium consumed most available capital. Finch Farm remained leased from the Council, so the club could not develop or borrow against it easily. Goodison Park was maintained rather than transformed. Community projects relied heavily on external funding. PSR allows deductions for infrastructure, youth development and community spending, so the rules did not block investment — but cash did.

What the legacy means for TFG’s options

TFG has already moved to stabilise the finances — repaying Rights and Media Funding and releasing charges over several Finch Farm titles was a significant first step. But the group remains constrained by the legacy of past management. Cash is tight, PSR still binds, and the property structure is fragmented. The stadium is the priority, but TFG cannot simply start fresh.

Beyond the stadium, its options are limited:

  • Finch Farm: negotiate to buy the Council’s freehold, extend the lease, or consolidate Everton’s separate titles — but each option costs money or leaves the club as a tenant.
  • Goodison Park: once vacated, redevelop, sell, or use for community purposes — but that requires capital and council involvement.
  • Other infrastructure: the academy and training ground have been underinvested. PSR exempts these areas, so TFG has an incentive to improve them when cash allows.
  • Squad and wages: the wage bill must come down relative to revenue. TFG cannot repeat the Moshiri-era spending.
  • Stadium financing: likely refinancing, minority investment, or naming rights. Mortgaging the new stadium adds debt and reduces future flexibility.
  • Commercial growth: the new stadium is the key. Naming rights, concerts and premium seating can transform revenue.

TFG’s best route is to audit the property structure, protect core assets, simplify where possible, and grow revenue. But it is working from a position of ownership without full financial flexibility. TFG has inherited the responsibility for the club’s future, and the consequences of the decisions that made that future harder to secure.

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Reader Responses

Selected thoughts from readers
Certain off-topic comments may be removed to keep the discussion on track

1  Kieran Fitzgerald
05/10/2026    16:35:13

Jerome, many on here were irate that more wasn't spent on transfers in the summer. They laid the blame directly at the feet of the Friedkins. There were all sorts of accusations of sinister motives and rhat the Friedkins were only out to asset strip and then destroy the club.

I had argued that there was so much outside of the men's squad making demands of the club's cash, it was impossible to spend much more than what they did. You article. And all the facts therein, highlight the absolute mess the Friedkins inherited. A mess that can only be sorted by financial prudence, and a multipronged approach.

I would agree that developing Finch Farm would benefit all age groups within the club. Given the demands on resources. I'm not sure where on the list of priorities buyiny it off the council lies.

Fans also need to realise that TFG is a multiple club/franchise owner. We cannot demand, or expected that we get the bigger share if the business' resources.

Slow and steady for a number of reasons may need to be our watch word.

I think making a decision on Goodison is a priority. A hotel and apartments conplex would be a potentially huge revenue stream, given the level of football tourism, and general tourism that the city of Liverpool attracts. Property is always a decent and consistent revenue stream, even if rents fluctuate. It would require a large amount of seed capital, but would be worth the investment, albeit not in the short-term. I'm not sure if Goodison would be affected by listed or protected status, given it's history, and fans' backing, given our emotional attachment may be required.

2  Jerome Shields
05/10/2026    18:38:57

Kieran I was one of them regarding infrastructure development. It was a glaring weakness and Paul the Esk also had identified it. I decided to try to be back my view up, but only found myself caught up on Deeds Searches and trawling through account that painted a different picture.

Bellefield in particular was a eye opener as the exact details where revealed in the Everton FC Ltd and Everton Investment Ltd accounts.The Kings Dock and Kirby where complete bullshit by Kenwright. There was no money for either or a way of getting finance, other than hoping someone else would pay for it.The other area is the reported option to buy the Councils part of Finch Farm,Other than reports, I can't find any evidence of such a option.

The Friedkins have not much headroom.They did well to stabilise Finances. They cannot simply introduce funds into to the Football Trading side of Everton.They have to develop Stadium revenues.SCR actually helps this, that is why they voted for it, though it does play into the hands of the bigger Clubs and Even though it is the Premier League following Ueafa on the path to a elite European League by the back door.Everton under the Friedkins has no choice but to think short term gain where ever they can, such is the legacy they inherited.

As for developments like Goodison Park the Friedkins need investment partners. They have done well to reduce losses, hopefully this continues.The Everton Culture that I have often highlighted is the result of a siege mentality as a result of Financial uncertainty,which was manipulated by Kenwright.I don't think he paid a cent for Everton and financed his purchase using the assets of the Club.He managed the same under Moshiri.

3  Philip Sheehan
05/10/2026    20:11:26

jerome a well researched article, blue bills payday loans approach to evertons finances take a lot of unravelling.
lyndon / jerome in the photo there are 3 red cars in the car park. who works for everton and buys a red car ? I think mr catterick had a word with howard when he signed from pne 'change your car !

4  Antony Abrahams
05/10/2026    20:50:36

I know your article is about owning property Jerome, but I hate absolutely everything about Finch Farm.

It’s wide open which means it’s windy as fuck, and it is a place which I think is synonymous with Everton’s failure.

A place full of nepotism, I remember Sean Dyche, telling me that the place is full of Evertonians, and when Everton lost, it sometimes felt like some of the staff, were snarling at them.

I’ve had a picture in my head since he told me that. Everyday Evertonians, full of themselves because they work for Everton.

“How did you get the job lad, it must be great working for Everton?”

“Me mate/ brother/uncle/Aunty, got me it yerno, it’s fuckn sound, we’ve got that finch farm, well boxed”

Imagine getting snarled at by people who are working for the club? Imagine the team sheet getting out every single week because some people who think that because they work for Everton, and have got it boxed they know fucking everything?

Whenever I have been there I have met some very nice down to earth staff, but whenever I have been there, I usually sense a real sense of aloof importance, from some other members of staff.

A little bit of a rant but until we get rid of all the nepotism and replace it with total professionalism, we will always have people making excuses for our continued failure, imo

Th

5  Jerome Shields
05/10/2026    00:10:11

Tony#4

IMO Bellefield was a distressed asset sale to satisfy Barclay Bank. Finch Farm originally owned by Cheshire County Council was purchased sometime before and the freehold was sold to the developer immediately and lease back at a sizable rent, with the open to a purchase option,not a buy back clause, every five years at marketable value. Not a straight forwRd but back clause. So the value would be higher today.This I have verified. It was the developer who built it costing £9 million,funded by the parent company.They then went bust and government had first call.Everton approached Liverpool Council who bought it from the liquidator and lease to Everton at a lower rent than the original lease.I am obtaining a Deed of Variation to see if the purchase option survived.

The trade off was that Finch Farm was not a perfect site and the Wind issues where known and where real.So your observation is backed up by knowledge at the time at Everton.

I still think their was a siege mentality there, because of financial uncertainty and a blue build up by Kenwright who looked after the family there. There was alot of bullshit and you would have sensed it. I think Dyche found like other Managers that the Manager was expendable to save their jobs.

6  Antony Abrahams
06/10/2026    07:29:11

Bellefield, was a lot smaller Jerome, but it was definitely big enough for what you need when you just house the first team squad Jerome. Surrounded by houses, I never ever noticed the wind when I played there, but the first thing you notice when you go towards the pitches at finch farm, is that awful enemy of football, which is called “the wind”

Badly thought out, but beggars can’t be choosers, and like you say, Bill Kenwright was usually robbing Peter, to pay Paul.

One good thing is the road links, (important for bringing in kids from further afield) I remember taking my son to Bellefield, from Norris Green, and it taking me nearly 30 minutes to drive about 3/4 miles, and the same journey from Norris Green, to finch farm, sometimes took less time, even though it was probably an extra ten miles.

My own view is that the senior squad should always have their own training ground, and with a little bit of thought and money, I think the site, at finch farm, is definitely big enough to be split into two separate entities, whilst adding a load of windbreakers!

7  Robert Tressell
06/10/2026    12:01:07

Really informative article - thank you Jerome for doing the research.

The position TFG inherited is really complicated at a financial and emotional level.

Financially, it was a complete mess. A legacy of Moshiri and Kenwright. Your analysis shows just how difficult all that was (and still is). This is why I'm a lot less suspicious of TFG than many others - I didn't expect a quick transformation (for many of the reasons you highlight along with quite a few others).

Emotionally, anything with some kind of connection to the Kenwright era in particular seems to be extremely triggering. Moyes, Finch Farm and other things suffer from this to a greater or lesser extent. That's not to say they are beyond criticism - absolutely not. But the criticism seems to be amplified dramatically by association with Kenwright (who I agree was a self-serving disaster for the club).

Moshiri, weirdly, doesn't seem to get the same bad rap despite coming extremely close to destroying the club. But that's another matter.

Anyway, as for Finch Farm, I guess time will tell. As you say, Jerome, none of this will get resolved quickly - because it is just one of many things on a very long "to do" list for TFG. That said, I don't think they will just kick the can down the road indefinitely.

I'm genuinely excited to see what the club looks like in 3 to 5 years.

8  Jerome Shields
06/10/2026    22:28:23

Tony#6

All you say regarding Bellefield was true at the time. But the money raised went straight into Working Capital and was gone, with no money to fund a new training ground or stadium.Finch Farm was bought and sold immediately, because Everton had no money to pay for it. When the developer went bust Everton could have lost Finch Farm and in desperation they approached Liverpool Council to buy it of the liquidator.They also could not afford the rent and Liverpool Council reduced the rent for them.

I agree that the Senior team should have a separate training facility and suggested this adjacent to the Stadium as a hybrid model, but with the Property legacy Tony that is not so easy.I also agree regarding Finch Farm development, but again there is the same problem


Robert#7

I will continue to criticise Moyes and Finch Farm. They are all getting well paid.But I do understand that working in such a environment that built the legacy we have now would have not been easy and those that work in the Football side naturally enough want their jobs to continue and protect the culture which enabled their survival under chaotic ownership issues and repeated changes in Managers.

9  Antony Abrahams
07/10/2026    17:10:32

The more I think about it Moshiri, was more of a front, for the real owner, and because like he openly admitted that it was taking up too much of his time, it seems that Big Al, just left a lot of things the way they were, which will have suited Mr Kenwright, down to the ground.

Maybe purchasing Finch Farm, had been put on the back burner until the ground had been finished, but never materialised because the sanctions on The Russian Oligarch’s,effectively finished Usmanov,, and his lackey, and this very much nearly finished Everton, as well?

I still seethe when I remember the Liverpool echo, branding it a very innovative partnership between Everton and The LCC, when the council, purchased Finch Farm, and I still feel sick to think that a man, who was a great Evertonian, which means he surely/supposedly, had the clubs best interests at heart, actually sold a training ground that was 100% owned by Everton, for around £10 million and decided to rent one for around £1.6 million a year on a fifty year lease instead.

And yet some people still astonishingly praise Bill Kenwright.

10  Jerome Shields
08/10/2026    04:52:59

Tony Finch Farm was bought by LCC from the Liquidator of the developer and a new lease was negotiated with Everton. This lease has no mention of a buy out clause. I am currently doing a search on the freehold to see if there is a reference to the buy out clause. The original lease with the developer was a right to purchase at the market value every five years, which is different than a buy out clause A buy out clause is a pre agreed guaranteed fixed price, whilst a right to purchase is weaker and could have been declined if the landlord was not happy with the price.

11  Antony Abrahams
08/10/2026    07:31:37

Keep searching Jerome! Liverpool City Council, has had its critics over the years, (it’s a long list) but I’d be very surprised if they gave Everton, a buy-out clause.

I remember Robert Elstone, getting a lot of praise in the Echo, for this very innovative deal, (unfuckingbelevable - why do so many news-outlets often go with their own agenda, rather than the truth?) and now you are telling us it was actually bought from the liquidator? Which means it was definitely more of a case that the council was actually helping to bail the club out?

Buying land with a tenant already in place, (especially on a long lease) will always be very a very sensible and profitable strategy, just like selling your training ground, to lease one instead, will always be a ridiculous and foolish strategy.

As long as Everton, are a professional football club, they will always need to have a training ground, so selling one, to lease one instead, gives me a feeling that Finch Farm, has been cursed from the very beginning.

Kenwright, sold everything, there was a story that the club couldn’t carry out the plans to put a hotel on the back of The Park End, because there was allegedly a charge on Goodison Pk, (look for this whilst you are searching Jerome!) and now we have allegedly got owners, who don’t sell anything.

12  Jerome Shields
09/10/2026    23:50:39

Tony#11.

In 2010, Everton announced a £9m scheme for a four-storey development at the Park End car park, which would include a retail store, ticket office, museum, and conference/catering facilities. Earlier plans in 2007 also incorporated a hotel.Liverpool City Council granted planning permission for the £9m Park End development in 2013.

CEO Robert Elstone and Chairman Bill Kenwright, publicly insisted this would be "totally self-funded by Kitbag ( retail )and Sodexo( catering) so there is no net cost to the Club.

The project was delayed and eventually put on hold. The critical obstacle was that the club's loan with Rights and Media Funding (RMF) was secured against Goodison Park.
Rights and Media Funding objected to the plan. The club couldn't proceed with the development because its primary lender had a legal charge over the stadium asset.


I have included more detail on where the Bellefield money went ?

The £9.3m was not ring-fenced. It flowed into the club’s general funds and was used to:

· Part-fund player acquisitions (net spend £6.6m)

· Service interest payments (£4.1m)

· Cover day-to-day operating costs (the club made an operating loss before player trading of £0.5m)

· Help offset other capital expenditure (e.g. £0.568m on tangible fixed assets)

The profit on disposal of £8.425m flattered the profit and loss account, it turned a £9.2m loss on player trading into a much smaller overall loss before interest and tax of £1.3m. But in cash terms, the money was swallowed by the club’s wider financial commitments.

By the end of the year, net debt was unchanged at £44.9m and cash had actually fallen by £3.9m.Just a short term fix to appease Barclays Tony.


13  Antony Abrahams
10/10/2026    21:09:33

When Everton, were trying to move to Kirkby, it was called by certain sections of the press (the ones who helped spin the narrative that Bill Kenwright, only ever had Everton Football Club’s best interests at heart) the deal of the century. I think the deal to sell Bellefield, and loan Finch Farm, was the complete opposite.

14  Jerome Shields
17/10/2026    09:33:16

Tony #13

I did not look at Kirby yet,because there was no money or access to finance to built or buy anything. I remember Tesco 's Terry Leahy was supposed to be part of a plan to build a Stadium in a new Tesco's car park.I might have got that from a Fan thread somewhere.There was also something about Shrews.

15  Antony Abrahams
17/10/2026    10:03:20

Kenwright’s, friends in high places (one of whom was stripped of his nighthood, further down the line?) had him where they wanted him, Jerome, but the rumours at the time were saying it was always going to be unsuccessful.

Tesco were giving Everton, another deal of the century, and Bill’s retail friends, must have been getting very excited, thinking about the profits.

My memory is newts, not shrews, another opportunity lost for the pride-pipers!

16  Jerome Shields
18/10/2026    17:07:42

Tony #16

Looked a friend's in High places and it appears more complicated than I thought. It could be that there was a front for friends in high places, who ultimately may have control of Everton.

Liverpool Council was going to buy and develop Kings Dock and rent it back to Everton in a arrangement similar to Finch Farm.Kenerigjt blocked it. Gregg sold his shares after that. Will look at in more detail.

17  Jerome Shields
18/10/2026    17:17:48

Tony#16

Just came across this.

The most direct claim comes from a British Member of Parliament, Chris Matheson, who stated in a 2016 parliamentary committee hearing:

· Paul Gregg, the previous owner of these shares, claimed he was not paid by Robert Earl, nor by the company BCR Sports holding the shares, but rather by Sir Philip Green.

· Based on this, Matheson alleged that Green was actually Everton's "shadow director"

Earl sold all his shares to Moshiri. According to reports at the time, the transaction valued Everton at £175 million, and Earl received approximately £40.25 million for this. Earl later stated he got a "very good return".

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