Everton chairman admits financial woes

He said that the club were unable to get money from their bank to afford new players.

“What do you think our squad is valued at for insurance purposes? It’s about £180m but the banks won’t take that as security. You have to battle with your bank, daily for me. When David started I told him: ‘I’ll make you a promise, I’ve got no money but we’ll move heaven and earth to give you £5m a year.’

“On average we give him £5.6m every year. Nine years that’s £45m that we haven’t got. Add that to the overdraft [and] you can see what trouble we’re in.”