More financial details emerge

Last updated : 09 January 2002 By Austin Rathe
At first it was believed that the cash would come only from the Allied-Irish Bank, but it now appears that Everton are looking to rasie £25m from two City based investment banks.

The majority of the cash would immediatly be used to pay off the clubs overdraft, thought to be in the £15m-£20m area. The rest would be given to Walter Smith for team building. The load is a securitisation deal, which in laymans terms is very similar to a mortgage (or so i'm told!). Basically the investment banks can take a percentage of Everton's season ticket sales over the next 20 years. Similar deals are in progress at slubs such as Leeds,Newcastle,Chelsea and Southampton.

Hopefully the deals will be done by the end of the month.