“We typically use a revenue multiple of 1.5 to 2.0 for a mid-tier Premier League club. There is an intrinsic quality of clubs as community assets and that is why we always come back to revenue multiples as our starting point. “But most football clubs are not run like normal companies - their revenues are inconsistent and they make losses. “If we were talking about a ‘normal’ company, you would do a discounted cash-flow analysis, where you estimate future cash flows, discount the cost of capital and bring it back to a present-day value. “Compared to other industries, the valuation approach in football is quite immature - we still don’t have a fixed model for doing it,“ Bridge said. As he explained to The Athletic earlier this year, there is no one accepted or fool-proof way of assessing a club’s worth. In his role as director of Deloitte’s Sports Business Group, Tim Bridge is frequently consulted on price by prospective buyers and sellers. Valuing a football club is a complex matter, and the subject of much debate. The Athletic spoke to a range of industry experts to find out. These are eye-watering figures, but do they hold water? And that’s before another potential outlay of £500 million on the stadium development. Six years later, the numbers have more than doubled.ĭespite a relegation scare on the pitch last season and three successive years of heavy losses off it, totalling close to £400 million, some reports have suggested anyone wanting to buy Everton outright would have to pay in the region of £500 million.
In 2016, Moshiri’s investment saw the club valued at £175 million. Would the new owners front the money for Everton’s stadium development or look to secure a loan in the private sector? Would they be willing to allow Moshiri to stay in a position of relative power?īut one of the most important surrounds the price. Moshiri may retain a minority stake when all is said and done but the general feeling in the football industry is that the club are now very much up for sale. Multiple parties are understood to be interested in purchasing Everton, with a consortium led by former Chelsea and Manchester United chief Peter Kenyon agreeing an exclusivity deal. After sustained investment since his arrival in 2016, he accepted others needed to come on board to take the scheme forward.īut what started as a search for stadium investment has spiralled into something else altogether in recent months. With the project on the city’s waterfront gathering pace, Moshiri was looking to secure a loan. When Everton majority shareholder Farhad Moshiri sat down with a US consortium in March, it was initially with a view to discussing investment opportunities for the club’s new stadium development.
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