Everton extend Fortress Sports Fund deadline

The Premier League club has agreed to extend the deadline given to Fortress Sports Fund for completing the transaction and to provide the £12.8m cash investment in return for a 29.9% stake in the club. Club officials reveled that the club’s current debt level of a reported £42m does not include any funds received from the sale of England International forward Wayne Rooney to fellow club Manchester United (£10m), nor does it include any of the Fortress funding. Around 70% of the debt is made up of a 25-year securitisation loan from US-based Investment bank Bear Stearns for £30m, taken out in March 2002 against future season ticket sales. Chris Samuelson, head of the Fortress Sports Fund, has expressed his intention not to take overall control of the club Samuelson confirmed to shareholders that he was keen to provide “long-term” funding for the club, which will see his group eventually secure a 50.1% stake.

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