According to the Mail on Sunday, Everton is facing a “crippling” £24 million loan payback over a “particularly onerous” debt.

The Toffees are virtually $1 billion in the red, according to the British newspaper’s print version on Sunday [8 October, pp. 103], and there are concerns that probable new owners 777 Partners won’t have the resources to handle the escalating expenses.

According to sources cited by The Mail, British bookmaker, gambler, and racehorse owner Michael Tabor is the proprietor of Image & Media Rights (IMR), which is due £200 million.

“The obligation owed to IMR is very heavy. IMR, which was established to lend money to football teams, has loans in place with clubs including Nottingham Forest, West Ham, and others in Spain, according to the source.

Everton and IMR agreed to six loans between 2016 and 2022, with the Merseyside club reportedly accepting loans with a 12% interest rate. As a result, the club will have to make onerous debt repayments to IMR of £24 million year, or £460,000 every week.

Official records state that offshore tax havens like Cyprus and the Bahamas provide funds for IMR.

The report really does lay bare the huge concerns facing Everton off the pitch.

There are still many checks and balances to be satisfied before 777 Partners’ agreed acquisition of Farhad Moshiri’s 94% share in the club can be completed, therefore there have been many doubts raised about its proposed takeover.

But the mounting obligations, especially the debt incurred with IMR, are quite concerning. It is a staggering amount of debt, and if 777 Partners cannot demonstrate that they have the resources to handle the matter, Everton may be in serious difficulty.

It is unfortunate that this news broke at a time when Everton was playing with a lot more confidence on the field on Saturday (8 October), defeating Bournemouth 3-0.