Will McGlynn

@FlamesNation C. Because he absolutely cooooooooooked Because he’s Captain of the tank train Because his names start with C

What letter grade would you give Craig Conroy's trade deadline work?

@OfficialFPL Give the assist to Sarr!

The Scout: After review, Rice is awarded the assist for Arsenal's goal. His cross is cleared by Sarr before dropping to Eze inside the penalty area.

@RoyalSlade1 @CofRedCentral team tanKenna

The Calgary Flames are now 32nd place in the NHL 👀 STOP THE COUNT!!

A tenner to anyone who gets this going at the dicky this weekend: 🎤🎤 Big Tommy King Big Tommy King Can he play right Wing The Toffees Sing Oh Big Tommy King #efc #Everton

@NHLFlames Huberdeau #Flames1stGoal

Wanna win a pair of tickets to our game vs. Montreal on Mar. 8? Tell us which Flame will open the scoring this afternoon and use the hashtag #Flames1stGoal for a chance to win! A winner will be selected at random from the correct responses.

"Jamie Vardy, your bird is a grass." Is the chant from the Gwladys Street.

@NHLFlames Kuzmenko #Flames1stGoal

Wanna win a pair of tickets to Friday's game vs. New Jersey? Tell us which Flame is opening the scoring tonight and use the hashtag #Flames1stGoal for a chance to win! A winner will be selected at random from the correct responses.

@NHLFlames Pospisil #Flames1stGoal

Wanna win a pair of tickets to Thursday's game against the Hurricanes? Tell us which Flame is opening the scoring tonight and use the hashtag #Flames1stGoal for a chance to win! A winner will be selected at random from the correct responses.

@NHLFlames Yesssssss. Admin cooked 🍜🍝👏🏻

Yes.

@Canucks @NHLFlames admin better check on their @canucks peer 👀

ARE YOU NOT ENTERTAINED?!

@NFFC Pathetic club. Zero class from top right to the fans. Enjoy the championship fellas 👋🏼

@thebullensview Somebody tell Tarks he’s not Maldini. Every pass on the deck through the middle has found a red shirt. Stinker.

HT Everton 1-0 Nottingham Forest Thoughts?

@FinKitch Shocker of a 15 mins to start, pearler of a 30 to end 👌🏻

Gomes is NOT playing well

@philmcnulty He’d never have joined #efc if it wasn’t for Lampard (who tried to use him properly tbf). I remember AO saying he was excited to learn from him, and add goals to his game, seeing himself as a box-to-box midfielder. It’s just not been a tactical (or developmental) fit under Dyche

May be missing something - it certainly wouldn't be the first time - but I have never been able to understand the fuss around Amadou Onana at Everton, although he is playing in a desperately poor team.

@WatchedToffee 777 don’t get the funds, MSP in control, Dyche out the door #simple

Again, though: Who makes the decision? Who pays him and his staff off? How do we pay them off? Rotting from the head down.

I don’t know who you get in. At this point I don’t care. This is unacceptable. He’s got to go.

Make that a hat trick. 0.81 goals p/game for Rondón now. Back to back Champions Cup hat-tricks. Absolute beast mode. He should have had 5 tonight he’s been that dominant.

DCL and Beto have 7 goals between them in 25 appearances across all comps this season. 0.28 goals p/game. Rondon has scored 12 in 16 appearances across all comps. 0.75 goals p/game. fwiw, Ellis Simms has scored 17 in 45 appearances. 0.38 goals p/game. Chances. #efc #coyb

A penny for Everton’s thoughts, 34yo Salomon Rondon is scoring screamers away from home in the 2nd minute of @TheChampions QF leg 1 tonight (the North American version of the UCL). He’s now got 6 goals in 6 games #EFC

@CitizenSuburbia Thanks for the solid analysis 👏🏻 👏🏻 Now to just start winning games otherwise we’re done for

I am relatively sanguine about the increased losses in 2022-2023. 1. The first cause is the drop in revenue, which is a once off due to USM. That relationship fully unwound in 2022-23 and we took the pain. There is no further unwinding in 2023-2024. 2. So our operational losses increased by £16m directly as a result of this USM termination (from £24.5m to £40.9). 3. The second cause of increased losses is the drop in profits from player trading. Remember in 2022-2023 the main outgoing was Gordon. The sale of Kean, Iwobi, Gray, Simms & Cannon will appear in 2023-24. Gordon helped us realise a fat profit in 2022-23, but the sales of Richy and Digne in 2021-2022 drove a higher profit on player trading. 4. Remember profits on player trading are calculated as: sale price received less the book value of the players (not their acquisition cost). Because Digne and Richy had relatively low book values, this resulted in significant profits. 5. I know certain individuals will be sharpening their pens to wind up the fan base about the threat of administration and imminent insolvency. 6. So I will say this: A. Remember these financial statements are historic: for the financial year ended June 2023. We already knew the club faced significant losses because the Appeal Hearing inferred a PSR loss in 2022-23 of above £40m, well above the £10m PSR loss of 2021-22. B. The borrowings in these financial statements total £340m as at June 2023. Since then, 777 have funded £200m in loans, so we stand at around £550m. Other Creditors of £75m (mainly football related) is easily covered by Trade debtors. Yes, £550m is alot of debt. Its over 3x revenue. C. BUT, the massive borrowings do have a balancer. I encourage you to look at intangible assets (primarily player book values) and intangibles. The net book value of tangible assets (mainly stadium) is £400m and intangible assets (player registration) is £150m. So around £550m, which offsets the borrowings. D. Farhad Moshiri put more funding in. These shareholder loans have no repayment date and under IAS 32 fail to meet the test as debt. They are treated as equity by the AUDITORS (not amateur financial analysts). Total equity of £770m comfortably exceeds losses of £460m to give a net equity position of £312m. Most of this is equity in the stadium. Construction of the stadium is *not* a bad thing. The problem is we are not yet enjoying the HIGHER REVENUES it will bring. E. The auditors expressed concerns that there is a material uncertainty on the going concern basis of the club. Again, NOT NEW. Similar statement made last year. Yet here we are: April 2024 & club continued to pay wages & bills on time. Yes, it was via loans by 777: but I strongly believe they would NOT have put money in if they thought Everton were going to go bust. (Doesn't make them angels). F. Note 1 (c) on page 21 spells out effect relegation would have: very significant cash requirement. So, not only do we need to start winning, Administration would be a DISASTER. It would lead to relegation. Which, the auditors say, would have a big negative impact. G. These are some prelim views. 2nd PSR referal hinted at bigger losses & perhaps further punishment. Its all "priced in" as we say. H. Crucially, it is not unusual for entities undertaking infrastructure projects (like building a stadium) to suffer poor P&L results whilst seeing the balance sheet swell with assets. Everton is well capitalised. I. NB: wages fell in 2023 compared to 2022. In 2023-2024 we further offloaded big earners in Mina & Iwobi, so likely to fall again. Add decent profits from player trading & 2023-2024 will likely be healthier. Lets hope this is taken into account for PSR. J. So: provided we stay up (ie start winning), I think these results represent a nadir. K. Working on a valuation of the club which I will post in due course. But hope this analysis provides some perspective beyond the negative hesdlines. #EFC #Everton