Former club CEO pours cold water on Everton insolvency claims

Keith Wyness who was the Toffees chief executive from 2004 to 2009, has been speaking on the club's financial problems.
Somchai Suttikulpanich, deputy senior ma
Somchai Suttikulpanich, deputy senior ma / PORNCHAI KITTIWONGSAKUL/GettyImages

As we all know only too well, Everton have very significant and serious financial problems which have caused them so many issues over the past season in particular.

During this campaign the Blues have faced their now familiar difficulties on the pitch together with a new set of huge financial problems due to the club's past massive overspending on players and a succession of failed managers.

Two breaches of the PSR have led to a total of eight points being deducted after the first appeal with another one still pending, leaving Everton at one point perilously close to falling through the relegation trap-door.

Fortunately, the Toffees have done enough on the pitch to avoid that fate after beating Brentford at the end of a great week that also saw them defeat Liverpool at Goodison Park for the first time in nearly fourteen years.

Now, attention has turned to the future and how can the club make sure that this pattern can be finally broken so that we don't ever have to go through this again after three consecutive campaigns of near misses.

As well as continuing uncertainty about the future ownership of the club, there are still questions about the current finances with rumours of a further potential breach and therefore more points deductions next season.

On top of that is the issue of the club's debt. Allegedly the Blues are around £400 million in the red, which if correct is a truly eye-watering number.

If that level of debt becomes unsustainable and 777 Partners or someone else cannot take control then there is a theoretical potential for the club to go into administration.

Supposedly, Everton have called in a company that specialises in dealing with companies in trouble and that has led to speculation they are about to go down that road.

However, former CEO Wyness has spoken out saying that this is not necessarily the case and that simply seeking to restructure the debt could be the reason for this move.

Whatever the truth of all this, it is clearer by the day that the Toffees are in desperate need of some long-overdue financial stability and a solution to the issue of who owns the club.