Everton chief admits he can't compete- 4 Sep 2008 00:00:00
Everton owner Bill Kenwright has stated that the only way the club can compete in the Premier League is through a new billionaire investor.
Kenwright commented: ‘I want Everton to have a billionaire, but it is not me. My shares have been for sale from the day I bought in. I'm a pauper when it comes to other chairmen.’
His remarks came following the move by the substantially-backed Abu Dhabi United Group to take over Manchester City and their subsequent £32.4m purchase of Robinho.
‘Now Arabs have bought Man City, making it even more difficult for Everton,’ said Kenwright, speaking at the club's extraordinary general meeting. ‘I cannot go on like this, we need a new owner and we will continue to try to find one.
‘I cannot see an alternative. This summer's transfer window has been the worst and most difficult I can remember.
‘Every year it becomes more difficult to find the money. It is impossible to continue in the financial way we are at the moment.’
The EGM was called to discuss the proposed new Everton stadium in Kirkby, a proposal that has been opposed by some of the club's fans angered by the planned move to outside Liverpool's city boundaries.
‘We believe that there is no other financially available option in Liverpool,’ said acting chief executive Robert Elstone.
‘We've been offered only two other sites in the city, and they were not viable. If we try to develop Goodison Park, we will have to revise our club budget and expectation.
‘This club has always punched above its weight with a great manager in control. It is unwise to continue to rely on that to be successful.’
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