Everton’s owner Farhad Moshiri has injected a further £100 million into the club.
Moshiri confirmed the cash injection in an open letter to Everton supporters, in which he also addressed the club’s poor recent form that led to Rafa Benitez’s sacking.
It’s understood that the £100 million, made available by Moshiri purchasing shares released last year to increase his ownership of the club to 94.1 per cent, will be used to give Everton greater manoeuvre in the transfer market due to their low debt.
“I write to you to assure you that my commitment remains strong and focused,” Moshiri, 66, wrote.
“The club has announced today the conversion of a £100 million loan to the club into equity which is a clear demonstration of my commitment and greatly strengthens the balance sheet.
“I am a private man and I do not speak publicly very often. But I promise you that my determination to deliver for Everton will not waiver.”
Moshiri also touched on the strategic football review that the club is undertaking, maintaining that the club will appoint a new manager that fits their structure, and affirmed his support for the fan advisory board that Everton announced on Thursday.
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