Everton sign credit partnership
Everton Football Club has signed an partnership with ICBC (London) plc and Industrial and Commercial Bank of China Limited. The partnership will mean Everton are provided with a £60m 3-year credit facility.
The deal is the first ICBC London has signed with a Premier League club. They will support Everton in managing its working capital requirements throughout the season and enable funds to be borrowed at a significantly reduced cost.
Mr. Ruixiang Han, General Manager of ICBC London said: “This transaction is another important milestone for ICBC in London, highlighting not only our ability to build strong relationships but also underlining the growing credibility of Chinese banks. With the London Branch continuing to grow since its establishment we intend to continue building on this momentum and establish ourselves as a credible and capable banking partner.”
Sasha Ryazantsev, Director at Everton, added: “We are pleased to have entered into a partnership with ICBC, which will increase our financial flexibility, reduce refinancing risk and lower funding costs, while adding to the list of Everton’s “firsts”. The new relationship with ICBC also represents an important step for us into the Chinese capital market, and we hope to develop further commercial opportunities in China in the future."
He added “Building on the significant shareholder contribution the club has received over the last year, Everton is now well-funded with sustainable long-term capital."