Everton chief admits Arteta money has all gone as fans ask questions
Robert Elstone has admitted the 10million Everton received for selling Mikel Arteta to Arsenal has gone.
Everton’s Chief Executive took the unprecedented step of publishing a full and frank blog on the club’s website to answer a question – where has the Arteta money gone – which has been posed by supporters in recent weeks.
And he admitted that the fee has effectively all been swallowed up by improved contracts for other players together with the signings of Darron Gibson and Landon Donovan.
Moving south: Mikel Arteta moved to Arsenal in August
Elstone’s blog explained where every penny Everton have spent and received since 2006 has been used, in an attempt to quell the criticism the club have received from fans’ groups – chairman Bill Kenwright was confronted by a small group before last week’s FA Cup tie with Tamworth.
Goodison hero: Arteta moved for 10m
'The bank didn’t force the sale (of Arteta),' said Elstone. 'The 10m instantly became 9m when we paid sell-on fees to Real Sociedad.
'Sadly, and despite a lot of hard work, 9m could become 7.5m by the end of the year with gate revenues dropping below budget (made even sadder by rumours of the sabotage of ticket sales, programmes and other matchday income).
Spending: Part of the Arteta money has gone on the signing of Darron Gibson
'And 7.5m may well become 5.5m as our live TV appearances drop below the budget we set based on previous seasons’ appearances.’
Elstone did stress, however, that Everton manager David Moyes has been able to use a chunk of the cash on his squad, notably on new contracts for key players Marouane Fellaini and Ross Barkley, coupled with the recent signings of Darron Gibson and Landon Donovan.
'Even if these attendances and TV appearances pick up, out of what’s left, significant money has gone on new deals for Marouane Fellaini and Ross Barkley, we’ve brought in James McFadden, Marcus Hahnemann and Landon Donovan and our newest arrival, Darron Gibson,' he continued.
Coming from America: Landon Donovan's loan fee has come out of the Arteta money
'It feels like we’re getting the most for our money and whatever money is left will be stretched, squeezed and re-invested.
'The Chairman and the Manager have spent the last two months looking at several more potential acquisitions and as always, on all football-based matters at Everton, it will be the Manager making the decisions.
'The money flows into Finch Farm – in player wages, transfer fees, and the expenses of one of the country’s best training grounds and academies.'