According to a report released by Liverpool Echo, Everton Football Club have agreed a three-year credit facility worth around £60m with the Industrial and Commercial Bank of China (ICBC).
ICBC is partly owned by the state-run company Central Huijin Investment. This is the first time the bank has partnered with a Premier League club.
“There are a number of reasons we’re delighted to reach this agreement with Everton,” said Jothann Durnall, relationship manager at ICBC London, “Not only is it our first partnership with a UK football club, but it’s exciting for us to partner with such an ambitious club.”
This lucrative deal is believed to help the Premier League club on the transfer market. The injection of cash will also be spent on the club’s daily operations. Instead of transferring the entire amount to the club, ICBC will open an account for the club and keep the money there.
Everton director Sasha Ryazantsev said: “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’.”
Proofread by Linda Barouk