Everton Football Club has signed an agreement with ICBC (London) plc and Industrial and Commercial Bank of China Limited, which will provide the Premier League club with a £60m 3-year credit facility.
The deal, the first ICBC London has provided to a Premier League club, will support the 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.
“Building on the significant shareholder contribution the club has received over the last year, Everton is now well-funded with sustainable long-term capital."
The facility was signed on 30 June, 2017, following approval from the Premier League.
Jothann Durnall, Relationship Manager, ICBC London added: “There are a number of reasons we’re delighted to reach this agreement with Everton.
“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 – we’re all looking forward to seeing the facility we’ve agreed playing a part in the club’s future successes.”