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Everton renew loan

Everton have joined the list of clubs borrowing from banks and securing the loan based on Premier League TV money. The club appears to have rolled over the arrangement with the Industrial and Commercial Bank of China from last season.

The deposition with Companies House does not reveal the sum or the interest rate, but there are plenty of references to the Premier League which is required to sign a form of acknowledgement of the terms of the deal. In particular, Everton assigns to the lender its D.29 rule rights and under other relevant rules to the Basic Award Fund, overseas broadcasting money and facility fees. The club has fully disclosed to the lender its liabilities to other clubs and football creditors.

For its part, the lender waives any right to make any claim, or take any action in relation to, the Premier League.

Given the size of television payments and the fact that they are virtually guaranteed, it can be rational to borrow against them to pursue a club's objectives.

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