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Page last updated at 21:54 GMT, Wednesday, 3 September 2008 22:54 UK

Everton 'need billionaire owner'

Bill Kenwright and David Moyes
Kenwright appointed Everton boss David Moyes in 2002

Everton owner Bill Kenwright says the club need a new billionaire owner if they are to remain competitive in the Premier League.

Kenwright said the massive riches available to Manchester City, who are set to be taken over by the Abu Dhabi United Group, highlighted the need.

"I'm a pauper when it comes to other chairmen," said Kenwright.

"I want Everton to have a billionaire, but it is not me. My shares have been for sale from the day I bought in."

Everton paid a club record fee of 15m for Standard Liege midfielder Marouane Fellaini just before the transfer window closed earlier this week, but the club struggled to attract players over the summer.

This club has always punched above its weight

Robert Elstone
Acting chief executive
And the 15m expenditure on Fellaini was dwarfed by the British record fee of 32.4m that City spent to bring Robinho to Eastlands.

The Arabian investors have wealth that puts even Chelsea owner Roman Abramovich in the shade, and Kenwright believes their involvement has changed the landscape of British football and the Premier League.

"Now Arabs have bought Man City, making it even more difficult for Everton," said Kenwright, speaking at the club's extraordinary general meeting (EGM).

"I cannot go on like this, we need a new owner and we will continue to try to find one.

"I cannot see an alternative. This summer's transfer window has been the worst and most difficult I can remember.

"Every year it becomes more difficult to find the money. It is impossible to continue in the financial way we are at the moment."

The EGM was called to discuss the proposed new Everton stadium in Kirkby, a proposal that has been opposed by some of the club's fans angered by the planned move to outside Liverpool's city boundaries.

"We believe that there is no other financially available option in Liverpool," said acting chief executive Robert Elstone.

"We've been offered only two other sites in the city, and they were not viable.

"If we try to develop Goodison Park, we will have to revise our club budget and expectation.

"This club has always punched above its weight with a great manager in control. It is unwise to continue to rely on that to be successful."

see also
Arab group agrees Man City deal
01 Sep 08 |  Man City
Saha finalises Everton transfer
01 Sep 08 |  Everton
Everton confirm Jacobsen switch
26 Aug 08 |  Everton
Kenwright open to 'right' offers
06 Aug 08 |  Everton
Everton plans anger shareholders
05 Dec 07 |  Merseyside
Date for Everton stadium inquiry
19 Aug 08 |  Merseyside

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