Thank you, Walter

So - Walter Smith has retired.
Rangers fans will rightly laud him as a manager who has brought many trophies [17?] to their Club over the years. Indeed, there are many who feel that Walter's achievements over the last three years have saved the Club from financial extinction.

We Evertonians also have much to thank this remarkable man for.

When he was Everton Manager, he was able to bring in many players on big fees and good wages, thanks to the largesse of then chairman and owner Peter Johnson. Johnson, according to local legend, borrowed 20 million pounds for squad development with a bank loan secured against shares in his company which provided hampers at Christmas, and Smith brought in players such as Marco Materazzi, Olivier D'Acourt, John Collins in an attempt to elevate the Club's position. Alas, things went badly tits up for Mr Johnson - he took his eyes off the Company Ball back in Hamper-land, the shares crashed and the bank explained to him that he did not have enough collateral in his shareholdings to cover the loan. Something had to be done, and fast.
So, without the knowledge of the manager - Walter Smith - Johnson negotiated the sale of Goodison icon Duncan Ferguson to Newcastle United, to claw back some of the debt. Eventually, Collins, D'Acourt and Materazzi went too.
The Club was in financial turmoil.
The fans wanted Bill Kenwright to take over, but Johnson was holding out for big money - initially over 70 million. Kenwright did not have anything like that sort of cash. Everton was in limbo.
Shorn of many players, without any finance to develop the squad, Walter kept on going and somehow managed to keep the Club in the top flight.
Eventually, Bill Kenwright took over the Club, but with just enough to buy Johnson's shares he didn't have the wherewithall to bring in massive signings. Walter carried on manfully with little resource available to him, but eventually he lost his job.
Bill Kenwright said at the time that this was the most difficult decision he had ever had to make, and rightly praised Walter for his role in saving Everton.

So - thank you, Walter Smith. You won no trophies as Everton manager, but you kept our great old Club where it belongs - in the top flight of English football.

Enjoy your retirement - and come down and see us some time.