I wouldn't invest in Everton either (I know I'm biased). They are not going to compete with the big boys but will expect major finance injected with little chance of reward or success. I guess financially its probably less of a risk as they are unlikely to get relegated, but equally difficult to make a return which as non-fans they would be looking for.
On the other hand a Championship team that gets promoted and reaps Premiership rewards could be wotrh a gamble, with lower excpectations once they arrive in the top flight. However, I woudln't be looking at one that has large debt, no ground ownership or indeed any real assets and one that is traditionally a low achiever with a disgruntled and scarce fan-base.
Still there is always hope