The Friedkin Group - Dan & Ryan Friedkin [19/07/2024] Purchase Talks Over.

[Milkman]

What is more likely to happen first, moshiri successfully selling Everton, or an asteroid impact destroying civilization and returning us all to the stone age?

Probably Stone age.

Knowing our luck the meteor will hit just after the sale has finally gone through

 

[mahermi1]

And the fans bed sheets.

Possibly

 

[Hellerad]

This makes me nervous, but I have a suspicion that part of this withdrawal is tied to the problems with multi-club owners. It is clear that the PL has that item high on its agenda.

My other suspicion is worse: that due diligence shows another spending breach on the horizon and the fear of imminent relegation.

 

[Efcjake]

Why? What good does that serve?

Why does it need to serve good?

I feel it needs to be acknowledged that he bears as much responsibility as Moshiri for dumping us into this mess.

 

[Dr Baxter]

Sorry, coming in late, but what did you hear?

Someone posted a newspaper article from 2020 a dozen or so pages back from when TFG were looking to buy Roma. The article stated they had walked away from talks, which apparently they did do at one point. About an hour before that I got word that someone we know on the playing side suggested that TFG might just be playing hardball to secure a better deal. Source is 100% high up on playing side of the club. Don't know if they know more than us or it was just wishful thinking on their part.

 

[Zatara]

You have no comprehension of the US legal system and neither does "CitizenSuburbia"

It's not just the £200 million loan that is the issue. It is potential damages due to Leadenhall in addition to the loan

Take a step back and think through what I write below please mate

Any US of A legal system means nothing.

I repeat NOTHING. If the debt is repaid in full according to the agreement.

There is a loan agreement. This will have terms inside.

Within those terms will be potential early repayment penalties (if any)

TFG have chosen not to repay the loan (in full) from 777 whether or not that involves penalties.

Ergo the fact is that they ONLY wanted to use £200mil plus any other relatively small payments to take a majority shareholding.

Why is that clear? Because the debts are clear and obvious. We all know them (having said that ive forgotten exact amounts).

The issue (as you correctly point out) is the US legal system IF the loan is not repaid in full before the case goes to court.

If TFG decided not to inject the capital to pay off the loan then legally they may be found liable for penalties and suchlike pertaining to any case on 777

However, lets get this to plain and simple terms:

1: If TFG injected the capital to pay off 777 (£200mil?) With any early payment penalties then 777 is repaid in full according to the agreement and 777 are OUT.

2: TFG chose not to do this.

3: This means either:

A: TFG did not believe the club was worth £400mil+ (its worth more than double once the stadium is built)

B: TFG did not want to use their own capital. Instead keep the current debt level and restructure on lower long term interest once the stadium is built (thus paying off 777 & R&M at that time).


Clearly and somewhat obviously the answer is 3B above.


4; This clearly shows what they have stated all along that Roma is the priority -- seen by the capital invested compared to this £200mil+.

5: Additionally this means NO additional or LIMITED additional funds would have been injected by TFG. It was all a way to pickup a £1bil club with £200mil+ and then make it self sufficient to cover the long term restructured debt.


For me, it is a lucky, very lucky escape.

 

[trueblue84]

@davek

 

[Exeter_Gently]

This makes me nervous, but I have a suspicion that part of this withdrawal is tied to the problems with multi-club owners. It is clear that the PL has that item high on its agenda.

My other suspicion is worse: that due diligence shows another spending breach on the horizon and the fear of imminent relegation.

Most people are reporting its about the 777 debts.

 

[Nymzee]

Im not guessing. I know precisely how long a light due diligence takes.

Why on Earth would you think people would only do light due diligence when trying to buy a football club?

 

[Damo_1878]

Take a step back and think through what I write below please mate

Any US of A legal system means nothing.

I repeat NOTHING. If the debt is repaid in full according to the agreement.

There is a loan agreement. This will have terms inside.

Within those terms will be potential early repayment penalties (if any)

TFG have chosen not to repay the loan (in full) from 777 whether or not that involves penalties.

Ergo the fact is that they ONLY wanted to use £200mil plus any other relatively small payments to take a majority shareholding.

Why is that clear? Because the debts are clear and obvious. We all know them (having said that ive forgotten exact amounts).

The issue (as you correctly point out) is the US legal system IF the loan is not repaid in full before the case goes to court.

If TFG decided not to inject the capital to pay off the loan then legally they may be found liable for penalties and suchlike pertaining to any case on 777

However, lets get this to plain and simple terms:

1: If TFG injected the capital to pay off 777 (£200mil?) With any early payment penalties then 777 is repaid in full according to the agreement and 777 are OUT.

2: TFG chose not to do this.

3: This means either:

A: TFG did not believe the club was worth £400mil+ (its worth more than double once the stadium is built)

B: TFG did not want to use their own capital. Instead keep the current debt level and restructure on lower long term interest once the stadium is built (thus paying off 777 & R&M at that time).


Clearly and somewhat obviously the answer is 3B above.


4; This clearly shows what they have stated all along that Roma is the priority -- seen by the capital invested compared to this £200mil+.

5: Additionally this means NO additional or LIMITED additional funds would have been injected by TFG. It was all a way to pickup a £1bil club with £200mil+ and then make it self sufficient to cover the long term restructured debt.


For me, it is a lucky, very lucky escape.

This is clap trap. The fact you say the US legal system means nothing considering both 777/ACap and Friedkin Group are domiciled there is laughable

There is a major court case ongoing there

@pfim I'll let you deal with him.

 

[kev]

Someone posted a newspaper article from 2020 a dozen or so pages back from when TFG were looking to buy Roma. The article stated they had walked away from talks, which apparently they did do at one point. About an hour before that I got word that someone we know on the playing side suggested that TFG might just be playing hardball to secure a better deal. Source is 100% high up on playing side of the club. Don't know if they know more than us or it was just wishful thinking on their part.

Doubt that anyone on the playing side knows any more than the average GOT poster TBH.
i.e. zilch

 

[Ragnar]

So what

Take a step back and think through what I write below please mate

Any US of A legal system means nothing.

I repeat NOTHING. If the debt is repaid in full according to the agreement.

There is a loan agreement. This will have terms inside.

Within those terms will be potential early repayment penalties (if any)

TFG have chosen not to repay the loan (in full) from 777 whether or not that involves penalties.

Ergo the fact is that they ONLY wanted to use £200mil plus any other relatively small payments to take a majority shareholding.

Why is that clear? Because the debts are clear and obvious. We all know them (having said that ive forgotten exact amounts).

The issue (as you correctly point out) is the US legal system IF the loan is not repaid in full before the case goes to court.

If TFG decided not to inject the capital to pay off the loan then legally they may be found liable for penalties and suchlike pertaining to any case on 777

However, lets get this to plain and simple terms:

1: If TFG injected the capital to pay off 777 (£200mil?) With any early payment penalties then 777 is repaid in full according to the agreement and 777 are OUT.

2: TFG chose not to do this.

3: This means either:

A: TFG did not believe the club was worth £400mil+ (its worth more than double once the stadium is built)

B: TFG did not want to use their own capital. Instead keep the current debt level and restructure on lower long term interest once the stadium is built (thus paying off 777 & R&M at that time).


Clearly and somewhat obviously the answer is 3B above.


4; This clearly shows what they have stated all along that Roma is the priority -- seen by the capital invested compared to this £200mil+.

5: Additionally this means NO additional or LIMITED additional funds would have been injected by TFG. It was all a way to pickup a £1bil club with £200mil+ and then make it self sufficient to cover the long term restructured debt.


For me, it is a lucky, very lucky escape.

This 100%.

 

[BornBlue76]

But let's say we pay off the whole 777 debt to whoever (or put it in escrow). Why should the other lenders then take a reduction on what they get in return for their loans?

When you say the other lenders? You mean those that 777 lent to or lenders that lent to 777?
If there is something that allows Everton to pay off the loan as a % of the debt if 777 go under say, then it could be in TFG’s interest to wait. Is that what you getting at?Then also the net value of the business can’t be determined until the debt value is finalized which means they can’t settle on a price.

 

[matty1878]

If Friedkin is playing silly buggers, its not a good look on them when we're in the transfer window and need a takeover sorting ASAP.

but he’s not our owners is he

 

[Terrarian]

This run of bad news and gut punches is just never ending at the moment. Sucking the last vestiges of love for the game out.