Tony’s Carp
Player Valuation: £50m
That's why I said it wasn't true when he said it.That was a year after Russia invaded Ukraine.
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That's why I said it wasn't true when he said it.That was a year after Russia invaded Ukraine.
Toxic would be covenants that include:
1. Debt to be paid in full in the event of a change in control (though a new buyer would probably want to refinance anyway).
2. Large penalties for early prepayment (making the cost to refinance very high).
I'm sure there are others, but the amount and the rate aren't that big of a deal. The debt was needed to finish the stadium and keep the lights on. The rate can be refinanced, subject to the above.
There's been talk about creditors taking a haircut but I don't really see it when there is a turning point in sight where capital expenditure ends and increased revenue starts. The issue as you say is getting through that period, so if there's going to be flexibility from the creditors to get us there safely maybe an 18 month "payment holiday" might help the business survive without a hit on the debt itself.This really. Our situation is we couldn't get credit from one source to build the ground, we just didn't have the credit worthiness, an owner who was viable and the risk was to high.
Thus we had to peicemeil the funding through private equity.
A new owner refinances the debt, by borrowing more then we already owe as their will inevitably be penalty clauses, to pay each lender and roll up all debt into one big construction loan over a long period and like a mortgage let inflation do its thing.
Its much easier to borrow for a finished stadium then one being built.
We need to get there first though.
There's been talk about creditors taking a haircut but I don't really see it when there is a turning point in sight where capital expenditure ends and increased revenue starts. The issue as you say is getting through that period, so if there's going to be flexibility from the creditors to get us there safely maybe an 18 month "payment holiday" might help the business survive without a hit on the debt itself.
No idea if this is good or bad.
No idea if this is good or bad.
If 777 had any of their own money they'd have been approved in an instant by the Premier League.
No idea if this is good or bad.
No idea if this is good or bad.
Just a cursory search indicates that entity has no relation to A-Cap or 777.
Yes, ACAP Strategic Fund is absolutely nothing to do with A-Cap the insurance company ran by Kenneth King. lol
Also this.
Vanguard and BlackRock... lol lol what a divvy.
This is clear Josh Wander himself.
I agree the headline sensationalises the story but it makes sense that 777 are using the money they put in to put off any potential buyers, I suspect they will expect that back in full should someone else buy it with Moshiri still asking £500m... £700m plus the debt on the club makes it very expensive.That sentence doesn’t make any sense though because “toxic debt” is about the debtor not the creditor- it’s about ability to repay. Everton might be 777’s toxic debt (arguably are) but not the other way around.
Financing the stadium was always going to involve taking on debt so while the debt level will be a concern, no buyer could reasonably expect to buy a club with a new 800m stadium cheap and debt free. The identity of the creditors is fairly unimportant, whoever it is any buyer coming in should intend to repay or refinance it.
Exactly what Kenwright done years ago when the crowd were worshipping him.High interest revolving credit basically, like payday loans, the interest is so high that you spend most of the time paying that without actually paying anything on the actual debt