Farhad Moshiri

[hibbo'sclass]

Any chance you could explain the Pru obligation in a way my slightly squiffy brain would understand?

2002 EFC were skint, so they got a loan from AIB. This loan was secured on future ticket sales.
To facilitate this, the stadium had to be transferred to a seperate company Goodison Park Stadium Limited which operates the stadium and collects the bums on seats money.
At the same time, a company had to be set up to administer the debt - Everton Investments Limited.
So the upshot of all this was 4 charges were created.
The 2 in favour of Prudential Trustees( EFC and EIL) which restricted the transfer and Issue of shares in EIL and presumably had a similar effect on the shares within EFC.
The 2 in favour of EIL were 1 for the Stadium which is held in GPSL and another 1 EFC against shares.
The kick off about the development on Goodison Car Park a few years ago appears to have been sparked by the effect that these mortgages have meaningvthat to all intents and purposes the club can do nothing with the land without Prudential's permission.
So a ground move would probably be a breach of contract, and it is conceivable that Pru could refuse to agree to a redevelopment as it has an effect on their security - the stadium, and the underlying income.
That's my recollection, but if anyone wants to explain in more detail or correct it, please feel free.

 

[The Equaliser]

This the key for me...

"Iranian businessman brings the promise of new investment to the club"

I'm hoping it means more wealthy investors to the Board in the future, and not just investing more of his money only.

I'm hoping it's more than a promise tbh.

 

[kithnou]

I'm hoping it's more than a promise tbh.

We all are.

 

[4737carlin]

This is all to good to be true, nothing this good happens to Everton, please don't let me read its off when i get up in the morning!!!

 

[quasi modo]

Does this now mean were boss?

 

[Zezti]

Let's just hope he doesn't do a Vincent Tan and forces us to wear red...

 

[ilikecheese]

Does this now mean were boss?

*we're

And yes Everton is boss...always has been

 

[hibbo'sclass]

2002 EFC were skint, so they got a loan from AIB. This loan was secured on future ticket sales.
To facilitate this, the stadium had to be transferred to a seperate company Goodison Park Stadium Limited which operates the stadium and collects the bums on seats money.
At the same time, a company had to be set up to administer the debt - Everton Investments Limited.
So the upshot of all this was 4 charges were created.
The 2 in favour of Prudential Trustees( EFC and EIL) which restricted the transfer and Issue of shares in EIL and presumably had a similar effect on the shares within EFC.
The 2 in favour of EIL were 1 for the Stadium which is held in GPSL and another 1 EFC against shares.
The kick off about the development on Goodison Car Park a few years ago appears to have been sparked by the effect that these mortgages have meaningvthat to all intents and purposes the club can do nothing with the land without Prudential's permission.
So a ground move would probably be a breach of contract, and it is conceivable that Pru could refuse to agree to a redevelopment as it has an effect on their security - the stadium, and the underlying income.
That's my recollection, but if anyone wants to explain in more detail or correct it, please feel free.

Sorry forgot to mention, I believe that the development on the car park wasn't being paid for by the club, the people who were doing it wanted some kind of charge on the land which they couldn't have either. The land was already subject to a charge!!!
Everton that.
Think that's right but at 3 in the morning can't be bothered checking.

 

[The Equaliser]

We all are.

The thing is we only have one figure so far - "in a deal that is worth about £175m."

We don't know yet how this £175m figure was arrived at. It's easy to jump to the conclusion that it is the valuation of the club so he must have paid half that for his 49.9% shareholding.

But what if he is actually going to put £175m into his purchase of Everton ? He is reported to have received circa £200m for his shares in Arsenal so it would be quite reasonable to assume that he wishes to invest most of it in his new club.

It could well be that the purchase of his shareholding cost a lot less than that, and that a large bulk of this amount will be going towards investment in the playing staff, commercial activities, and as part-investment towards the stadium issue.

Or maybe my mind is working overtime at 3am on a Sunday morning. Time will tell.

 

[kithnou]

Or maybe my mind is working overtime at 3am on a Sunday morning. Time will tell.

Be patient.

 

[The Equaliser]

Be patient.

I've been patient for about 30 years now so another little while isn't going to make much difference.

 

[kithnou]

I've been patient for about 30 years now so another little while isn't going to make much difference.

+1

 

[turner]

Make it rain, moshi lad

 

[The Equaliser]

*we're

And yes Everton is boss...always has been

*are boss....always have been

 

[LinekersLegs]

Sorry forgot to mention, I believe that the development on the car park wasn't being paid for by the club, the people who were doing it wanted some kind of charge on the land which they couldn't have either. The land was already subject to a charge!!!
Everton that.
Think that's right but at 3 in the morning can't be bothered checking.

Thanks for the explanations, I'd rarely tracked the details in the past as figured it would just depress/annoy me for little purpose as no likehood of the situation improving.