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MSP Sports Capital

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Walken said:
Feels like there is a big story in there, especially from what lads who seem to have expertise in finance are saying.
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The reason we got brought up in parliament was because it was widely assumed that Phillip Green was acting as a shadow director/owner of Everton for years through these dodgy third party lenders.

What's become clear this week is that we have a third party lender agreement that is allowing that third party to make decisions regarding what lending and equity options we can pursue. That sounds very close to a directorship relationship and exactly what parliament was interested in getting to the bottom of.

It sounds like Moshiri is skint, has turned to Bills lenders who have pulled the same stunts they pulled before Moshiri turned up.
 
roydo said:
I thought Moshiri hoovered up the clubs debts in the few years of ownership? This R&M thing pre dates him, or has Bill done sommet off his own bat since?
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Moshiri cleared the debts when he took over, some of those were with Rights and Media funding.


The Guardian article does a good job covering the time line. Here's some highlights:

www.theguardian.com

Philip Green, Vibrac and Riverdance: the mystery of Everton’s ‘shadow investor’

An MP’s question in October detailed rumours of Sir Phillip Green’s involvement at Goodison, but is there any connection between the retail magnate and companies who have lent millions of pounds to Premier League clubs?
www.theguardian.com www.theguardian.com

Green’s alleged links to Everton stretch back to 1999, when Bill Kenwright successfully bought the club from Peter Johnson. According to an interview with the Observer in 2003, the multi-billionaire “wrote a £30m letter” for Kenwright to help secure funding from The Bank of Scotland because “I like him”.
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In 2008, the CEO Keith Wyness resigned from Everton on a matter of principal, reportedly citing Sir Philip Green’s control over the club.

“After Wyness submitted employment tribunal papers, it was reported in The Times that Sir Philip Green and Robert Earl raced across the Mediterranean in Green’s powerful yacht, Lionheart, to meet with Wyness and reach a mutually agreeable compensation package,” claimed @watchedtoffee. “This included the signing of a confidentiality agreement, one which has been adhered to by Wyness.”
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By the start of the 2011–12 season, Everton had debts of more than £40m and faced the prospect of having to sell some of their better players to balance the books. With banks unwilling to lend in the wake of the financial crash, Kenwright turned to Vibrac to arrange a deal worth £14m a year, although they were to take out more than £80m in loans over the next four years
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Yet Everton and West Ham – who took out a £27.8m loan with Vibrac in 2013 – borrowed an as yet unspecified amount from a company called JG Funding in August 2015.
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Groom also signed off loans from two entities based in the Isle of Man to Rights and Media Funds Limited on the same days as the loans with West Ham (10 August 2015) and Everton (14 August 2015) were charged
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Here's where Moshiri gets involved

Less than six months after the loan with JG Funding was taken out, Moshiri paid £87.5m for his 49.9% share, valuing the club at £175m. The publication of Everton’s 2015-16 accounts last week revealed the Iranian businessman has also provided an interest-free loan of £80m “with no agreed repayment date. This funding has been used post year-end to reduce the club’s long-term debt by repaying the entire other loans balance of £54.8m at 31 May 2016.”

Despite that, Everton’s accounts show that another loan was taken out on 26 August 2016. This time, it was registered to a company called Rights and Media Funding Limited, which had changed its name from JG Funding at the end of 2015, and, just as before, the company’s only listed director was Jonathan McMorrow.
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They've been running the show under Moshiri for 7 years.
 
Efcjake said:
The Guardian story going into further detail on Watched Toffees investigation into Vibrac covers off most of this.

Vibrac and JG Funding which became Rights and Media Funding are connected to Phillip Green and Robert Earle and have been involved since Bill outed Peter Johnson.

www.theguardian.com

Philip Green, Vibrac and Riverdance: the mystery of Everton’s ‘shadow investor’

An MP’s question in October detailed rumours of Sir Phillip Green’s involvement at Goodison, but is there any connection between the retail magnate and companies who have lent millions of pounds to Premier League clubs?
www.theguardian.com www.theguardian.com



I mean are Rights and Media Funding Ltd not essentially acting as directors by cancelling share sales here?
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I can still remember the optimism on moshiri buying the club and we could finally do away with the Phillip green Robert earl borrowing on money era of Everton. It feels now like that never went away, and neither did they based on your post.

Just feels like kenwright has always been in control in some capacity, if not directly then things like this. Perhaps the reason he is still there is simply because he engineered his position through these measures?
 
Efcjake said:
Moshiri cleared the debts when he took over, some of those were with Rights and Media funding.


The Guardian article does a good job covering the time line. Here's some highlights:

www.theguardian.com

Philip Green, Vibrac and Riverdance: the mystery of Everton’s ‘shadow investor’

An MP’s question in October detailed rumours of Sir Phillip Green’s involvement at Goodison, but is there any connection between the retail magnate and companies who have lent millions of pounds to Premier League clubs?
www.theguardian.com www.theguardian.com







Here's where Moshiri gets involved



They've been running the show under Moshiri for 7 years.
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JG Funding also has links to Kia Joorabchian I think.

Makes me wonder if it was all a big stitch-up from the beginning. But then I'm not sure what Moshiri has gained from the whole thing.
 
Billy Dean said:
JG Funding also has links to Kia Joorabchian I think.

Makes me wonder if it was all a big stitch-up from the beginning. But then I'm not sure what Moshiri has gained from the whole thing.
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On the face of it you can understand the loans against the tv revenue just to free up cash flow.

The issue is that clearly this facility isn't simply just being used for cash flow and is now so important to us that they have the right to refuse to allow the club to take on other lenders or reduce their equity.

By some estimates the charge is a standing facility of at least 120 million repayable over five years. Who knows what interest schedule it is on and what other rights we have signed over to this third party lender.
 

Efcjake said:
Who knows what interest schedule it is on and what other rights we have signed over to this third party lender.
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Well we can guess.

See the section on other operating costs.

wages.webp
 
You can see how it started with Bill recommending his mates to Moshiri to provide the "payday loan" for transfer window cash flow while we wait on the sky tv payments.

Then, just like under Bill, these vultures knew that the deal would keep growing to the point where somehow they've managed to include the right to refuse to allow the club to lend more or dilute their equity and are essentially running the show.

This agreement, or some form of it, has been in place since 2016 with Moshiri.

As the money taps got turned off from Usmanov we turned to this lender more and more and increased the loan. Whether this was because the caveat preventing additional lending already existed or was added as a result of increased lending I don't know.

Would not surprise me one bit if it was ever uncovered Kenwright was getting kick backs from these deals.
 
kenada_blue said:
The idea that it would damage Kirkby's retailers and harm is laughable as the council spent decades damaging that themselves by investing zero in it.
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What about the ski slope, eh!? Just what Kirkby and the nearby hamlet of Cantril Farm needed to raise spirits in the 1970s. It was just an oversight it was built facing the wrong way and you had about 3 yards to stop at the bottom before you ended up on the M57 but it added to the enjoyment. The look on the kiddies faces as they came hurtling down to either life changing injuries or certain death was priceless.
 

Efcjake said:
We all knew it wasn't new lawnmowers.

Surely if that was ever confirmed to be the case then the directors who signed those accounts would be in massive trouble for not accounting for debt repayments properly.
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I think someone with journalistic connections should notify the investigative reporters of propublica, the same org who discovered he Panama papers and released the corruption involving Clarence Thomas, to look into jg funding definitely some sketchy stuff occurring. People always state that moshiri is involved in money laundering through the stadium when in reality the money laundering is happening through jg funding in my opinion as the source of their funds are most likely illicit funds from scandalous business stashed in the caymans
 
BeardedScotsman said:
I know nothing about this other company. What it sounds like is - the other company lent Everton money. To get a loan, you typically need some type of collateral - like a home is collateral for a mortgage.

What happens if the value of your home drops by 50%? The value of the loan may be more than the value of the home.

It reads like this other group overcollateralized with the help of current ownership. If current ownership was to sell now, it would “re-value” the value of Everton down to something the Media Funding Company won’t allow. Everton as a club, when you factor in debt, is probably worth 0.
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Everton has history with this kind of thing. Advances against season tickets, advances against media rights.

We even tried to build something in the Park End car park only to be denied because we already had a charge on part of the building they wanted to extend. All of the above signed off by Chairman Bill. The man kept on by Moshiri for his 'Business Acumen.'
BeardedScotsman said:
Moshiri is broke. MSP is a lifeline.
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He is desperate, no doubt about it.

Without fear of dogs abuse here, is the MSP staged takeover 100% off? Is the rights and media objection immovable?

What do your individual investors think of the switch from ownership to money lender? I mean, they get the. Money but sure some of them wanted in for a big of fun, like a horse racing syndicate?
 

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