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I have read that the loan was only for the stadium. However the loan will be for the club as a whole entity which includes the team and the stadium. I don't see how you can separate the two? Surely the loans will have to be paid back when the club is bought or it will still be around our necks post sale.
Or has BMD being created by a separate legal company? If they have I can understand that, in case it goes pair shaped, then this will help protect the club from going into liquidation, but I think it also raises the question why would their be 2 separate companies? Apart from the insulation to the club (which presumably the loan was secured upon the assets of the club as a whole) I am concerned about the motives of having two entities; one the club, and one the stadium. As I don't see how you can have a valuable stadium without a club and vice versa
BlueStevie35
Player Valuation: £70m
You mean the news Esk put out himself and no media source did?
PeregrineT
Player Valuation: £35m
The stadium is fully owned by the club via a sub-company of the club. This is very normal practice, for both legal and tax reasons. The loans may or may not need to be paid back on sale just depending on what clause or terms the lien-holders have in them which we arent privy to. In most cases the loan comes due on a sale because the lien-holder hasnt vetted the new buyer and cant just be forced to in-essence loan them money. They may have an assumption clause in the loan but the lender would still have to approve them.
Walter Ego
Player Valuation: £30m
I have no idea , all I know is I don’t believe in coincidence in general
Tom Hughes
Player Valuation: £10m
Does that mean that there may be a Loan clause that says Moshiri cannot sell his shares to a new owner if the lender doesn't think they're suitable? Presumably based on their wealth/credit-score etc.
PeregrineT
Player Valuation: £35m
I would assume there has to be. Thats typical how lenders protect themselves after doing all the due-diligence to check and verify credit/ability to pay back etc. They can always approve the new person/entity but it usually becomes their choice or the loan is due on sale. Now maybe they could have only gotten it backed by Everton and Everton's assets and income and they think that's well enough, but I would doubt that based on Everton's actual income(lack thereof in recent years) and assets to debt.
Maybe think of it as if you lent $100k to someone for a house after carefully looking at their proposal and ability to pay. Would you then let them sell to some random person who cant afford it and has 5-10 unpaid debts in recent years with no say of your own, you are just along for the ride?
toffee66
Player Valuation: £8m
It is not typically exactly like that. The lender has the right to demand repayment in full on a change of ownership if the new owner does not meet their credit checks. Alternatively they could negotiate complete protection of their existing security and new/additional security from a new owner in exchange for not calling in the loan. This negative pledge ‘poison pill’ might deter a buyer because it can substantially increase the financing they need day one.
BeardedScotsman
Player Valuation: £500k
The interest rate on the MSP loan is 18%.
First payment is due in February.
First payment is due in February.
windymiller
Player Valuation: £60m
Is this true?! 18%? Jesus wept. If this is true, it's no wonder we're haemorrhaging cash.
Dublin blue 75
Player Valuation: £50m
It’s on the rather high side but not unknown for last chance lenders. I fear the 777 terms may be worse frankly.
Well done Bill.
BeardedScotsman
Player Valuation: £500k
Yes. Recently shared with investors. Could be a tad higher. That’s what the investors are seeing.
BeardedScotsman
Player Valuation: £500k
Investors have been notified that Everton Football Club will be paying off the loan to MSP. The payoff is to occur on or about January 15th. This is in anticipation of a 777 takeover on January 30th.
MSP has also been told by the Club that they anticipate the points deduction to be reduced to 6 points.
MSP has also been told by the Club that they anticipate the points deduction to be reduced to 6 points.
pfim
Player Valuation: £40m
Timing matches up to the first payment due as noted above.
Could be why the 777 debt ballooned so quickly.
Tony’s Carp
Player Valuation: £50m
Interesting, although if the first part is true then, even if the club had an inkling about the appeal, why would it be relevant to tell MSP?
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