Firm run by US investor behind Everton takeover defaulted on loans amid concerns over its future
June 15 2022, 12.01am
The consortium, which has agreed a period of exclusive negotiations with Everton’s owner, Farhad Moshiri, has promised to commit hundreds of millions of pounds more to complete the club’s new stadium and invest in players for both the men’s and women’s teams.
A spokesman for Kaminski declined to comment but a source close to the Kaminski family insisted that they have many different companies and investment vehicles they use to manage their money and assets, and that the financial commitment to Everton would not “touch the sides” of their wealth. The investment would be in the form of equity, not via loans, the source said.
The source said that the Kaminski family have deliberately remained private and there is limited publicly available information about their wealth. Yet some of the financial documents surrounding Kaminski’s business activities which have been seen by The Times have raised concerns among Everton fans.
The independent audit of Talon Real Estate Holdings, contained in the company’s 2017 annual report, states: “The company has suffered recurring losses from operations and has defaulted on the terms of certain of its secured and unsecured loan agreements. These factors raise substantial doubt about its ability to continue as a going concern.”
Talon itself states in that annual report that “we currently do not have available cash and cash flows from current operations to provide us with adequate liquidity for the foreseeable future. Our current liabilities exceed our unrestricted cash and we have very limited cash flow from current operations.”
In 2020, Kaminski and his wife, Brenda, were defendants in a lawsuit by a lending company called Gamma over a $51.6 million (£42 million) loan. The source close to the Kaminskis said the couple were not being directly sued in that case, but had historically acted as guarantors to the assets being used to secure the loan, and that such legal actions are very common in the American real estate sector.
Other documents show that in April 2020 Kaminski and his wife each applied for and had approved 24-month loans of $20,883 under the Paycheck Protection Programme brought in as a result of the Covid-19 pandemic. Brenda Kaminski also applied for, and had approved, a 60-month loan for $20,883 in February 2021.
The source close to Kaminski said he had not taken any money from the loan programme and that Brenda Kaminski was entitled to apply for a loan as an employee of Talon Management Services, and that she is not involved in the takeover of Everton.
Talon Real Estate Holdings was sold in 2018 and became a private company with Kaminski remaining as chief executive, and with several related property businesses still operating, said the source. Talon Holdings’ last filing as a public company showed assets of $83 million and liabilities of $73 million, but the source said the US Securities & Exchanges Commission requires real estate holding companies to be valued at the cost of acquisition of properties, and that further gains cannot be realised until the company is sold.
Asked if Kaminski has already provided proof of funds for the takeover, the source added that he was going through the process of seeking regulatory approval, having the investment signed off by financial institutions and going through the Premier League’s owners’ and directors’ test. The source said “no red flags” had been raised.
Other documents seen by The Times show that Kaminski has been subject to an investigation by the Internal Revenue Service (IRS) in the United States, and last year failed in a court action to prevent the IRS seeking for his bank records to be released to them.
A spokesman for Kaminski said: “Our client makes no public comment on their tax affairs.”
A number of the documents seen by The Times have also been cited on Everton fans’ forums, prompting some supporters to express concerns.
The proposed takeover would make Kaminski, who was born in Poland in 1958 and also goes by the name Matthew, the majority shareholder and director with his son, Mikhail, also sitting on the board. Kenyon would have an executive role running the club on a day-to-day basis, with a minority shareholding being taken by another American, John Thornton, who has mining and investment interests.
The Kaminski family have no background in ownership of other sports clubs or franchises but the source said they planned to use a business set up in February, KAM Sports, of which Mikhail is the registered officer, to buy a series of sports outfits and media rights, with Everton at the pinnacle.
How Everton boardroom would look under proposed new owners
Maciek Kaminski, known as MG, would be the majority shareholder and director.
His son, Mikhail, the registered officer of KAM Sports, which is the investment vehicle for the takeover, would also have a seat on the board.
Peter Kenyon, the former Manchester United and Chelsea chief executive, would have an executive role running the club on a day-to-day basis.
John Thornton, an American billionaire who has mining and investment interests, would be a minority shareholder and potentially a director too.
