The Friedkin Group reaches agreement to buy Everton

[jerseytoffee]

Ultimately, Friedkin Group could have paid off the loans owed to 777. Reading between the lines, they were buying the club on the hope of 777 crumbling and them not having to pay back the loans. ACap have kicked up a fuss so Friedkin has decided he doesn't want to either pay them off in full / fight a court battle.

In that scenario, its no great loss. The club need committed owners willing to spend cash. The lack of backing of the DOF when trying to compete with the mighty Ipswich for Philogene was a red flag.

Yeah it seems like they didn't want to pay the full debts and get a haircut on the loans, so how much were they going to actually put into us and help us progress?

 

[GrandOldTeam]

With a bit of luck we'll fold.

Think of all our blood pressure.

I paid for 2 years hosting this month - I've never done that before, just to tempt sods law.

[Edit] See;

 

[pfim]

Ultimately, Friedkin Group could have paid off the loans owed to 777. Reading between the lines, they were buying the club on the hope of 777 crumbling and them not having to pay back the loans. ACap have kicked up a fuss so Friedkin has decided he doesn't want to either pay them off in full / fight a court battle.

In that scenario, its no great loss. The club need committed owners willing to spend cash. The lack of backing of the DOF when trying to compete with the mighty Ipswich for Philogene was a red flag.

Where are these people? They don't exist.

 

[Bluewolf]

No serious person ever thought that.

And you know this how?

If a business goes bust they debt goes with them usually. Its why lots of very rich people declare bankruptcy

 

[Nymzee]

With a bit of luck we'll fold.

Think of all our blood pressure.

I paid for 2 years hosting this month - I've never done that before, just to tempt sods law.

It's all gucci. Damo's buying 300 pint glasses.

 

[Damo_1878]

By being a lender they are linked

777 could be viewed by the court as a vehicle for ACAP

There is also such a thing as "piercing the corporate veil" and other things to consider

@MikeH72

 

[roy vernon]

Bloody Putin

Bloody 777

Bloody Moshiri
Bloody Kenwright.

 

[ToffeeTim]

Yes. Once the stadium is built then its going to mean a long term low interest loan against the stadium and R&M + TFG + 777 all paid off.



If we stay in business until the stadium is complete -- pay the 3 entities off and were in a FAR better position for a sale.



Suggests to me that they were never serious. Due diligence would not take more than a fortnight and especially interesting is that everything is public knowledge.

Due Diligence on small business transactions takes more than a fortnight

This was an enormous deal. It takes far longer.

 

[Blue_Eagle]

I think everybody should get in a line and think about how they're going to phrase their sincere apology to @davek who has proven yet again to be historically correct.

@davek Do you do private mentoring at all, bro?

 

[MichaelEFC96]

Where are these people? They don't exist.

Bell and Downing with Dell's backing sounded good in theory but ultimately we don't know how that would have worked in the long run

 

[jerseytoffee]

In the very short term perhaps… beyond 6 months or so I seriously doubt it

We have removed some high wages and doubled a shirt deal, our monthly incomings and outgoings should be more stable

 

[Mrk]

Ultimately, Friedkin Group could have paid off the loans owed to 777. Reading between the lines, they were buying the club on the hope of 777 crumbling and them not having to pay back the loans. ACap have kicked up a fuss so Friedkin has decided he doesn't want to either pay them off in full / fight a court battle.

In that scenario, its no great loss. The club need committed owners willing to spend cash. The lack of backing of the DOF when trying to compete with the mighty Ipswich for Philogene was a red flag.

No mate, this is not how loans work, and TFG won't have thought this was even the most remote possibility.

It's more likely that TFG were content with keeping the 777 loan until it was due to be repaid (in 2026?), but the shady nature of the loan and where the money actually has come from has thrown into question the repayment terms - raising the possibility that whoever ultimately takes ownership of 777's loan book could call in the loan at any point - which would be very problematic for a business that simply does not have over £200m sitting around doing nothing.

 

[GrandOldTeam]

 

[Martin Alvito]

With a bit of luck we'll fold.

Think of all our blood pressure.

I paid for 2 years hosting this month - I've never done that before, just to tempt sods law.

It would probably take the two years for court-ordered sunlight to reveal just how deep the rabbit hole goes.

I don't think we'll run out of conversation pieces before you run out of hosting if the club folds tomorrow.

 

[LEONARD]

Official EFC website.

We are back on the market!

I think they have done dive on the finances and decided to swerve us.

Following a period of exclusivity, discussions between Blue Heaven Holdings and The Friedkin Group over a potential sale of a majority stake in Everton have ended and The Friedkin Group will not be progressing with a purchase of the Club.