The Friedkin Group reaches agreement to buy Everton

[Damo_1878]

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.

Tell me about it. Over 777 Partners I felt physically ill

Now I just laugh at it all. You have to or you'll drive yourself mad

 

[pfim]

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

You have it backwards. If Everton filed bankruptcy, they'd likely settle the debt depending on the security (or lack thereof).

If a creditor files bankruptcy, the trustee would go after the debtors (Everton) and collect as much of the debt as possible. They may take a haircut, but the majority will be paid.

All of this is moot because 777 is not in bankruptcy.

 

[MikeH72]

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.

You are a disgrace and an enemy of this football club. You’ve enabled the man that’s killed this club all because you couldn’t bare being wrong on a faceless internet account. You disgust me.

 

[Del-boy]

I would agree - is there any chance this is brinksmanship? Being willing to walk away unless Moshiri gives a little more?

I don’t think he has anything else to give. He’s already making a massive loss on his money. More than likely the issue has been the 777/Acap debt. I’d imagine Friedkin has wanted this debt to be reconstructed in terms of how it’s paid back. But due to the issues with 777 and insolvency, this has been refused.

 

[pfim]

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

They had the money to pay off MSP and 777?

 

[ValBlue]

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.

We aren’t finishing this stadium any time soon. It’s always ‘we need another 100+ million’, there’s always something slowing it down and making it astronomically more expensive than forecast.

 

[navidson]

What the hell has happened here?!

Came away on holiday and our whole world has collapsed

 

[GrandOldTeam]

Tell me about it. Over 777 Partners I felt physically ill

Now I just laugh at it all. You have to or you'll drive yourself mad

I find making daft overused memes from the Simpsons and Star Wars helps.

Jeez, what a nerd.

 

[Zatara]

TFG had to pay off MSP with immediate effect due to the structure of that deal, but either didn't have or didn't want to stump up enough to also clear the 777 debt.

The risk with the 777 debt is a court's involvement. A-Cap will of course push for the highest possible valuation on 777's debt, but even if the parties agree to something the court might set it aside and apply its own figures. That's the morass TFG doesn't want to risk getting sucked into.

Until there's some clarity on that front, it will be difficult to transact a sale. Moshiri has, in essence, screwed himself. Every day racks up further interest charges that will just diminish what he can recover from his mismanagement.

Ive not paid any attention to 777.

Surely with the amount were dealing with there will be a settlement payment included inside the deal.

A settlement payment Friedkin has chosen not to pay.

No idea why a court would be involved unless 777 assets are frozen and theyre unable to operate?

 

[mahermi1]

Bloody Moshiri
Bloody Kenwright.

They are the route cause, bottom line.

 

[Damo_1878]

TFG had to pay off MSP with immediate effect due to the structure of that deal, but either didn't have or didn't want to stump up enough to also clear the 777 debt.

The risk with the 777 debt is a court's involvement. A-Cap will of course push for the highest possible valuation on 777's debt, but even if the parties agree to something the court might set it aside and apply its own figures. That's the morass TFG doesn't want to risk getting sucked into.

Until there's some clarity on that front, it will be difficult to transact a sale. Moshiri has, in essence, screwed himself. Every day racks up further interest charges that will just diminish what he can recover from his mismanagement.

The worry is "punitive damages" to Leadenhall

Excellent post by you

 

[Victus]

Our club lives likes its on the dole la

 

[Evertonthat]

Omg how do we get moshiri to leave?

He is like a bad smell that just won't go.

 

[EFC_FRANCIS]

That Coleman documentary better be a summer blockbuster

 

[tirion]

Yeah this doesn’t have anything to do with Philogene you bizarre individual.

there was a reason why we wouldn't pay, because we are skint, when credible purchasers like Fredkin back away from the table, who do you think is going to bail us out now? same old Everton