The Friedkin Group reaches agreement to buy Everton

[jazzy]

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.

Thanks for the analysis, sounds right to me

 

[Evertonthat]

I can't help but remember that particularly menacing statement from uzmanovs people where they suggested they were expecting all their monet back. Is mosh between a rock and a hard place?

 

[Librarian]

Welcome ACap

 

[Robbo05]

i wanna cry

There there Matty…. There there….

 

[davek]

Pretty sure the Miami coke dealers who have £200mill in to club are the blame rather than the car salesmans inability to get it over the line.

They proved themselves to be inadequate to buy Everton. They knew all the pitfalls of buying Everton and thought that they'd get themselves some publicity and / or use it as leverage to get what they want in Italy. That'd be my guess.

If someone wants to own this club they now know what it's going to take...a hell of a lot of cash. Chancers like Friedkin were never going to be the owners of Everton. That's been borne out today.

The up-side is that we dont become embroiled as part of a stable of clubs and see our identity diluted.

 

[Exeter_Gently]

Someone bell Vici again.

 

[pfim]

Thats not how it works.

If everton have a set payment plan set up to repay a loan/debt then the administrators that are brought in to deal with a company going into administration/liquidation can not force you to pay all of that debt back in a reduced time frame.

What will happen is the administrators will drastically reduce the debt to try to recoup as much money as possible from the loanee.

If the administrators could force the loanee to repay the debt in full it would likely cause a cascade of companies going into administration/bankruptcy/liquidation.

1. I never said this because I don't know the terms of the loan. It could be due within 6 months for all we know.

2. I never said that it needed to be repaid early, not once.

3. Why would the administrators take drastically less from a business that has the ability to pay?

Again, the full 200 million is still due. I've seen collections in bankruptcies extend 2-3 years. The trustee works for the creditors. They will do what's in the creditors' best interest.

Having said that, there is no administration. There is no bankruptcy. There is no administrator or trustee to negotiate the repayment of the debt.

Because of that, the 200 million is due until such a time that another agreement is made with the lender.

 

[Curtis]

Haha this world is so dumb....the esk , that's actually the worst part is that chancer will surface with his supposed expertise once again

 

[Wat Tyler]

Where does this leave us now? Are we going to have to sell Branthwaite this window?

 

[longers]

Tim Cahill has been noshing off Qatar for the past few years, surely he can put in a good word for us

 

[Curtis]

They proved themselves to be inadequate to buy Everton. They knew all the pitfalls of buying Everton and thought that they'd get themselves some publicity and / or use it as leverage to get what they want in Italy. That'd be my guess.

If someone wants to own this club they now know what it's going to take...a hell of a lot of cash. Chancers like Friedkin were never going to be the owners of Everton. That's been borne out today.

The up-side is that we dont become embroiled as part of a stable of clubs and see our identity diluted.

Oh great Dave's back......
How is the Friedkin Group chancers because they operate on a multi club model that you don't approve of?

 

[pfim]

They didnt "pay off £158mil debt" though. The debt has effectively been transferred to TFG.

I suspect they have seen an opportunity to either:

A: Get the club for a song perhaps believing the 777 deal can be paid off on the cheap

B: Take on the debt to generate a nice income with the stadium around the corner.

Have 777 assets been frozen? Are they operational? Has there been a court ruling which states they cant be paid back?

If not then why didnt TFG simply pay them?

Because the club isn't worth that much.

 

[Victus]

Where's them Saudis gone then, anybody remember to grab their number?

 

[fandjango]

They proved themselves to be inadequate to buy Everton. They knew all the pitfalls of buying Everton and thought that they'd get themselves some publicity and / or use it as leverage to get what they want in Italy. That'd be my guess.

If someone wants to own this club they now know what it's going to take...a hell of a lot of cash. Chancers like Friedkin were never going to be the owners of Everton. That's been borne out today.

The up-side is that we dont become embroiled as part of a stable of clubs and see our identity diluted.

For once I agree

 

[Billy Dean]