The Friedkin Group reaches agreement to buy Everton

[Victus]

I feel weirdly at home when Everton is in the mire lmao.

 

[davek]

They don't exist though. That's the issue. Unless it's Saudi oil money we're only left with billionaires who will do the same thing - leverage, loan, remortgage.

No one is willing to drop circa £600mill straight up just to buy and clear debt. It's always been the issue.

Friedkin 'didn't exist' a few months back...or the other parties interested at that time.

 

[Moomin]

I'm not sure the line about the stadium is fully accurately. Laings been paid but there's a bit of internal stuff yet to be sorted

70 million to be found for that.

 

[mikel_88]

Hopefully can hear from the other parties again

 

[barneygumble]

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 Athletic stating he was "hoping" to recoup £50m on his deal.

Blimey, what a shocker of a businessman he is.

Good insight, thanks Mate.

 

[Drico]

Nah, not for me.

 

[Damo_1878]

This was my next question - as to whether the agreement/loan/debt they've taken over would have allowed it.

If so, wouldn't we have always been in that situation.

JPMorgan having bought the bond, doesn't change the terms of the original loan agreement.

You can only call it in at "any moment" if the terms are breached.

 

[mahermi1]

What I can make out and I'm sure others have, the ground is paid for hopefully, but Laing O' Rourke's were never paying for the internals of the ground, it was stated recently they Everton were paying for that separately and also the Everton Stones at the front of the South Stand. Don't know if the cost of paying the stones, but I'm sure the internals were estimated at £70m, though that does seem a bit steep to me and if true, could well be downscaled a bit. Y' know Everton way to Everton Blue Dragon.

 

[Liam-EFC]

AS Roma Hires Goldman Sachs To Find Buyer After Deal With Friedkin Collapses

James Pallotta hired the investment bank after the $850 million sale fell through.

www.forbes.com

They have done this before it seems..

 

[Chrismac]

In Layman’s terms;

Everton owe 777 $200m.

777 owe A-CAP* $200m, funnelled through a bond called ‘777-600’.

A-CAP have sold the bond ‘777-600’ to JPMorgan for $88.5m.

Therefore, indirectly, Everton will now owe JPMorgan $200m.

JPMorgan could at any moment call that loan in, meaning whoever owns Everton will need to have $200m cash to pay this should JPMorgan demand it to be paid.

Unless Moshiri uses his own personal funds to pay the bill, asset stripping/administration would be likely.

*A-CAP were found to be almost the sole providers of funding for 777. American courts in Utah and South Carolina ordered a reduction in this funding due to conflict of interest, hence the quick dumping of the bond ‘777-600’ for a hefty loss.

Can JP Morgan not just buy the whole club, save all this hassle for everyone... then pump their trillions into us

 

[Dario Terracotta]

Wonder if Amanda Staveley may now become involved in the "process" now her ties have been loosened with Newcastle?

 

[Frenk]

AS Roma Hires Goldman Sachs To Find Buyer After Deal With Friedkin Collapses

James Pallotta hired the investment bank after the $850 million sale fell through.

www.forbes.com

They have done this before it seems..

Interesting

 

[Victus]

Wonder if Amanda Staveley may now become involved in the "process" now her ties have been loosened with Newcastle?

We welcome the Ghoul.

 

[degsy]

I know mate. I know.

Litigation in the US is costly and long too.

It's up to Moshiri to sort this mess he created

Good luck with that one

 

[Frenk]

Weren’t JP Morgan linked to the breakaway European super league?