The Friedkin Group reaches agreement to buy Everton

[Liam-EFC]

Moved house yesterday so I've basically been out of action for over a day.... Just checked Twitter briefly and what the actual hell is going on?!

 

[Ragnar]

Again, that's an opinion and doesn't seem to be shared with the potential bidders of the club. They don't want to pay off the loan in full because they don't believe the club is worth that much.

In what world is the club not worth that much. The stadium alone is worth triple that debt.

 

[mahermi1]

This latest event must surely have killed off any interest from any buyers waiting in the wings, it's far too complicated now to even bother trying to negotiate a deal it appears to me. We must have "Swerve" written all over us if this news is 100% true.

My fears also, if a reputable business like the Friedkins walk away after seeing our balance sheets...

 

[pfim]

In what world is the club not worth that much. The stadium alone is worth triple that debt.

Based on what?

 

[gazzaa2]

This last post by @Billy Dean includes what i have stated in this thread a few times.

TFG could simply pay the 777 loan off. It really is that simple.

They did not want to do so. They wanted to restructure it when the stadium is built.

So for the sake of 6-12months and finishing off the stadium they have pulled out.

The club with the stadium will be worth £1bil+ so they saw a chance to pickup the club with £200mil.

Certainly looks like they would have been more focused on Roma based on their willingness to pay their debts off as opposed to only paying a far smaller chunk of ours.

They've hardly been great with Roma, they haven't qualified for the CL since 2018 (pre-takeover) and Serie A has hardly been strong. Bologna and Atalanta finished above them and qualified via the league last season as well as Atalanta winning the Europa League.

 

[Goat]

Why ?

You have no control over it so why get stressed ?

I didnt say I was stressed.

But as an Everton fan, I have a level of concern that we have now seen our 4th Takeover in 12months fall apart.

I have no control over Everton football results, but they still affect me, as an Everton fan.

 

[Zatara]

This will be the reason. They only paid off MSP because they had to.

Good luck telling that to the bedwetters who will use this to bash the club as usual.

Lets hope Staveley brings in some Middle Eastern Royalty and leaves these penny pinching Americans in the mud.

TFG playing games

Again, that's an opinion and doesn't seem to be shared with the potential bidders of the club. They don't want to pay off the loan in full because they don't believe the club is worth that much.

No mate because if that was the case they would not have made a bid for the club knowing the debt position.

Their issue is a liquidity one.

 

[Zatara]

I imagine (like everyone else commenting!) that the reasons for Friedkin pulling out are as follows:
i) the legal process makes it impossible for them to agree a "debt haircut" with 777/ACap/their eventual creditors
ii) given that, other debt holders are also unlikely to agree to any reductions until the situation is clearer with the above
iii) the only way a takeover makes sense is a debt restructuring (meaning people don't get back what they lent but agree because they are frightened they might get less)
iv) but, given i) and ii) above, it becomes impossible to restructure the debt until things are settled in the courts

I also am slowly coming around to Mr GOT's idea that there is a definite delaying tactic going on from the side of Moshiri/whoever (maybe with an eye on elections in a certain country).

Dont think so buddy

 

[MisterJ]

Not on a wind up. That is what I was told about an hour ago. Sorry, I cannot name source. Whether they are correct or just being optimistic about things, time will tell. They may not know any more than us.

Sorry, coming in late, but what did you hear?

 

[Jokerdan]

Cue @davek with his 'I told you so'!

Oh, wait....

 

[mahermi1]

I've bought tickets, is it off??????

Ask Damo the fountain of all knowledge

 

[bluecanada]

Moshiri should be paying the 777 loan.. he had all the benefits by not using his own money to run the club over the last year.. why should TFG take that debt?

 

[AndyRJ]

Moshiri should be paying the 777 loan.. he had all the benefits by not using his own money to run the club over the last year.. why should TFG take that debt?

Because the majority of it has been used to fund the stadium, an asset that belongs to the club.

 

[Damo_1878]

This last post by @Billy Dean includes what i have stated in this thread a few times.

TFG could simply pay the 777 loan off. It really is that simple.

They did not want to do so. They wanted to restructure it when the stadium is built.

So for the sake of 6-12months and finishing off the stadium they have pulled out.

The club with the stadium will be worth £1bil+ so they saw a chance to pickup the club with £200mil.

Certainly looks like they would have been more focused on Roma based on their willingness to pay their debts off as opposed to only paying a far smaller chunk of ours.

Bullet dodged.

You have no comprehension of the US legal system and neither does "CitizenSuburbia"

It's not just the £200 million loan that is the issue. It is potential damages due to Leadenhall in addition to the loan

 

[Blueclouds]

Who are ACAP? Not heard of them before