The Friedkin Group reaches agreement to buy Everton

[allen]

Have had a busy afternoon so apologies if this has been pointed out - but the specificity of the 777 loan being cited as the issue is interesting, I think?

It’s not just “we’re out,” it’s a specific reason - like, perhaps, a “fix this and we’d be back in,” kind of message.

 

[pfim]

I've lost count. MSP, 777, TFG and who was the fourth?

Kaminsky.

 

[Goat]

Have had a busy afternoon so apologies if this has been pointed out - but the specificity of the 777 loan being cited as the issue is interesting, I think?

It’s not just “we’re out,” it’s a specific reason - like, perhaps, a “fix this and we’d be back in,” kind of message.

Yeah sounds like they dont want to deal with any of that 777 crap.

 

[kev]

The best I can do is take @davek advice in his latest post and just watch the football.

Yep.
Tune in for Sligo v Everton and let Maupay take your mind off our problems

 

[Dad watched Dixie]

Kaminsky.

Thanks.

 

[SonsTeam Toffee]

Take a step back and think through what I write below please mate

Any US of A legal system means nothing.

I repeat NOTHING. If the debt is repaid in full according to the agreement.

There is a loan agreement. This will have terms inside.

Within those terms will be potential early repayment penalties (if any)

TFG have chosen not to repay the loan (in full) from 777 whether or not that involves penalties.

Ergo the fact is that they ONLY wanted to use £200mil plus any other relatively small payments to take a majority shareholding.

Why is that clear? Because the debts are clear and obvious. We all know them (having said that ive forgotten exact amounts).

The issue (as you correctly point out) is the US legal system IF the loan is not repaid in full before the case goes to court.

If TFG decided not to inject the capital to pay off the loan then legally they may be found liable for penalties and suchlike pertaining to any case on 777

However, lets get this to plain and simple terms:

1: If TFG injected the capital to pay off 777 (£200mil?) With any early payment penalties then 777 is repaid in full according to the agreement and 777 are OUT.

2: TFG chose not to do this.

3: This means either:

A: TFG did not believe the club was worth £400mil+ (its worth more than double once the stadium is built)

B: TFG did not want to use their own capital. Instead keep the current debt level and restructure on lower long term interest once the stadium is built (thus paying off 777 & R&M at that time).


Clearly and somewhat obviously the answer is 3B above.


4; This clearly shows what they have stated all along that Roma is the priority -- seen by the capital invested compared to this £200mil+.

5: Additionally this means NO additional or LIMITED additional funds would have been injected by TFG. It was all a way to pickup a £1bil club with £200mil+ and then make it self sufficient to cover the long term restructured debt.


For me, it is a lucky, very lucky escape.

Surely that is based on an assumption that the actual loan agreement itself is not part of the legal issues. if the loan itself was unlawful - 777 / A-Cap sourced the 200m from bad / illegal practices and handed it to EFC. Then what's written in the agreement is at best part of that (going to be lengthy) legal trial in the US or at worse not worth the paper its written on.
Just the fact the loan happened could be enough to tie anyone connected to it into a lengthy legal argument, whether someone pays it off early. keeps servicing the debt or defaults.
Given what we know about 777 and A-CAP I would say the chances the sources of their funding to provide the loan are the issue.

 

[barneygumble]

Pulled out of buying Roma in June, bought them in the August. May be some bluffs being called here.....

Careful, might get judged for daring to clutch straws.

Praying this is the case

 

[windymiller]

These were supposed to be 'serious people'. Remember that.

They KNEW all the baggage of 777/A-Cap/Leadenhall and Uncle Tom Cobley an' all before they started 'discussions' with Moshiri.

Now the 'serious people' with 'football club governance experience' have just added another layer of debt and got out.

The clever people among our support were championing that lot.

Bear that in mind when they tell you anything more about who's best owning and controlling this club.

The worst development there's ever been in modern football is the fan-finance 'experts'. They destroy other fans enjoyment in following a football club with their grandstanding, and at the end of the day they know about as much as the rest of us...absolute f.a.

I've said for ages: just watch the football. There's nothing for us to get engaged with or het-up about over ownership issues. It happens above our heads and always has done.

We'll get our new owners at some point. It's as sure as night follows day. And we wont end up like Leeds before it happens either.

Do yourself a favour: stop listening to the fan-financial experts. Stop mithering yourself with off-field affairs - we're not privy to them in any case, and neither is any 'expert' fan. Just focus on supporting the team.

Lol. Dave, an "expert" on football, architecture, history, psychology recommends ignoring "fan experts". It appears the one thing he is not an expert in is self-awareness.

 

[Tramps_mate]

Have to admire the recent handful of changed votes towards

Shameless. Absolutely shameless.

I think someone bigger and better will appear through the smoke now!!

 

[windymiller]

I think someone bigger and better will appear through the smoke now!!

Godzilla?!

 

[Curtis]

Now the friedkin group is no longer pursuing the takeover our identity as club is at least safe...according to Dave the brand that we're financially hobbled and perennial relegation battles...whew glad we dodged that mire of having a potentially competent owner for once in several decades

 

[ForeverBlue92]

Kaminsky.

All 4 have messed EFC about. If Usmanov somehow finds his way back into the fold in the coming months, I imagine the club will be taken off the market and all these shenanigans can be put to bed.

Failing that, bring us a Saudi Prince.

 

[pfim]

All 4 have messed EFC about. If Usmanov somehow finds his way back into the fold in the coming months, I imagine the club will be taken off the market and all these shenanigans can be put to bed.

Failing that, bring us a Saudi Prince.

Somewhere, there's a common thread to the 4. I can't quite place it.

 

[perth_blue]

 

[Tramps_mate]

Yep.
Tune in for Sligo v Everton and let Maupay take your mind off our problems

Is it available to watch anywhere?