Well, TFG have loaned us 200m, and they are a player in the clubs future until that is paid off.
What's interesting is they committed that to gain exclusivity, but they must have known the potential for issues with 777 at the time. Perhaps not the full extent, but 200m is a lot of money to gain a look under the bonnet. They cannot have been naive enough to think the due diligence process was going to be a breeze, and there were briefings to the extent that things were far from guaranteed on that front.
We don't know TFG's ultimate intentions. But I think they have come to this in a different place from MSP. I fully understand why they would baulk at a full pay-off of the 777 debt, even outside of the legal issues.
Our future rests with all of our creditors + Moshiri, and the outcome of the Leadenhall case.
It seems implausible that another potential owner will pay such a premium for exclusivity. So the cycle comes full circle and we are back to the existing creditors. That was the solution for both Milan clubs. I can't see RMF taking equity. But, eventually, they, and the others may have to come to a negotiated settlement on debt restructuring.
I still think Friedkin will return to the table, but under conditions that are more favourable to him. The concern is how bad things have to get for the club for that point to be reached. It seems to me that the club will only be sold when its seconds to midnight, taking a doomsday clock scenario.
We have to have a willing and capable buyer, a realistic valuation, legal impediments cleared, and creditor assent. That's a lot of ducks in a row that need to line up.