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The Friedkin Group reaches agreement to buy Everton

What do we reckon?

  • 👍

    Votes: 786 72.2%
  • 🤷 | 🧀🥪

    Votes: 264 24.2%
  • 👎

    Votes: 39 3.6%

  • Total voters
    1,089
Colin Chong specifically mentioned in October 2023 that the stadium financing was to a "plan"


They've made claims multiple times that have been proven to be false.

As for the specific point, it's not going to be possible to prove that the stadium financing is now being completed by Friedkin Group unless either they or the club accounts prove it.

Because Friedkin Group have come in and provided money to complete the financing.

They knew this by making the statements they have. When they made them. Like Donald Trump, they make claims on the basis that they hope people won't find out

I'm led to believe that there was £60 million outstanding in stadium financing that Friedkin Group are now paying to complete the "stadium financing" ...

One thing I do know. I don't trust a word out of Colin Chong's mouth. Terminological inexactitudes.
If the plan was something in October 2023 it may well have changed by September 2024. Costs have changed. It doesn't mean the plan has changed.

The plan may also have been "secure additional investment to complete the stadium".

You're making a huge leap to claim it is misleading or false.
 
Dan Friedkin is believed to be highly likely to add Toyota as an Everton sponsor once he completes his takeover, according to The Athletic.

Matt Slater wrote for the outlet’s website on 23 September that the financial situation looks set to improve greatly at Goodison Park with the American coming in, as the current debt replaced by his cash and potentially cheaper borrowing, and the Toffees should be a more sustainable business especially once they move into their new stadium.

That would seem likely. Stadium sponsorship could well be north of what USM were paying as an option too
 
If the plan was something in October 2023 it may well have changed by September 2024. Costs have changed. It doesn't mean the plan has changed.

The plan may also have been "secure additional investment to complete the stadium".

You're making a huge leap to claim it is misleading or false.

I know they and Colin Chong are misleading

What sort of finance "plan" leads to the owner being a "distressed seller" ?

It says a lot about the incompetence

Unfortunately some people on here are too blinkered to accept the criticism

They don't want to hear criticism of Colin Chong. As they believe what he says word for word :dodgy:
 

Its gonna be over a fiver a pint at the very least,
More like £5.50/£6 in my opinion.
Look at town prices, look at concert venues/theatre's,
They ain't competing with Wetherspoons

Hard to say. It's a different market. Same people every week at the new stadium as opposed to concert goers who will only go to certain gigs. I think the volume of sales might be so large at the stadium as to keep the prices this side of sensible. That said, I agree, they won't be giving it away. It has to pitched correctly.
 
I know they and Colin Chong are misleading

What sort of finance "plan" leads to the owner being a "distressed seller" ?

It says a lot about the incompetence

Unfortunately some people on here are too blinkered to accept the criticism

They don't want to hear criticism of Colin Chong. As they believe what he says word for word :dodgy:
A bad one?

Doesn't mean what has been said is false or misleading.

And it was said, based upon the link you've shared, in October 2023. It could well have been put in jeopardy since.

Nothing you've quoted or said, other than what you've been led to "believe" (Damo_1878, September 2024), suggests that Colin Chong mislead, lied or was false.
 
I'd imagine Toyota will certainly become a club sponsor but would be very surprised if they took naming rights on the stadium.

Roma have Saudi sponsorship on their kits - Riyadh Season. Not sure about the sleeve sponsor but last season it was Auberge Resorts one of the companies in TFG. Toyota sponsor their training kit.

I can see the benefit of going in-house for sponsorship when required and to be savvy to evade restrictions but as a commercial strategy otherwise it strikes me as missing opportunities.
 

A bad one?

Doesn't mean what has been said is false or misleading.

And it was said, based upon the link you've shared, in October 2023. It could well have been put in jeopardy since.

Nothing you've quoted or said, other than what you've been led to "believe" (Damo_1878, September 2024), suggests that Colin Chong mislead, lied or was false.
Give up mate he won't be told.

He has an agenda and he won't be swayed. I shared the extract from the programme notes from the opening game of the season August 2024, so fairly recent, but yeah he's convinced he's lieng so he won't be swayed.

Someone uses a term "distressed seller" and he bites doesn't even have the intelligence to realise it might be a tactic to get investors by Textor at that point. Make out someone is desperate and it pulls people in.
 
I'd imagine Toyota will certainly become a club sponsor but would be very surprised if they took naming rights on the stadium.

Roma have Saudi sponsorship on their kits - Riyadh Season. Not sure about the sleeve sponsor but last season it was Auberge Resorts one of the companies in TFG. Toyota sponsor their training kit.

I can see the benefit of going in-house for sponsorship when required and to be savvy to evade restrictions but as a commercial strategy otherwise it strikes me as missing opportunities.
It would perfectly ok if it is Toyota Corporate doing the sponsorship rather than Friedkin’s dealership group. Completely separate entities.
 
The seniority of the debt has R&MF ahead of 777/ACAP and the interest rates are higher and the latter is is unsecured debt.

You pay off R&MF immediately. Get rid of their loans entirely.

The R&MF loans are Bank of England base rate +4.5-+5.5% p.a.
According to the Athletic while unknown they think 777/A-Cap is much higher, as "we know that A-Cap has been borrowing money itself at 18 per cent". Then 777/A-Cap would seem first priority and sounds like they have come to terms on it. I am unaware of any evidence that its unsecured rather than just junior to the other loans, so paying back RMF would then move it up and I suspect give A-Cap more leverage if they have indeed cut a deal.

According to the Guardian "The company has also agreed a deal to repay some or all of the £225m loaned to Everton by Rights and Media Funding. That loan has an interest rate of 10.25%" So it seems they have a deal for all of the 777/A-cap loan, and at least part of RMF. Apparently as of a week ago the Athletic reported the RMF was paid down to 150m recently. That means RMF is costing 1.3m in interest monthly and 777/A-Cap 1.8-3m.

 

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