Id be far from giving him credit - but he got the right side of the negotiation, his motivation was his self interest - im not saying otherwise and he was happy to sell us to 777 - i also haven't suggested otherwise. But that deal he negotiated in turn has influenced protecting both his position and us - even if after the fact and a potential positive outcome for the club and been influential with what happening presently at the club and helping get the stadium done- which was the core point being debated.
I think we are overall agreeing on the same thing.
Moshiri has given up @Neiler. He ran out of time, all due to more liabilities appearing. He was a "distressed seller" (q.v. Aliya Capital). Moshiri deserves no credit whatsoever.
He managed to turn a £505 million "fixed cost" (thanks to Denise Barrett-Baxendale, remember that?) project into one that has cost what £860 million PLUS. He ran out of money, tried to bring 777 Partners in (look what happened there) and then essentially wanted rid ASAP. They tried the manipulation lark but failed during the last 6 months as Friedkin Group are not daft.
I'm sorry @Neiler, but Moshiri has done NOTHING that has "protected" Everton. He's writing off debts because it suits him to cut his losses and walk away. Nothing more.
I always try and be fair but I'm sorry, no. There is nothing at all positive to say about Moshiri. People pushing that narrative that he's done something clever (like CitizenofSuburbia) are not in the real world.
Just read somewhere that Everton managed to bring the amount owed to 777 down significantly? Any idea if this is true and secondly what are the figures and how did they do it?
It would have been a negotiation along the lines of if they had borrowed $200m Everton would have told the creditors you can have $100m now and call it quits or we will return the $200m a a dollar a month until the next millennia
its been said online (not sure if accurate or how clued up the people saying it are) but basically ACAP (the hedge fund whose money 777 where throwing round) or whoever is willing to accept £66m as full settlement as they know they wont get the £200m back ever if they stick to it
As
@AndyRJ says below. They're giving about 33%-40% cash up front with notes for majority % remainder of the loan value + warrants that allows ACAP OR LEADENHALL depending on the court case outcome to take a 10% total equity stake in the club. That I'm led to believe like
@AndyRJ is the total stake
(that does not require Premier League approval) (it'll be limited to something like 9.99% equity since then it's less than 10% and not subject to Premier League approving, which if ACAP are found guilty of fraud in US court, would not be approved).
£66m isn't the full settlement. There are, allegedly, other aspects to the agreed deal which include a future 10% stake in the club.
They have the potential to get back all of their money (possibly more) but not for at least 7 years.
Spot on, and my understanding too. ACAP or LEADENHALL have a potential to get possibly MORE than the value of their £200 million loan, depending upon the success of Everton Football Club and it's share value. So, it's like a promise of some cash now, and a very large amount of cash later ... (but with provisos)
which is better for them than small cash now.
Friedkins doing it this way as it allows them to keep Cash/Capital in the business, and it is contingent return for ACAP or Leadenhall. If the club is successful. It gives ACAP something they may not have got hence "win-win"
