Does this make Moshiri an enemy of the sport then because he’s been relentlessly pursuing nothing but American owners? Glad that’s been cleared up.
Can we also deduce from this, that anyone who supports Moshiri is also an enemy of the sport?
- Status
Does this make Moshiri an enemy of the sport then because he’s been relentlessly pursuing nothing but American owners? Glad that’s been cleared up.
Can we also deduce from this, that anyone who supports Moshiri is also an enemy of the sport?
Bottom line here is that someone is going to have to take on the risk to be the owner of the club.
So who's got the minerals to do that?
So who's got the minerals to do that?
kimonthemac_efc
Player Valuation: £1m
I think it’s going to get hareder and harder to find a buyer. Who will want to buy us. The friedkin failure was like a reassurance that the club has many many problems. I hope I am wrong thow
14_dollars
Player Valuation: £8m
The 777 debt is getting bigger every day due to the interest rate.
If a buyer isn’t found in the next six months it’s game over.
GoldenToffee
Player Valuation: £60m
OK now let's see all those supposed interested parties that were sniffing around before exclusivity was granted for the Friedkins.
14_dollars
Player Valuation: £8m
He needs a reality check quickly.
pfim
Player Valuation: £35m
Ain’t nothing wrong with a good hot dog.
pfim
Player Valuation: £35m
Tend to agree. Just not sure when. I don’t think the club’s value supports the full repayment of the ACap loan. And I doubt Moshiri is going give up any money, so I’m not sure anyone else will be interested at the moment
AndyRJ
Player Valuation: £1.5m
There are too many things that don't make sense to me.
Why would Friedkin enter into exclusivity when there was surely enough information surrounding the Leadenhall case in the public domain. They must have known that ACAP would be unable to negotiate on their loan given the circumstances and restrictions placed against them.
They also must appreciate that there is a risk we might not be able to pay back their loan when due (as happened with MSP) if Moshiri has been unable or unwilling to find another buyer. Like MSP they have security but this time it's against the stadium and ALL of Moshiri's share holding.
Are they prepared to sit tight and wait for the Leadenhall case to run its course so they can hopefully get a huge discount on the ACAP loan? If in the interim their loan falls due and cannot be re-paid, would they exercise their security and take control of the club?
If they are unwilling to do that because the same 'unresolvable' issues still exist, would they force Administration to try and re-coup funds? Can't imagine they would because the stadium is pretty worthless without Everton to play in it. OR, does administration allow them to force a haircut on ACAP even with all the legal issues potentially ongoing?
pfim
Player Valuation: £35m
There are too many things that don't make sense to me.
Why would Friedkin enter into exclusivity when there was surely enough information surrounding the Leadenhall case in the public domain. They must have known that ACAP would be unable to negotiate on their loan given the circumstances and restrictions placed against them.
They also must appreciate that there is a risk we might not be able to pay back their loan when due (as happened with MSP) if Moshiri has been unable or unwilling to find another buyer. Like MSP they have security but this time it's against the stadium and ALL of Moshiri's share holding.
Are they prepared to sit tight and wait for the Leadenhall case to run its course so they can hopefully get a huge discount on the ACAP loan? If in the interim their loan falls due and cannot be re-paid, would they exercise their security and take control of the club?
If they are unwilling to do that because the same 'unresolvable' issues still exist, would they force Administration to try and re-coup funds? Can't imagine they would because the stadium is pretty worthless without Everton to play in it. OR, does administration allow them to force a haircut on ACAP even with all the legal issues potentially ongoing?
There seems to be this notion here that exclusivity is solely for due diligence, which it is not. Plenty of negotiating happens during this time, likely with both ACap, Moshiri and Leadenhall. It's not as if they're throwing numbers into a spreadsheet and giving a thumbs up or down...in fact, that probably happened before exclusivity, if the exclusivity was contingent on loaning 200 million (no one is underwriting a 200 million loan without full access to financial information).
If their end game is to own the club (which I believe it is), the MSP debt needed to be paid as it was due. That and the extra funds provided get the club through a certain period. The club's cost structure is much better than this time 12 months ago, yes the added interest does mitigate that but there was always going to be interest because of the stadium build, and I doubt any of the ACap interest is being paid in cash at the moment. The club "should" be "more" self-sufficient than it has been in years.
There is clear interest in the club, certainly from their side, but it's clear the sum of the debt plus Moshiri's asking price is well over any valuation a sane person would put together. The answer to your questions is probably the same as the reason why MSP did not exercise their option to purchase the club as well a few months back.
Friedken needed Acap/Leadenhall to take a haircut to make the deal work, and one of those two has put their foot down and said no. Without having all the info, it's the likeliest explanation.
But the loan, plus the better cost structure, takes the pressure off Moshiri to find a buyer immediately which may be in his and Friedken's best interests.
summerisle
The rain, it raineth every day
- Status