Michael Dell is backing attempt by businessmen Andy Bell and George Downing, both lifelong fans, to buy Premier League club
Paul Joyce
, Northern Football Correspondent |
Ian Whittell
Friday June 07 2024, 6.45pm, The Times
Dell is the founder of Dell Technologies and is worth £120billion
JANA ASENBRENNEROVA/REUTERS
One of the richest families in the world is backing the bid by two lifelong Everton supporters to purchase the club from Farhad Moshiri.
Michael Saul Dell, the founder of Dell Technologies who is worth about £120billion, is using his “family office” to support a takeover offer by businessmen Andy Bell and George Downing.
Family offices are established by wealthy families to manage their finances and Dell’s MSD Partners is on board should Moshiri grant Bell and Downing a period of exclusivity to seal a deal.
The duo have already put £50million of their personal fortunes into Everton and were among the creditors whom 777 Partners could not pay back before the expiry of a May 31 deadline which led to their own takeover collapsing.
MSP Sports Capital were the other creditors and have made a rival bid, but the Bell-Downing axis is hoping to steal a march on them and the support of Dell adds to the credibility of their proposal.
There have been numerous false dawns in Moshiri’s long-running attempt to sell Everton over the past two years, but Bell and Downing are hoping to become the Premier League’s latest fan owners with negotiations at an advanced stage.
The offer tabled would provide short-term funding for Everton during the exclusivity period. This month the deferred transfer payments from last summer of Beto and Youssef Chermiti kick in, raising the amount of money that must be found to cover all costs.
A deal has the potential to create a brighter future for Everton, who are due to move into a 52,000 all-seater stadium at Bramley-Moore Dock at the start of the 2025-26 season.
The club’s financial outlook would also be stabilised. 777 Partners had loaned Everton about £200million since last September as working capital and costs towards the completion of the new ground before Moshiri terminated a sales agreement with the Miami-based company.
That opened the door for stockbroker entrepreneur Bell, who founded broker AJ Bell, and property magnate Downing to reappraise the level of their involvement at the club and prompted them to come up with the proposal.
MSD Partners has previously provided loans to Burnley, West Bromwich Albion, Sunderland, Southampton and Derby County.