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Post by rugbytoffee on Jul 22, 2024 7:04:39 GMT
Moshiri and 777 have really stuffed us big time. With legal wranglings ongoing, I can't see us being taken over for a good while yet..
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Post by rugbytoffee on Jul 23, 2024 6:49:29 GMT
The consortium headed by American and former LA Dodgers General Manager Kevin Malone will make another bid to take over Everton in the coming weeks according to Sky Sports
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Post by rugbytoffee on Jul 24, 2024 18:02:53 GMT
A consortium led by former LA Dodgers general manager Kevin Malone is evaluating whether to bid again for Everton, having originally lost out to The Friedkin Group.
Farhad Moshiri is looking to sell his 94.1% stake in the club, but Everton's complicated financial situation has made finding a buyer extremely difficult. The main issue for bidders is how to handle the club’s debt owed to 777 Partners and Advantage Capital. It is a complicated situation, with the former battling to avoid insolvency, and both companies accused of alleged fraud by Leadenhall Capital Partners.
American firm 777 Partners failed to take over the club themselves, ending a protracted saga that saw them miss several deadlines, and fail to satisfy the Premier League or show proof of funds to cover a £158m loan owed to MSP Sports Capital.
The Friedkin Group's (TFG) all-equity offer was then selected by Moshiri in June and the parties entered into exclusive negotiations. However, TFG withdrew after undertaking due diligence. “The Friedkin Group entered discussions in good faith to explore whether a sale could be agreed," an Everton statement read. "Those discussions have concluded. The parties agree it is in both their interests for Everton to explore alternative options.”
GIVEMESPORT understands TFG considered how they could best act as custodians of Everton and assessed the risk and long-term return on investment before deciding not to proceed.
TFG will remain a lender to Everton, since prior to ending talks they paid off the loan to MSP and injected a further £42m into the club to cover operational costs. Malone and his investors have already made one competitive offer, believed to be in excess of £300m, and could now return with a second bid. "All I can say at this time, is that our investor group is seriously evaluating the Everton opportunity," Malone told GIVEMESPORT.
Malone is known to have a passion for Premier League football and has developed a strong affinity with Everton over the past few months. His group are understood to be both football and community-focused.
However, like all prospective Everton suitors have found, doing a deal with Moshiri is not routine. Along with navigating the debt owed to 777, and effectively Advantage Capital given they are financially intertwined, there is also a £225m loan owed to Rights and Media Funding (RMF). This is subject to a 5% interest rate on top of the Bank of England base, meaning Everton are paying 10.25% overall.
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Post by evertontillidie on Jul 28, 2024 15:47:07 GMT
I was hoping we'd go in to the season with all this taken care of.
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Post by rugbytoffee on Jul 30, 2024 15:43:58 GMT
I was hoping we'd go in to the season with all this taken care of. Same , but hopefully it will be the correct result if and when it happens.
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