The Friedkin Group has already paid off the £158m loan from MSP Sports Capital as part of the exclusivity they have been granted for negotiations with Everton's majority shareholder, Farhad Moshiri.
Settling that debt to the New York-based private equity firm and Evertonian investors, Andy Bell and George Downing, was one of four conditions placed on former bidders, 777 Partners, by the Premier League in order to satisfy their requirements before approval of a proposed takeover by the Miami outfit could be granted.
An initial repayment deadline passed in mid-April — at which juncture, MSP could have triggered a clause giving them a controlling interest in the Club — before being eventually extended to the end of May when 777's own exclusivity expired and Moshiri was free to open negotiations with other interested parties.
As confirmed by The Athletic, documents filed with Companies House confirm that the Friedkin Group has taken over MSP's charge over Everton Stadium Co Ltd, repaid their outstanding loan and provided additional funds to the Club of around £40m to cover short-term operating costs.
Those reportedly include further payments to Laing O'Rourke for construction at Bramley-Moore Dock and transfer instalments due to the likes of Udinese and Sporting CP for last summer's signings, Beto and Youssef Chermiti.
Everton publicly confirmed last week that Moshiri had entered exclusive talks with the Texas-based group, led by billionaire Dan Friedkin, a period that will allow them to complete their due diligence and hammer out a final deal with the Anglo-Iranian businessman.
In the meantime, they have joined the list of the Club's main creditors that includes Rights & Media Funding, New York insurance company A-CAP (who have assumed the liabiities and assets of the stricken 777 Partners) and Metro Bank.
Reader Comments (31)
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2 Posted 24/06/2024 at 12:05:04
And if the deal did fail, would we have to pay Friedkin the money back.
3 Posted 24/06/2024 at 12:05:40
4 Posted 24/06/2024 at 12:07:15
5 Posted 24/06/2024 at 12:10:05
6 Posted 24/06/2024 at 12:29:29
Just let's hope that we can have a prolonged time of ownership where we can look forward to a bright future, without the turmoil of the past.
7 Posted 24/06/2024 at 12:36:17
8 Posted 24/06/2024 at 12:36:41
9 Posted 24/06/2024 at 13:02:51
Taking our city back and rubbing their faces in it.
They are fearful and should be because the blue tide is rising.
Every single one of them.
10 Posted 24/06/2024 at 13:12:40
It will be interesting to see how this payment has been dealt with.
11 Posted 24/06/2024 at 13:45:21
12 Posted 24/06/2024 at 14:05:55
13 Posted 24/06/2024 at 14:09:26
14 Posted 24/06/2024 at 14:38:54
15 Posted 24/06/2024 at 15:39:23
16 Posted 24/06/2024 at 15:39:23
17 Posted 24/06/2024 at 15:39:23
18 Posted 24/06/2024 at 15:43:01
19 Posted 24/06/2024 at 15:54:52
COYB
20 Posted 24/06/2024 at 16:06:26
At least it shows the intention of pursuing the purchase,
Paying off that £158M is a big step forward.
Wasn't there another company that had an exclusivity agreement with Moshiri and put a shed load of money into the Club before the deal was finalised?
Who were they again? Can't remember what happened to them?
21 Posted 24/06/2024 at 16:20:06
22 Posted 24/06/2024 at 17:33:52
23 Posted 24/06/2024 at 19:06:16
24 Posted 24/06/2024 at 20:37:37
They were not able to pay off the MSP Loan, even when given extentions. It is a Premier League requirement that this loan was paid, for a takeover to take place.
25 Posted 24/06/2024 at 20:52:58
26 Posted 24/06/2024 at 21:39:52
27 Posted 24/06/2024 at 21:53:17
Interesting however they also put £42m in to mainly cover Beto and Chermiti transfer payments as well as he next batch of stadium payments. I assume these instalments were due this week. Overall that's another £42m of new debt into the club.
Given 777 also put money in not too long ago to cover ongoing operating costs, we really are living hand to mouth - as we have been for years most likely. Next Sky money I think is due soon so hopefully this can go to the stadium and team and avoid even more debt being needed in the near term.
The money to keep this club alive is mind boggling. Then again, the Spurs stadium cost £1 billion I believe and ours won't be too far behind once finished.
Interesting times….
28 Posted 24/06/2024 at 22:47:38
No means a done deal but seeds of hope.
30 Posted 25/06/2024 at 06:21:19
Whoever owns our club will be hamstrung with PSR / FFP or whatever term is used to keep so-called "smaller clubs" in their place, but they will hopefully solve the immediate problem of finishing the stadium whilst keeping Everton a going concern.
31 Posted 26/06/2024 at 18:21:03
32 Posted 27/06/2024 at 08:18:01
Whatever it costs to build the stadium, it costs, but every time Everton borrow money, it only seems to be for this new stadium, and this must be really inflating the price when you consider the club's other operating costs, including the massive wage bill.
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1 Posted 24/06/2024 at 11:55:49