Textor granted exclusivity to pursue Everton takeover bid

File under, not going to happen.

Then, when you sell the Palace shares, come back to Everton later down the line to put your 30% offer in. Textor will get the control, and you will get your 30% at a later date.

My concern is to do with opening up our financial secrets to the owner of a direct Premier League rival.

Given our current problems on and off the pitch, that is a very real concern with what could be done with such information.

I would rather he be forced to sell his Palace shares before giving him the Everton key to snoop around at anything he likes.

No surprises to hear him speak in wide, general terms of English football and big 'money generating' potential of clubs.

It's business, not passion. Everton have far more potential than Palace except for the pull of London.

Will a takeover be completed before we next win some silverware?

That would probably mean we're unlikely to be sold until the 777 case is sorted. And that could take years…

Simple as that really.

On the one hand, it may show how much Textor wants to make this happen, but at the same time reveals how much all other potential buyers may be staying far far away.

Make it stop.

''We do collaborate with his clubs where we can. He (Textor) wants to go and do something else, we're helping him do that.''

Sounds quite hopeful to me. I know – it's the hope that kills ye.

If it's not alright, it's not the end.

As for his Palace shares. Textor has already rejected an offer from fellow shareholders to buy him out and, whilst I am only guessing, for Moshiri to enter a period of exclusivity makes me suspect they or someone else have/has come back with an increased bid.. Time will tell.

I've got a feeling that he doesn't actually need to sell those Crystal Palace shares until he actually buys Moshiri's Everton shares.

Given the timescales involved, the takeover bid probably wouldn't be submitted to the Premier League for them to conduct their Owners' and Directors' Test until after John Textor's team has satisfied themselves that the problems The Friedkin Group encountered would be surmountable (even though Paul Quinn has told us they are insurmountable).

And I don't think I've seen this stated in any of the Textor tales but the Premier League rules would allow him to retain less than 10% of Crystal Palace shares, as this would not constitute a 'Significant Interest' in another club.

How exciting!

Yes simple at that, I wish you had posted earlier, save me going round the houses over-thinking on my post. :-)

Although the Premier League have added an extra independent review that will also add time to the process.

Textor I think will be joining Everton with the Eagle consortium. He said he wants to put Everton where they belong. Friedkin said, we're unresolvable, according to Paul - The Esk. Clearly not, Paul, if Textor has entered into exclusivity.

He's said to be desperate for this deal to go through.

And where do you think Moshiri would get those hundreds of £millions to buy Textor’s shares?

There must be some subtle difference but I just can't quite place it.

What an absolute shambles.

Let's see how he feels after a good peruse of the accounts.

He used to text Bill rather than ring him.

Textor by name...

Paul, is your post (#5) just your usual automatic negative reaction before you think about it because your posts at 11,19, 25 and 32 are somewhat antithetical to it?

I cannot see Textor overcoming those issues any time soon.

Are all these guys just looking at our books to get an idea of how you bring a historic institution to the brink of collapse? Or how not to run a Premier Leauge club?

These accounts must be like a manual of how to waste £500M. Like a modern day Brewster’s Millions.

It's been previously reported, he can either sell his Palace shares or put them in a blind trust until they can be sold. Saying he can't own both is wrong.

It will be interesting when he gets to the 777 issue. This will clear if it's a real issue or a price chip point from Friedkin.

Exclusivity seems like buses. Been MSP, 777 Partners, Friedkin and now Textor.

I'd like Textor. He owns Lyon and the Brazilian club. The multi club thing is here to stay, and Everton being top of that is fine by me.

Textor to sell Friedkin a 30% minority stake, and give us the fire power and business excellence to get to the top.

Don't confuse the poor lad!!

Is there a Guinness Book of Records section for the highest number of exclusivity agreements?

"Give us an 'E', Give us an 'X', Give us a 'C'" etc.

I'm losing the will to live.

Yes.

EFC are £500 million in debt, it is rising daily, and Moshiri will not do anything about it. There has to be a new owner or owners to save the club and we cannot afford to be too choosy.

He can't purchase any Everton shares until he sells his shares in Palace.

The Premier League Rules are quite clear in this. No person can be directly or indirectly involved in more than one club. Makes no difference if he puts those shares in a Trust.

I don't recall Palace fans up in arms about him, so he and his chums must have some idea of how to run a club and a business.

I'm not getting ‘out of the pan and into the fire' vibes. More "Let's be friendly and have a cup of tea while we talk about how to dispense with 777 Partners". No doubt Moshiri will forget the custard creams.

Makes Farhad look like Mary Poppins.

Everton as an entity will be worth circa £2 billion in 2 years time. Simon Jordan and Peterboro CEO, that Daragh fella respectively said something broadly similar.

So who on here has an Economics Masters degree or Masters in Business Administration or is a forensic account? Thought not, so let's assume the experts know.

"Crystal Palace part owner John Textor has a working dialogue with Everton owner Farhad Moshiri with a view to agreeing a deal to purchase his 94.1% stake in the club."

"The two men will explore the possibility of a deal, which would include Textor relinquishing his interest in Palace, sources close to the discussions say they are in a formative stage."

Myers then defines Premier League rules for club with owners with more than one interest.

https://en.wikipedia.org/wiki/John_Textor

I'd be okay with this, but time will tell. We've seen this movie before.

"PL rules on Dual Interests

I.4. No Person may either directly or indirectly be involved in or have any power to determine or influence the management or administration of more than one Club.

I.5. No Person may either directly or indirectly hold or acquire any Significant Interest in a Club while such Person either directly or indirectly holds any Holding in another Club."

"No person... influence the management or administration of more than one Club."

A company and or trust and or trustee, is not a person, as company, trust and trustee are respectively a legal entity, entity, title and entity.

On, I.5, the main terms:

"No person... Significant Interest in a Club"

Either not a person as above and or on the facts, Textor did not have a significant interest as he did nor have any controlling power. Any of the decisions and or directions of travel for the club, Crystal Palace, were subject to Parish et al having overriding decision-making powers. What does Significant Interest here mean? That is the question, as also Myers raised.

And I would like for TW to grant exclusivity to one poster, maybe Paul Hewitt, for all negative commentary about the club's position. Perhaps the poster who has used the phrase "joke of a club" most frequently should be nominated.

I'm sure Mr Textor could do likewise if he really wanted to.

So he doesn't need the liquidity in those shares to raise enough Capital to buy Everton? Just give them away for nothing?

It seemed more about not being allowed a shareholding in two clubs and Peter Johnson found a way around that?

It boils down to Moshiri not being snowed under with other bids.

But:

'No person' reads as not exactly great English language. No means a negative response to a question, opposite to yes..it's like saying 'yes person' when looked at an opposite view.

'Not any person shall

or 'Any person shall not'...

Seems to read better.

Next, the bridge loan, and then the brush off.

A.1.187. “Person” includes any natural person, legal entity, firm or unincorporated association and in the case of a Person which is incorporated any of its Associated Undertaking, Fellow Subsidiary Undertaking, Group Undertaking, Parent Undertaking or Subsidiary Undertaking;

A.1.235. “Significant Interest” means the holding and/or possession of the legal or beneficial interest in, and/or the ability to exercise the voting rights applicable to, Shares in the Club which confer in aggregate on the holder(s) thereof 10% or more of the total voting rights exercisable in respect of any class of Shares of the Club. All or part of any such interest may be held directly or indirectly or by contract including, but not limited to, by way of membership of any Concert Party, and, for the purposes of determining whether an interest or interests amounts to a “Significant Interest”:

(a) any rights or powers held by any Person shall be attributed to any Connected Person to that Person; and

(b) any rights or powers held by an Associate or Nominee of any Person shall be attributed to that Person.

Would that need any agreement with the other Owners of Palace?

For some reason, I can't help thinking he just wants out of football ownership now. Based on absolutely nothing, of course.

Link

In the article, dating back to 1998, it states the following;

In a personal statement Mr Johnson says: "Before I acquired my interest in Everton and disposed of my interest in Tranmere Rovers to Mr Frank Corfe in the Summer of 1994, the Football League was consulted and gave its consent. Since the Summer of 1994 until last month I have had no involvement with, or influence over, Tranmere Rovers.

"The Premier League and the Football League are aware that I intend to dispose of my interest in Tranmere Rovers at the earliest opportunity. I remain totally committed to Everton FC. I have agreed that we should review the situation at the end of the year, if not sooner. I have a great love of football and will do my best to help Tranmere Rovers seek a satisfactory outcome to its problems. However, my priority is Everton."

So... apparently where there is a will there is a way, though obviously the current issue is a bit different with Palace and Everton being in the same league.

This article actually related to Johnson re-investing in Tranmere, to save the club, many years after he acquired Everton, and also apparently with the blessing of the Football League.

If Mr Textor really wants to buy Everton, then I'm sure his minority shareholding in Palace is not an insurmountable problem. I can't see why either side would enter into an exclusivity arrangement if it was?

On another note, our old friend Martin Samuel is predicting our demise along with Man City, Chelsea and a few others. Not only another points deduction but banishment as well.

"We had no idea there was a dispute between 777 and A-CAP over the £200m debt so we will unfortunately have to withdraw."

So Textor has been able to deal with the lenders. So I expect The Friedkin Group who took over the MSP position to come into the frame in any Textor takeover. But there is still the 777/A-CAP situation to deal with, which Textor must have some type of solution for. Then you have R&MF who scuppered the MSP plans.

The only thing that is really happening is that Moshiri's options are getting more limited and a solution is needed even more than before.

Don't think that's asking too much.

He can still buy Everton even if he maintains his shares in Palace as long as his shares in Palace are passed to a neutral, 3rd party (an escrow).

However, this would be bad for Palace as the 40 odd percent owner no longer having a say would obviously leave a huge power vacuum and a lot of uncertainty (we know all about that here). That would massively devalue his shares at Palace.

I don't think he'd be looking into this unless he knew he could now sell his shares in Palace at a profit or he'd had a change of heart and was now willing to accept the low ball offer he's had because he could get us.

I'll say again though – I like Textor. I like that he has a genuine love of football and that he recognises us as what we were and what we could be (not as what we are now).

Unless he has a gun to his head to generate cash for AN Other (which I wouldn't entirely rule out), Moshiri has the very clear option to just string things along, as he has been doing for a couple of years now, selling players if he has bills to pay, or preferably getting the latest suitor to stump up cash.

Maybe he has inside info that the war on Ukraine will end soon. Maybe he's betting on Trump winning (though Harris is not exactly committed to the war either).

Either way, it is not good news for us. Welcome to limbo.

EFC's is currently £500M and growing. Thus, "negative equity" is a smoke screen.

Currently, Moshiri's shares in Everton are not really worth anything but Textor's shares in Palace are actually worth something.

If the 9.9% rule is correct, perhaps (in thought process) we turn the current "maintain 9.9% in Palace shares" on its head and think about, as part of the purchase of Everton, he buys 9.9% of Everton shares as a pathway to a full or major buy out of Moshiri's shares???

Just a thought!

I wholeheartedly agree. Textor has done well by his other clubs. I also believe that at this point he's entered into the exclusivity agreement knowing full well what the hurdles are. I believe this will work out to our benefit.

American bidders and consortiums seem to see that there is value in buying Everton, provided they can persuade the owner and all existing lenders to take a severe haircut. I don't believe that the 777 Partners unsecured loan to Everton is an insurmountable obstacle.

The judge John G Koeltl in the case of Leadenhall v 777/A-CAP Civil Suite has already stated that loan can be repaid.

“If there is a transaction out there that can be justified, all you have to do is to bring the transaction to the light of day and argue that it's perfectly fine, that it is not part of an asset-stripping transaction, that the plaintiffs and the intervenors are not hurt by that, that it's not self-dealing on behalf of any of the individual parties,” said Koeltl.

So, there is no reason why 777/A-CAP cannot agree to Everton's sale or enter into negotiations with a new Everton owner over full or — more likely — partial repayment of that debt. Basically, Friedkin wanted Moshiri and lthe enders 777/A-Cap to take a severe haircut on their sale price and loans respectively and didn't get his way.

Textor will want to drive a hard bargain, and this might fall over again for the same reason. But, he seems genuinely enthusiastic to buy the club, sees the potential, and we will never reach financial stability until we have a new owner.

Does he have interests in any other clubs and if so who are they and how many are there?

Limbo is about right. Given what has happened previously in this takeover saga, again like no other, it is hard to see how Textor has a different angle. He has to have talked to lenders and be aware of the New York court case. He has been in our faces regarding his ambitions, with the caveat of having to sell his shares in his present club.

Moshiri who has never made a good decision in his tenure (Dyche being his only option), has maintained his arm's length approach to running the club, funded by loans.

I actually expect greater losses in the 2023-24 financial year. It really has gone beyond selling players. Trading in players hadn't been great. Though Dyche and Thelwell have done a remarkable job, just getting on with their jobs.

Moshiri comes across as a frontman for a drifting type of business involvement that should come to a end but keeps going and is prepared to do that. You would have thought he would have had an answer for The Friedkin Group questions.

Is it worth Textor asking questions about those concerns? Is he the there to get on the inside track hoping for the fallout? He must have showed a willingness to provide finance or solution for dealing with existing lenders to have got exclusivity?

Moshiri is not predictable. He owns 94.1% either directly and maybe indirectly of Everton Shares, with questionable influence. That is all that can be said.

So I can't see him buying Everton.

Moshiri is following in the dead one's footsteps.

Textor just wants to stick his nose into our shambolic affairs so that he can recite horror stories to fellow asset strippers at the plush events his money allows him into.

Plus he has not upped or renegotiated a bid for Moshiri's shares as they are still miles apart on valuation there. It is the financial fiasco re the stadium deal and the club accounts he is perusing.

Why no one will buy Everton = The pending USA court case vs 777 Partners.

It's an equation as learned as e = mc²

Everton = Moshiri Calamities (to the power 2)

That was his grandfather.

Moshiri maybe has a plan in all this madness.

I tend to believe that Steve @90 is closer to the truth, but I think that with so much shite written on so many different pages across the internet, it's very hard to determine what is the truth nowadays.

I'm at a loss to think why a loan that is owed cannot just be put into a separate account and simply be repaid when the outcome of who the money belongs to is resolved.

Personally, I think that the only thing that is going to create problems is if whoever acquires Everton has got no intention of repaying that loan in full.

It reminds me of when the great Arther Daley decided to go straight and legal but by, the end of the episode, he couldn't wait to get back into the so-called villain world, because he had never met so many bent people in his life.

I tried to make it simple without getting into a huge debate re types of loans or bonds or rights issues and PIKS. Offshore accounts and banks, insurances, assurances etc — It fries your brain.

The issue isn't the loan to Everton per se.

The issue is that 777 Partners used the same collateral numerous times to obtain loans from different creditors. Simply put, it is illegal to do that. They themselves then loaned some of that money obtained, to Everton. The interest rate agreed for repayment being ridiculously high.

The court case in USA is a problem for potential owners. (Not the debt Everton have.) Say any one of the loanees (anywhere along the line) defaults, who gets first bite at the collateral?

Does the newly diminished collateral cover the moneys outstanding post-liquidity? Does it make the collateral used for loans elsewhere now invalid? Does that collateral still even exist?

Basically, those will be some of the questions requiring to be addressed by the judge. IMO, he is trying to get them all to settle out of court because, if he has to decide, he may be looking at setting legal precedent by allowing the loan to run as is.

The crux is, because of the high interest repayments involved in that world, no one is willing to agree to lower their repayment amounts (ie, take a haircut).

The actual comment from the judge is just that. A comment. As far as it goes, it is not a judgement.

The Judge, in June, set dates for certain targets to be met.
One has passed, one is just about happening on 23 August when the Plaintiff must submit any amendments.

And then there are two in the future regarding dates for the defendants to submit motions to dismiss. 23 September or, if there are amendments, 11 October.

I ask myself: Who in their right mind would buy Everton before the court case is settled? They open themselves potentially to a whole slurry of financial nastiness.

So, in your opinion, do you think that no takeover will happen, until this 777 fiasco is sorted?

John Textor has considered this and decided he sees a basis to proceed. It is simply a risk assessment he has made on the basis of the evidence he has – including the civil suit by Leadenhall and the unsecured loan from 777 Partners to Everton. These decisions are made by businesses all the time during any merger or acquisition.

The basis of The Friedkin Group's proposed approach was to leverage the lenders to take a haircut on their loans, as you say, or Moshiri to lower his sale price. When they didn't succeed, they walked away.

Let's not try to over-dramatise what is simply a commercial decision. It depends on how much the bidder wants the deal and what price he/she is willing pay.

Textor could buy the club and leave the 777 loan in place until the civil suit by Leadenhall is concluded. He might well decide to do that as it is unsecured. Everton are not even paying interest on the loans from 777 Partners at this point.

Who were the idiots who thought that Moshiri was clever enough to be an accountant for a model railway club, never mind our football club?

FYI, I was a treasurer at a model railway club with total bank funds of less than £2,000!

Defence, restraint of trade and or ultra vires and or statutory interpretation rules, Person is a human being.

Premier League rules are not law but can be challenged in the tribunal and then Appeal to the High Court, as appeal court, am hazarding a guess.

" It seems we are in need of some basic definitions:

A.1.187. “Person” includes any natural person, legal entity, firm or unincorporated association and in the case of a Person which is incorporated any of its Associated Undertaking, Fellow Subsidiary Undertaking, Group Undertaking, Parent Undertaking or Subsidiary Undertaking;

A.1.235. “Significant Interest” means the holding and/or possession of the legal or beneficial interest in, and/or the ability to exercise the voting rights applicable to, Shares in the Club which confer in aggregate on the holder(s) thereof 10% or more of the total voting rights exercisable in respect of any class of Shares of the Club. All or part of any such interest may be held directly or indirectly or by contract including, but not limited to, by way of membership of any Concert Party, and, for the purposes of determining whether an interest or interests amounts to a “Significant Interest”:

(a) any rights or powers held by any Person shall be attributed to any Connected Person to that Person; and

(b) any rights or powers held by an Associate or Nominee of any Person shall be attributed to that Person."

It took years of research and study, often missing out on a social life, my apologies for having to miss some of the meet ups at the Harlech but, all being well, I will be at the Harlech with the drinks on me.

Looking forward to seeing you all this Saturday and fingers crossed for an Everton win, hopefully we might get to see Roman Dixon at right back, Tim Iroegbunam in midfield, and Ndiaye playing a Number 10 role.

All the above is of course Fantasy Island and fairytale make believe.

More chance the above happening than Moshiri being a qualified accountant. I can only assume Moshiri got one of those you can buy at the seaside with your name printed on for a degree.

No other explanation how a qualified accountant could get it so wrong, or was the invasion in Ukraine – the one where the real owner, who had plans for naming rights, use of his steel for new stadium, and pumping money into the club – was found out with assets frozen? Since then, Moshiri's money into the club has been nonexistent.

Personality is a construct, trait, characteristic of a person, or guise, such as legal personality. A person thus cannot be a legal entity, as person is represented by agency by way of legally recognised as for instance, legal personality: lawyer, and or person can have a personality that is not of itself a person, such as legal personality, where person is registrable as a Ltd company.

A person is thus a human being, on everyday ordinary use, and legal personality is agency for a statutory authority, on everyday ordinary use.

Using your 3 years of research, can you critique this representation:

"More chance the above happening than Moshiri being a qualified accountant, I can only assume Moshiri got one of those you can buy at a seaside with your name printed on for a degree.

No other explanation how a qualified accountant could get it so wrong, or was the invasion in Ukraine, the one where the real owner, who had plans for naming rights, use of his steel for new stadium, and pumping money into the club was found out with assets frozen, since then, Moshiri money into the club nonexistent."

Yes, it is my opinion that the 777 loan is a major issue and I don't believe that any sale will occur until it is resolved.
Others more qualified than I believe that too and it is the reason Freidkin walked away. But they may return once it is resolved.

Steve @ 103,

I may well have misunderstood then.
The paragraph and context reads somewhat different to your further explanation.

I agree with you that the injunction doesn’t preclude the defendants from other business matters.

It’s not just a simple loan. If it were, then I agree, interested parties would not see it as an obstacle. Sadly, it isn't the case.

Moshiri has wrapped the club’s financial commitments in a web which blurs the lines between legality and dubiousness.

I don't think Textor’s interest is genuine.
But hey, stranger things have happened.

How we need some luck on this…

The Premier League is a private club: Members Only. Others are welcome to pay to watch.

The private club writes its own rules for its members to follow. And those rules include their own definitions of the terms used.

Your definitions, sad to say, don't mean diddly squat to the private club or its members.

Looks to me like a situation where all sides are playing hardball, waiting for one party to crack.

Hope someone cracks soon!

I don't think this was negligence from the club's standpoint, actually it was rather crafty (given we were up the creek).

"Everton are not even paying interest on the loans from 777 Partners at this point."

Is the correct? Do you have a link or evidence? And if we are not, then I assume we are still nevertheless accruing a liability.

I appreciate that whether that loan ever gets re-paid in full is a very live issue right now. I'm on the side that thinks a transaction won't go through without some level of discount.

But for the purpose of negotiation, I'd be very surprised if legally, it is now an interest-free loan because it would then be very much worth keeping pretty much indefinitely.

But can some kind person explain how you get a $200M loan unsecured?

That doesn't mean that they don't have a legal charge over Moshiri's shares. But that doesn't need to be public.

It has been said by those in the know, that interest doesn't accrue on the loans till next year. That's either come from informed sources or is bollocks. It seems a strange thing to claim, but would support the soft equity position they were looking to build, prior to an acquisition that probably benefited them more than Everton.

There is no public document that states if the interest is being paid, is secured. The accounts should provide more information later in the year.

I appreciate 777 Partners have, allegedly, obtained the funds illegally by offering the same collateral for several different funds. From an Everton point of view, though, assuming (a big thing I know!) we have dealt with 777 Partners in a proper manner, surely we are not liable to any prosecution or fallout, other than the need to re-pay the £200M?

I appreciate that is a significant sum but, if these wealthy guys looking to buy the club could put that money into an escrow account whilst the legal process is going through, would that not ring-fence the issue?

If there has been any collusion at Everton, surely then any follow up would be targeted at the individuals, not the institution, beyond the need to re-pay?

Perhaps by agreeing to pay an exorbitant interest rate.

Thank you. I just wish we could go back to Football. And get the pink Echo at 4:45. Then sit and have a pint doing the quiz.

I am off for a nap. My head hurts.

So, let's put an end to this talk of legal problems. The fact is simple: the 777 Partners loan was provided using someone else's money (A-CAP), and they were misled. That's it. Everton is not involved in this; Everton did not deceive A-CAP.

In my opinion, Friedkin did not want to pay the £200 million to either 777 Partners or A-CAP, and that's the crux of it. Presumably, they hoped Moshiri would take over the loan, but I doubt he's that naive.

And yes, since the Russian sanctions, money has dried up, and Moshiri is now looking for someone else to take over the club and continue funding the deficit.

Unless a buyer is willing to commit £600M to £700M for the club, they're wasting their time circling like vultures. I hope Textor is serious. He'll be getting a stadium valued at £500M, a squad worth £200M, and other assets. He'll need to pay £700M, with £200M of that placed in escrow to pay A-Cap when the court issues its ruling.

One last question: Why did he provide the £200M loan then pull out?

777 Partners have used the same collateral to obtain a number of loans from different "lenders" which is illegal.

What they have done with Everton is borrow £200M by illegally securing the loan on said collateral. They are paying interest on the loan repayments to that lender.

They loaned Everton that £200M for the stadium. Everton are paying massive interest back to 777 Partners who are making a healthy profit from the difference in the loan repayments, after Everton make their repayment to 777 Partners, then 777 Partners to A-CAP (the lenders).

The Lender to 777 Partners and 777 (lenders to Everton) are all content with the deal because they are both making big money.

Everton have (in theory) done nothing wrong. They asked 777 Partners to lend them £200M and 777 Partners obliged.
If there is a conspiracy and document trail implicating Everton, it has not surfaced, if it exists.

The issue arises because, if 777 Partners default and fail to pay any particular one of their creditors, who then seize the collateral as recompense, all other loans become vulnerable to loss. If 777 Partners fail on one, they might as well fail on all because their asset (the collateral) is gone. All other creditors will be left potless because there is no longer collateral in place.

If Everton repay 777 Partners, 777 Partners in theory owe that money to the other lender and so they would default on the 'Everton loan'.

What avenue the 'Everton loan lender' could go down to get any money back becomes as murky as an Arteta transfer.

I hope that helps.

Let's hope it turns out as you say.

They want to buy Bramley-Moore Dock for £200M. It's a calculated bet in case the club fails and goes bankrupt.

If that happens, they will own the stadium. If not, they will collect their interest and get their £200M back.

Essentially, they were trying to replace the previous creditor. Once they achieved that position, they pulled out.

So they have had the kecks off us. The plot thickens.

The problem is that Textors existing football holdings are already ultimately financed by borrowing.His holding in Crystal Palace via Eagle is financed from borrowings and is security for his borrowings for his Italian Club investment.

At best Moshiri is hoping for another loan from Textor or a refinancing of a existing loan.

Moshiri won't sell and end up owing money to Usmanov.

Getting boring now.

Textor admits he does not have the money, saying he needs to sell his Palace Shares, which are security for other loans.

A very strange decision, but then Moshiri is an expert in strange decisions.

Even if Textor had the money hidden beneath his floorboards, he would still have to sell his shares in Palace (or sell sufficient to reduce his shareholding to less than 10%) because of Premier League rules.

Just does not add up.

Still not sure about the exclusivity aspect. Maybe Textor would not proceed with checking the facts without a period of exclusivity. Maybe Moshiri just wants to kick the can a bit further down the road, buying time for some miraculous event that releases Russian capital.

I think it is more likely that Moshiri is lining up yet another loan.Nothing has been done to addressing the financial issues of running the Club, which is causing Everton to be in breach of PSR.It is not going to fix itself, and Covid as a factor is demishing , so more loans will be needed.

What has Moshiri done to indemnified against the New York Case fallout? The threadbare squad is now make do and mend.