26/09/2024 9comments  |  Jump to last

In an article published on the website of law firm BCLP, Rights & Media Funding director David McKnight praised the legal support it had received from the group during talks surrounding the Everton takeover deal with The Friedkin Group.

R&MF are reported to hold Everton debt to the tune of around £225m, and they stepped in last year to veto one investment proposal from MSP Sports Capital.

Their positive outward statements about the legal aspects of securing a deal with The Friedkin Group are considered significant in providing added confidence that not only did the extensive negotiations well away from public view enable TFG to overcome the obstacles that caused them to apparently walk away from any deal with Farhad Moshiri in July but also that R&MF are happy with the terms.

Further detail and insight into what has been happening that led up to the sudden and surprise announcement of a deal last Sunday has been provide by Matt Slater in The Athletic FC podcast.

» Read the full article at The Athletic Football podcast

Reader Comments (9)

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Jerome Shields
1 Posted 26/09/2024 at 20:50:47
It is possible that Friedkin Group has been negotiating with other parties involved in Everton such as lenders like R&MF and the authorities involved in the legal case involving 777 Partners/ A Cap.These parties including Friedkin Group had secured calls on Everton's assets. Moshiri though majority share holder had given away his equity on guarantees.The main barrier had been to the takeover was the uncertain outcome to the New York court case, which seems to have been addressed, probably by some form of indemnity.

Going forward the interest on all these loans will have to be addressed, since they are part of the costs that are driving Everton's losses.

What we are actually witnessing is process of Corporate recovery, as opposed to the sale of a majority shareholding.It was the lenders who were in pole position regarding the Clubs sale.Given Everton's on going cash flow requirement Friedkin a major lenders and other lenders will be the key to running the Club.Any monies that are provided as part of the terms of sale by Friedkin Group, will be in this context. Moshiri has taken a haircut to start with.

Jerome Shields
2 Posted 26/09/2024 at 21:28:34
One aspect of Everton debt is the good debt relating to the Everton Stadium Development Co that Friedkin Group have control over.At least that Company was properly run.Though I ddo think the capacity should have been over 60,000.Maybe the new attempt at a safe standing options will be allowed to bring it closer to that capacity.
Dennis Stevens
3 Posted 26/09/2024 at 21:47:19
It sounds more like a scalping than a haircut. Still, thanks for the stadium, Farhad.
Brendan McLaughlin
4 Posted 26/09/2024 at 21:48:21
Didn't find The Athletic podcast particularly inspiring in relation to how Friedkin have gone about things at Roma.

Hopefully Roma were a bit of a learning curve for Friedkin and Everton will, as a result, fare much better under their stewardship.

Tony Abrahams
5 Posted 26/09/2024 at 22:00:37
I’m sure the stadium will be able to hold around 60,000 people, once safe standing becomes a normality Jerome.

I hope you’re right Brendan, and the Friedkin’s, have learned a lot from owning Roma, plus I am also hoping that they might understand people who speak the same language a little bit better, than they might understand Italians.

Martin Farrington
6 Posted 28/09/2024 at 10:13:02
Some scaremonger, ie, Goodison News has posted that the deal will be held up and will be finalised in 2025 :-

However, recent reports suggest the deal will not be entirely boxed off until 2025, when Rights & Media Funding will approve the complete transaction [Giulia Bould, 26 September]

However, according to BCLP (24 September) the transaction may not be completed until the New Year, as they claim it should sealed “by the end of 2024 or early 2025”.

Better bloody hadn't!!!!

Jerome Shields
7 Posted 29/09/2024 at 09:36:11
Brendan #4,

Hopefully The Friedkin Group's learning curve at AS Roma will be an advantage to Everton going forward.

Jerome Shields
8 Posted 29/09/2024 at 10:48:31
Tony #5,

I am sure you are right regarding the stadium capacity and the safe standing.

Brendan is right regarding AS Roma and The Friedkin Group, but I do think Everton is more of a clean slate and the momentum for change has more momentum.

Jerome Shields
9 Posted 29/09/2024 at 17:19:30
Martin #6,

R&MF have had an important say throughout the takeover process. They were able to veto MSP acquiring equity and subordinate 777 Partners claims. It is obvious they will look after their interests first and are only interested in the continued funding of their interest payment.

In the takeover process, The Friedkin Group have given them their place, but they will not agree until their requirements are met. I have never liked their involvement in Everton as Kenwright's more expensive option rather than The Bank of China. They are a parasite on the club but have to be treated with kid gloves.The sooner they are gone after that, the better.

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