Post by milehigh on Apr 19, 2024 13:52:14 GMT
From the Atheletic
"For the record, this is week 31 of the 12-week regulatory approval process for American investment firm 777 Partners’ takeover of Everton that started on September 15, 2023. It is also 31 weeks since anyone involved said anything on the record.
Here is what you did not miss.
777 Partners has still not satisfied the four conditions the Premier League has placed on its approval of the deal: convert £180million ($225m) in recent loans to Everton into equity, put £60million into a ring-fenced account to get the club through the summer, secure about £100million in funding to complete construction of the new stadium and pay off the £158million Everton borrowed from MSP Sports Capital, another U.S.-based investment firm, last year.
That particular loan should have been repaid by 23:59 on Monday but, when the clock struck midnight, the club’s proposed takeover vehicle remained a pumpkin, with any hopes fans had of a change at the top still in tatters.
Everton owner Farhad Moshiri, briefly back in the UK from his Monaco base to meet lawyers and watch Everton get pummelled by Chelsea, did not repay the loan. Neither did 777.
Everton fans protest
Everton fans protesting against Moshiri in March (Alex Livesey/Getty Images)
Instead, MSP extended the deadline by…. well, nobody is saying, but the hints suggest we are talking weeks, not months. Which is the same timescale given for 777’s takeover to be approved. Although that message has been consistent since Christmas.
This unspecified extension, however, did confirm that something else is not going to happen, namely MSP taking control of Everton. It could have done so, if it wanted, as it secured its loan against 50 per cent plus one of Moshiri’s shares in the club, as well as the subsidiary that owns the three-quarters-completed Bramley-Moore Stadium.
So, just to recap, we have an owner who evidently can’t (or won’t) repay the MSP loan, fund construction of the stadium or meet the club’s monthly cash requirements; a would-be buyer that has been trying to rustle up the money required to complete the takeover but has failed to do so; and a creditor that once wanted to own Everton but when presented with the chance to do so, decided it would rather take its chances of getting its money back once the summer transfer window opens.
In the meantime, Everton are mired in a third successive relegation battle, still in dispute with the league about its accounts for last season and only a clearance sale away from another breach of the league’s spending rules for the current season.
No news is not good news at Goodison."
theathletic.com/5426266/2024/04/19/business-football-everton-fa-cup-replays/
As they are trying to liquidate assetts to meet their commitments with Everton, it is highly unlikely that any additional funding would go to the BBL or any of the clubs they own in the BBL.
"For the record, this is week 31 of the 12-week regulatory approval process for American investment firm 777 Partners’ takeover of Everton that started on September 15, 2023. It is also 31 weeks since anyone involved said anything on the record.
Here is what you did not miss.
777 Partners has still not satisfied the four conditions the Premier League has placed on its approval of the deal: convert £180million ($225m) in recent loans to Everton into equity, put £60million into a ring-fenced account to get the club through the summer, secure about £100million in funding to complete construction of the new stadium and pay off the £158million Everton borrowed from MSP Sports Capital, another U.S.-based investment firm, last year.
That particular loan should have been repaid by 23:59 on Monday but, when the clock struck midnight, the club’s proposed takeover vehicle remained a pumpkin, with any hopes fans had of a change at the top still in tatters.
Everton owner Farhad Moshiri, briefly back in the UK from his Monaco base to meet lawyers and watch Everton get pummelled by Chelsea, did not repay the loan. Neither did 777.
Everton fans protest
Everton fans protesting against Moshiri in March (Alex Livesey/Getty Images)
Instead, MSP extended the deadline by…. well, nobody is saying, but the hints suggest we are talking weeks, not months. Which is the same timescale given for 777’s takeover to be approved. Although that message has been consistent since Christmas.
This unspecified extension, however, did confirm that something else is not going to happen, namely MSP taking control of Everton. It could have done so, if it wanted, as it secured its loan against 50 per cent plus one of Moshiri’s shares in the club, as well as the subsidiary that owns the three-quarters-completed Bramley-Moore Stadium.
So, just to recap, we have an owner who evidently can’t (or won’t) repay the MSP loan, fund construction of the stadium or meet the club’s monthly cash requirements; a would-be buyer that has been trying to rustle up the money required to complete the takeover but has failed to do so; and a creditor that once wanted to own Everton but when presented with the chance to do so, decided it would rather take its chances of getting its money back once the summer transfer window opens.
In the meantime, Everton are mired in a third successive relegation battle, still in dispute with the league about its accounts for last season and only a clearance sale away from another breach of the league’s spending rules for the current season.
No news is not good news at Goodison."
theathletic.com/5426266/2024/04/19/business-football-everton-fa-cup-replays/
As they are trying to liquidate assetts to meet their commitments with Everton, it is highly unlikely that any additional funding would go to the BBL or any of the clubs they own in the BBL.
