Everton have a significant debt burden while being cash flow negative, which poses significant problems
Having for so long been in the driving seat, anointed as the chosen ones by Farhad Moshiri to acquire his 94.1% shareholding in the football club, Miami-based 777 Partners ’ chances of taking control now look to be incredibly remote.
One of those criteria was the repayment of a £158m loan to MSP Sports Capital, the New York-based firm that had provided straight funding to the club after a deal for 25% equity was objected to by an existing lender, Rights and Media Funding Limited, last year. It was a move that paved the way for 777 to enter the fray and make a play to purchase the club from Moshiri.
But whether it is MSP or another party, of which there is understood to be US interest, then there is likely to going to have to be some debt restructuring undertaken, something that was last week reported to have been looked at by Everton through engaging restructuring experts to aid short-term debt issues.
But with so much debt, the club is effectively worthless when it comes to a purchase price being placed upon it. “In the case of someone like Andy Bell or George Downing, who have provided some financing, as Evertonians they are likely to be pretty sympathetic to what’s going on and try and find a solution that is best for the club. For someone like Rights and Media Funding Limited it is more difficult as they have no emotional attachment to any of this.”
There is no simple solution to Everton’s issues at present, and reports have already started to raise the grim possibility of administration, although that notion has been rejected by the club and is understood to be not under consideration.
777 Partners MSP Sports Capital Farhad Moshiri
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