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MSP Capital switch their attention to Spurs

| 15/02/2023 50comments  |  Jump to last

Farhad Moshiri's hopes of landing significant investment in Everton could be dealt a blow with the news that MSP Capital, the US-based firm which whom he has been negotiating, are considering a £3.1bn buyout of Tottenham instead.

MSP were said to be close to agreeing to take a 25% stake in Everton in return for investment of £105m in the Blues, with Moshiri hoping to use the funds for the next phase of construction on the new stadium at Bramley-Moore Dock.



Reader Comments (50)

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Barry Hesketh
1 Posted 15/02/2023 at 10:42:33
A billionaire whose sports investment firm had been in talks with Everton over a minority stake is targeting a full takeover of Tottenham Hotspur.

Jahm Najafi, who until recently was part owner of the Phoenix Suns, is to table a $3.75bn (£3.1bn) offer for the North London club, according to the Financial Times, with his MSP Sports Capital business that he co-owns with former sports agent Jeff Moorad part of the plans alongside a consortia of other investors.

Najafi is said to be 'weeks away' from formally approaching Spurs owner Joe Lewis and chairman Daniel Levy, according to FT sources. The offer would see Tottenham valued at $3bn before adding $750m of debt. It is claimed it would be MSP and partners contributing 70 per cent of the purchase price while the remaining 30 per cent would come from the MENA region, mainly Abu Dhabi.

The news will come as a blow to Everton's hopes of inward investment after the club had been in talks with MSP Sports Capital in recent weeks.

Najafi, Moorad and MSP vice-president Pete Taylor had all been present at Goodison Park for the game against Southampton last month, with talks having taken place over a minority stake in the club. The talks had been facilitated by Matthew Hammond, a long-time business associate of Blues owner Farhad Moshiri, who has been engaged independently to help with investor talks.

One of the main aspects of their interest in Everton was the stadium build at Bramley-Moore Dock, a build that still requires another major tranche of finance. The FT report that the real estate opportunities that exist with Spurs through their £1bn new stadium and the contracts it has with the NFL are key factors in the proposed acquisition of the club.

Should any deal between Tottenham and Najafi come to pass then it would end any plans for the purchase of an equity stake with direct control in Everton given the rules around conflict of interest and dual team ownership of clubs in direct competition.

Talks between MSP Sports Capital and Everton have not been ended although they have only ever reached early stages, according to sources. Source: Echo

Everton Football Club, yet again on the wrong side of history, as the neighbours, Man Utd and now Spurs it would seem, getting the necessary, new investment to cement their places in the super-rich club league, alongside Man City, Newcastle Utd and Chelsea.

Clive Rogers
2 Posted 15/02/2023 at 10:45:16
No buyers will want to pay for a Premier League club, then find they've got a Championship club next season.
James Marshall
3 Posted 15/02/2023 at 10:46:54
Tinpot Everton as always. We deserve to get relegated the way we're run.

I'm 50 this year, and I thought it was just my age making me lose interest in football, but actually I think it's just the shitshow I've been lumbered with since I was 7.

Nick Page
4 Posted 15/02/2023 at 10:56:45
Just seen this. Absolutely fucking Everton Football Club all over. The worst-run club on the planet bar none. Kenwright probably told them to do one with his no-show at the Saints game.

I honestly fucking hate this football club. If I could unhook the emotional attachment, I would. I despise what it's become and deserves nothing less. Plucky makeweight run by a cult.

Nick Page
5 Posted 15/02/2023 at 11:25:54
As soon as they demanded two board seats, you can imagine the walls being put up by Kim Jong Bill. No way are you coming near my trainset.

All he has to do is resign and he gets to keep his seat in the Directors Box. It's that easy, Bill. But he's such an almighty cunt of a human being, he just won't let it go for the best of all of us and the club itself.

He'll still be running this club when he's five feet under. It's a Nightmare on Bill Street.

Kevin Molloy
6 Posted 15/02/2023 at 12:35:34
Spurs have now stepped in… who saw that coming?
Clive Rogers
7 Posted 15/02/2023 at 12:39:06
Nobody will want to buy a club in the Bottom 3. They will wait and see what happens.
Dave Abrahams
8 Posted 15/02/2023 at 12:41:28
This £3 billion bid to buy Spurs is being knocked back by some reports now, including The Esk who says the investment in Everton by the same group could possibly be concluded in weeks rather than months.

Who do you believe? I think over £3 billion for Spurs seems very high.

Barry Hesketh
9 Posted 15/02/2023 at 12:43:41
Kevin,

Apparently the fat lady hasn't begun to sing – just yet.

Latest: I understand that MSP are still very much committed to investing in Everton & that the @FT report whilst no doubt well sourced has no foundation. @SamuelAgini

Steve Brown
10 Posted 15/02/2023 at 13:49:47
I'm not sure I believe the reported MSP bid for Spurs – £3 billion, plus £750 million to cover debt would not deliver a good return on equity.

A bid for Everton of £500 million + £500 million for construction costs represents a better opportunity for return for investors.

Kieran Kinsella
11 Posted 15/02/2023 at 13:53:38
Steve,

I suspect our board of directors fleeing from the stadium like extras in the Steve McQueen film The Blob probably scared off MSP — as was Bill's plan all along.

Brian Harrison
12 Posted 15/02/2023 at 14:54:50
I was listening to a financial football expert this morning regarding MSPs proposed takeover at Spurs and he said that this would be a leveraged buyout were the club, like at Man Utd, would be paying a large part for its new owners to take over.

The difference being that, when the Glazers took over at Man Utd, they were practically debt free, whereas Spurs are in debt to the tune of £950 million. Whereas Moshiri hasn't leveraged any of his and Usmanov's buyout or investment in Everton.

Obviously Spurs have built their new stadium and that's probably what most of their debt is related too. But they have built a new ground in London with a retractable pitch, that allows it to be used for NFL games, which may also be attractive to American owners.

They are also hosting the Beyonce concert there in the summer. So they have a lot of revenue streams running alongside the football side of things.

Christy Ring
13 Posted 15/02/2023 at 15:08:57
They wanted two men on the board, but Kenwright wouldn't go!
Matthew Williams
14 Posted 15/02/2023 at 16:00:31
Everything Moshiri touches it seems turns into shite!
Paul Hewitt
15 Posted 15/02/2023 at 16:10:48
It's not true apparently.
Ian Pilkington
16 Posted 15/02/2023 at 16:19:00
This should prove to Moshiri once and for all that no-one wants to invest in minority ownership of a club with such a dreadful record of mismanagement.

A complete takeover is the only answer and surely he must deeply regret his stupid decision not sell out at last summer to Kaminski. Any prospect of a takeover now is likely to be delayed until we achieve Premier League safety.

Kevin Molloy
17 Posted 15/02/2023 at 16:40:35
This does seem to back up Bill's claim that other big clubs – when deciding their next move – think to themselves "What would Everton do?"
Tony Abrahams
18 Posted 15/02/2023 at 16:50:16
The Liverpool waterfront pisses all over the Seven Sisters Road!
Kieran Kinsella
19 Posted 15/02/2023 at 16:53:43
Barry 3,

That Tweet appears to be from The Esk. But he doesn't offer any detail on his sources.

Barry Hesketh
20 Posted 15/02/2023 at 17:10:28
Kieran @18,

You're correct, I mistakenly believed that Esk was citing a source at the end of the tweet, when in fact it was a tweet of the news about Spurs.

According to Grand Old Team regulars, Esk hasn't covered himself in glory in predicting what happens at Everton in the past, even though his depth of knowledge about business and accounting of football is a great deal better than most.

Joe McMahon
21 Posted 15/02/2023 at 17:30:12
Nick & James @ 3 and 4.

I too share your feelings. I'm 53 and again 7 years old my stupid decision to follow this club which has been rotting for the past 30+ years.

The Premier League era has shown that fat controlling twat Kenwright puts himself first before the good of the club. I haven't seen Everton since lockdown and won't even consider it while he is still anything to do with our club.

Only this year on this very website 2 people posted, "Well, at least he's a blue"... seriously!

James Flynn
22 Posted 15/02/2023 at 17:30:46
A little Q&A on The Esk twitter. I guess we'll see if he had good sources for his info.

Question: Yje [The] question is when will the investment become real Is there any time scale etc when we should expect it to be finalised.

The Esk: Within a short period. I don't know the precise timing, weeks rather than months.

Question: Perhaps this is MSP letting Moshiri know that he's not the only option (as a negotiation strategy)

The Esk: I don't think so mate. They're in direct contact with Moshiri so there's no need to be planting stories elsewhere.

Q: I personally hope they go one step further and buy Moshiri out.

The Esk: Ideally yes, always been my preferred option but it looks like Moshiri wants a partial sale & hopes to recover losses at a later date.

And just for balance, one Evertonian's opinion on The Esk's projections:

Everton @Everton__· 2h Replying to @theesk @FT and @SamuelAgini

"You haven't got a clue, stop guessin."

We'll find out what's what soon enough.

Stephen Davies
23 Posted 15/02/2023 at 17:56:00
Oliver Molloy
24 Posted 15/02/2023 at 18:05:44
Football is big business and it's changing.

Moshiri won't want to relinquish his control unless it's an offer he just can not turn down.

He is waiting for this rumoured "subscription" to make his money back and then some.

If true, the subscription we pay Sky / BT will be no more in five years or less.

The role will be reversed in that Sky will not pump in millions but will operate as a broadcaster along with others.

As fans, the subscription we pay will go direct to the club we support and we will get to watch all our matches live.

The clubs pay the broadcaster a percentage – the bigger the fanbase, the more money there is for the clubs, or at least I think this is what it will work like.

If true, that's a lot of money, which is maybe why all these billionaires are so interested in Premier League clubs.

We've got to stay up!

Dennis Stevens
25 Posted 15/02/2023 at 18:21:36
Pay a Sky/BT subscription??!!!
Colin Glassar
26 Posted 15/02/2023 at 18:27:35
Bill will only sanction a sale to Disney and only if they promise he can stage a show at Disney World. Kenwright's got Moshiri by the goolies and there's nothing the daft bugger can do about it.

Oliver, I'm not paying a penny more to Sky or BT so they can pay millions to gobshites like Owen, Beglin, Carra and Co to talk endless shite.

Rob Halligan
27 Posted 15/02/2023 at 18:40:48
Spurs owners have no intention of selling, according to the BBC…

Tottenham owners have no intention of selling club amid reports of possible takeover bid

Oliver Molloy
28 Posted 15/02/2023 at 19:14:29
I understand, Colin, but the club would get your subscription (if you have one), this is the formula that is being talked about.
So potentially tens of thousands more season ticket holders generating bags of revenue for the owners.

I really don't understand why Sky let Carragher get away with some of his quite biased commentary... it really does beggar belief at times.

Dennis Stevens
29 Posted 15/02/2023 at 19:22:36
I've always been an favour of a reasonably fair distribution of TV funds across all teams, subject to performance. However, in Oliver's scenario, we may actually see Everton benefit from the huge hinterland of support that exists for the club.

In an odd way, it'd be rather like the old days when a "big club" was defined as those big city clubs with colossal attendances, rather than just the clubs whose owners had deep pockets.

Robert Tressell
30 Posted 15/02/2023 at 19:25:48
The MSP deal is a big opportunity for us.

These people seem to know how to run a sports club as a business. I suspect Bill would be given his marching orders and recruitment would start to look much more strategic.

I'm not sure the R-word would faze them. It might even create additional value.

Billy Bradshaw
31 Posted 15/02/2023 at 19:32:49
At the wonderful location on the banks of the Mersey, Moshiri's Mansion will always be of interest.
Simon Harrison
32 Posted 15/02/2023 at 19:33:31
Persoanly, I don't think that there is too much in the MSP - Spurs story. Maybe the story is being floated in order to lever down the 'proposed' share price for EFC and their (MSP) investment; what with the risk of relegation and all that still?

Another weird one doing the rounds is that now Qatar (Yes, the 'country' that owns PSG already) are going to buy out the Glazers at Man Utd, then there may be a chance, Premier League survival dependent, of Jim Ratcliffe (Ineos, networth).

"How much is Sir John Radcliffe worth?

The company (Ineos) is estimated to have had a turnover of $65 billion in 2021. He does not have a high public profile (when written), and was once described by The Sunday Times as "publicity shy". As of May 2018, he was the richest person in the UK, with a net worth of £21.05 billion."

Apparently, as the drums go, he's desperate to play in the Premier League, and the number of viable options are dwindling fast.

He may see EFC as a club on its uppers, but with a new stadium 'allegedly' nearing completion, it might well seem like a great opportunity to step in.

Yes, the club is in the financial, economic and footballing doldrums, but sow's ears are where you can make big bucks if you're canny enough. Ask Jerry Jones, former Dallas Cowboys owner how to do it.

Another quote (Forbes):

"It's a game-day routine he's (Jerry Jones) honed over more than three decades, since he bought America's team in 1989 for $150 million. The Cowboys, which first made him a billionaire in 2004, are now worth a record $8 billion, more than any other sports franchise on the planet." – 24 Nov 2022

Here's hoping... c'mon Sir Jim, gizza a job!

Lester Yip
33 Posted 15/02/2023 at 22:35:49
It's a different kind of investment on a different scale. One is at £105M for owning part of the potential gains in the Bramley- Moore Dock development whereas the other is a full buyout of $3,7B. It is not either this one or that one. SImply not comparable.

If MSP did pull out from investing in Everton, it's not because they're switching to Spurs but they think the return on investment is not good enough or they think Everton will be relegated. Why not invest later at a knock-off price?

Tom Bowers
34 Posted 15/02/2023 at 22:44:54
Better get used to this, guys.

Nobody wants to put too much into Everton without some big guarantees in return – much like many top class players who thumb their noses up at us.

We play relegation football and many people see us as an easy mark.

Beginning to think that we caught Arsenal on the way down and that our win was rather fortunate.

Anything less than a win against Leeds will put another nail in the coffin.

Si Cooper
35 Posted 15/02/2023 at 22:58:58
I worked for a short-lived (unfortunately) Ineos off-shoot in the noughties. Never met the top man but did meet a few of his lieutenants. It was well known he wasn't just fixated on the core business, and would invest in his outside interests.

I have wondered if he would ever be interested in taking on our club but I think it unlikely. Although he made his business from taking over poorly performing sites and making them profitable, I tend to think sporting ventures are too ‘random' for success in industry to broadly equal success in sport and Jim Ratcliffe will be too savvy (and proud of his ‘brand') to take on a long shot.

He goes for premium brands in sport, presumably seeing it as a merger of equals. His chances of turning Man Utd into Champions are much better than sinking the same amount of money into us, assuming his initial stake is redeemed when he eventually sells the club on...

Simon Harrison
36 Posted 15/02/2023 at 23:35:19
Thanks for your post, Si.

I think that is why Sir Jim R (just to avoid any possible nod to you know who), would be looking at this carefully, very carefully indeed.

It would appear that his opportunity to buy Man Utd at a sensible market value has just been blown out of the water by the Qatar Crown Prince's interest. nb: A member of the ruling family directly, and not a Qatari investment group.

If you look at the Premier League, there doesn't seem to be that many other clubs that may appeal to suitors; though I'm sure that the owners of Brentford, Brighton and Southampton would possibly sell to buy, whilst enjoying their feeder clubs' environments?

Historically, Forest, Villa and Everton have all had 1st Division success, won a European trophy (or two) and have a potential to expanad and thrive.

Especially, in my view, Everton FC.

The way the club is structured off the field, commercially, financially, the marketing, branding, advertising, the rife nepotism and croynism within the club, would surely appeal as a task too 'interesting' to overlook, and indeed overcome with sensible, best in practice work principles? I hope that makes sense?

Whilst most of the people on here bemoan the poor level of players and call for the 'playing staff deadwood' to be culled; to me though, the much more necessary to be culled is the high levels of administrative staff. The admin side have grown by 8.4% this last year alone, to 609 (or 634, depending where you read?).

The board since Moshiri's arrival, and non-dictatorial largesse allowed them to become the second highest earning board, on the 19th worst performing club?

I know it'll probably never transpire, but I think a takeover, or buy-out by someone like Jim Ratcliffe, would see a marked improvement in all areas within 18-24 months, ie, once everything is bedded in, and all the legacy 'rot', has been treated. Yet, once done, as with Man City, there is huge potential with clever planning to become a global phenonemon!

That's one thing he (Sir Jim R) has openly admitted about working with Sir Dave Brailsford at Sky Cycling, now Ineos Grendiers, is to work initially with what you've got. Yet, to go away with a fresh piece of paper and draw up a 'perfect clear sky plan', and then slowly but surely put that in place, until the idea of incremental gains becomes the way to go from a massive increase in operational success, to continued development and growth.

It's like having a perfectionist working with an alchemist, if you'll excuse the analogy.

As I said earlier, here's hoping, Si! :D

Simon Harrison
37 Posted 15/02/2023 at 23:41:47
Oh, and on your final point, I missed addressing. The Glazers have demonstrated, and indeed our own dear Farhad himself, 'tis not about the money, but the planning, the recruitment and the execution of said plan.

Initially, for example, it would take over $5bn to buy Utd, and then maybe another £500m to £1.5Bn to aquire the necessay players to challenge for the title.

Whereas with us, for just around $1bn you get the club lock, staock and stadium. You then have £5-£6bn (if investing equally) to get the good ship Everton seaworthy and untap a huge potential in commercial and financial activity. In return for a moderate investment, an 'investor' of such stature could look to recoup at least 5-6 times their initial investment, and create an entirely new entity and legacy that Everton currently is.

It's good to be positive isn't it...

Trevor Powell
38 Posted 16/02/2023 at 00:11:51
Agree with James 3 and Nick 4 absolutely.

Over the last couple of seasons I have retreated to my railway modelling on match days becasue I just expect the worst.

Then, for moment, they raise my hope by beating Arsenal with passion and pride, and then destroy it against RS without a real whimper!

Lester Yip
39 Posted 16/02/2023 at 00:35:50
If I were the investment funds, I would be vulturing around Everton for a couple of years. Such distressed asset is not easy to come by especially with an upside of the stadium. The ultimate question is at what price. I think there are potential investors watching us closely for the right moment to strike.

Or buy a small club and take a few seasons to slowly build it up. e.g. Brighton. But our fan base and heritage is not easy to build. So we'll have buyers.

Kieran Kinsella
40 Posted 16/02/2023 at 00:53:39
Lester

Good point on Brighton. 10 years ago it was Swansea, 20 it was Charlton. The small well run clubs hit a glass ceiling called limited fan base

Mike Gaynes
41 Posted 16/02/2023 at 03:00:00
There's one key factual error in the Echo's report, which may or may not cast doubt on its credibility:

"Jahm Najafi, who until recently was part owner of the Phoenix Suns..."

Najafi is still part owner of the Suns. He is one of three minority owners who did not surrender their shares when the new majority owner took over at a price of $4 billion.

Si Cooper
42 Posted 16/02/2023 at 04:32:29
Simon (37), maybe I’m overthinking it, but would FFP vastly reduce what a new owner could pump into the playing staff, at least until the club started to generate’ a shedload more income.
There is still the X factor to contend with. Don’t appoint the right manager/ coach, recruit the wrong players and the non-trifling sum of £500 million could get you zilch.
Jerome Shields
43 Posted 16/02/2023 at 06:31:14
'Chairman Najafi and chief executive Jeff Moorad were spotted at Goodison for the 2-1 loss against Southampton last month,'

The same game that the Everton Board announced that they would not be attending due to concerns for their safety, which was later shown to be based on faked news, totally false allegations and unnamed internal security advice.

I have watched Kenwright for years and forgive me for seeing his grubby hands all over this.Further evidence of the unbelievable lengths that he will go to maintain his position, with the sole purpose of asset stripping Everton, which he will continue to do.

Derek Thomas
44 Posted 16/02/2023 at 07:38:52
Kieran @ 40; very good point. I just took a quick look at all the title winners since 1892, all bar 8 or 10 were/are 'big city' clubs (all due respect to Hudderfield, Burnley etc.)
Jerome Shields
45 Posted 16/02/2023 at 10:17:15
James #22 and Lester #33,

I read through all the posts including my own. I now think that yours are the most relevant posts in regard to the present situation at Everton. Everton are in a financially stressed situation and anyone interested in investing will be waiting to get into the best position to get in as an investor with the least cost and with as much control as possible.

There are probably a number of investors in the wings observing the situation. Rumours will abound as parties seek advantage. The further Everton sink, including relegation, the more investors with lesser backing come into the frame. These parties could already be at play.

For Evertonians who live and breath the club, this attitude is difficult to fathom. The truth is, since 1990, Everton has been picked over as an asset that money can be made out of, with lip-service paid to actually winning a competition. There is more profit in doing the latter than the former, when short-term gain is the motivation and financial manipulation is necessary to provide the funds to do so.

I also think that any investor could have limited options under the Profitability and Sustainability Rules, which is a further complication.


Danny O’Neill
47 Posted 16/02/2023 at 10:25:10
I've read through the posts and I furiously look on media for news of Everton.

Tell me Ma. What ever will be.

I can't influence anything. All I can do is be there with them on Saturday. They had best be there.

Matthew Johnson
48 Posted 16/02/2023 at 18:57:09
MSP will have had an investment strategy defined before they spoke to anyone, they would of known what financial outlay they were working towards - you don;t go from spending £100m for an investment in a club to spending £4b owning a club in a matter of weeks, so one of these stories isn't believable
Eric Myles
49 Posted 17/02/2023 at 03:38:23
Mathew #48, maybe they had a Plan B should Plan A hit a snag e.g. a chairman and CEO.
Barry Hesketh
50 Posted 17/02/2023 at 14:52:35
According to a report in/on Bloomberg [Behind a paywall] a Miami based firm are interested in a minor shareholding in Everton. The Esk says this group wouldn't be on his list of preferred investors.

777Part
Allen Rodgers
51 Posted 17/02/2023 at 14:59:38
https://finance.yahoo.Miami-based 777, led by managing parters Steven Pasko and Josh Wander, is interested in potentially acquiring a minority stake in Everton, the person said, asking not to be identified discussing confidential information.

Based in the northwest of England, Everton is one of just a handful of clubs that have never been relegated from the Premier League—Europe’s richest football league. But that record is under threat after a string of poor performances this season has left the club battling to preserve its top flight status.

Everton’s owner Farhad Moshiri has separately held preliminary discussions about selling a stake to MSP Sports Capital, another US investment firm, Bloomberg reported last month. Any new money injected into the club may be used to help Everton with the construction of a new state-of-the art stadium.

MSP is also reportedly interested in making a bid for Premier League team Tottenham Hotspur FC, which would reduce the chances of it investing in Everton and create an opening for 777.

Deliberations are ongoing and there’s no certainty that 777 will decide to proceed with an offer, according to the person. Representatives for 777 and Everton declined to comment.

As a so-called multiclub owner, 777 has been steadily building a stable of football investments that includes clubs from Belgium to Brazil. Late last year, it agreed to buy a majority stake in German Bundesliga team Hertha BSC.

Proponents of this model point to cost synergies and the potential to strike more lucrative sponsorship deals. Americans, in particular, are drawn by the growth potential and lower valuations in European football compared with sports franchises back home. Multiclub’s critics say it stifles competition and creates feeder teams with no real prospect of success.


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