08/06/2024 153comments  |  Jump to last

Updated According to fresh reports, a group of global investors headed up by London-based businessman Vatche Manoukian has joined American billionaire, Dan Friedkin, in the queue of investors interested in buying out Farhad Moshiri's majority stake.

Both BBC Sport and Sky Sports understand that Friedkin, who is President and Owner of Serie A club Roma and has an estimated personal fortune of around $6bn, has registered his interest in buying the Blues following the collapse of 777 Partners' long-running bid at the end of last month.

Reports in Italy, however, suggest that the Friedkin offer is for a 45%, non-controlling stake in the Club.

Now, Matt Slater of The Athletic, says that Manoukian's consortium has weighed in with a £400m all-equity bid which means Moshiri has three or four firm approaches to consider, depending on which reports you believe.

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Born in Lebanon and educated in Cyprus and the UK, Manoukian is the nephew of an Armenian property and entertainment tycoon and partner in IMS Digital Ventures, a technology investment firm, and, according to The Athletic, his consortium, which has until now been waiting in the wings, is made up of Persian Gulf royalty and investors from the United States.

Local Merseyside businessmen, Andy Bell and George Downing, are thought to be at the head of the queue having gained the financial support of Michael Dell's merchant bank BDT & MSD Partners and reportedly agreed to meet Moshiri's valuation of the Club.

Their offer is said to be a mix of "fresh equity and a £350m loan" from Dell's investment vehicle secured against Everton Stadium that would refinance the bulk of the Club's existing debts

MSP Sports Capital, through which a consortium of 13 investors that included Bell, Downing and Moshiri himself, loaned Everton £158m last summer, are also said to have lodged a bid that Slater describes as a "complex mix of equity and debt" even though they passed up the chance to take a 50% + 1 share controlling stake in the Club in mid-April.

Meanwhile A-Cap, who have assumed many of 777's assets as part of the latter firm's restructuring process, were also reported to have tabled an offer of their own.

John Textor, the billionaire part owner of Crystal Palace, has withdrawn from the running , according to David Hellier of Bloomberg.

Moshiri is thought to be eyeing a quick sale having reached a Share Purchase Agreement with 777 Partners back in September and the takeover situation appears to now be gathering some momentum with the troubled Floridian private equity firm out of the picture.

San Diego-born Friedkin is a film producer, conservationist and the heir to Gulf States Toyota, which distributes the Japanese automobile manufacturer's cars in the United States. He bought Roma from James Pallotta for $700m five years ago but is not yet believed to have submitted a formal offer to Moshiri despite reports to the contrary.

The previous image accompanying this story showed Bob Manoukian, not Vatche, and has been updated accordingly


Reader Comments (153)

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Clive Rogers
1 Posted 08/06/2024 at 18:42:13
The BBC reporting that Roma owner American Dan Friedkin wants to buy the club.
Soren Moyer
2 Posted 08/06/2024 at 19:00:31
Looks like Textor is not interested anymore:

Danny O’Neill
3 Posted 08/06/2024 at 19:33:02
The plot thickens, just when it was looking positive for the Bell, Downing and Dell.

I suppose on the plus side, there seems to be plenty of interest, but I just wish this would get resolved.

Peter Hodgson
5 Posted 08/06/2024 at 19:56:43
The plot thickens, just when it was looking positive for the Bell, Downing and Dell.

I suppose on the plus side, there seems to be plenty of interest, but I just wish this would get resolved.

Please explain yourself, Danny. Why are you saying this?

Mike Gaynes
6 Posted 08/06/2024 at 20:25:21
As I posted on the other thread, Friedkin inherited his company from his dad and grew it beyond importing Toyotas to the US. Now he owns luxury resorts and makes major movies, including The Mule, Killers of the Flower Moon, Parasite (Best Picture Oscar) and Dunkirk, in which he actually piloted a Spitfire through a stunt.

The figure of $591m to buy Roma was published, but Friedkin later said it was $700m. The first thing he did was hire Mourinho as manager, who won the Europa Conference League and got the club to two finals but failed to advance Roma's position in Serie A (they finish 6th every year).

Roma fans were shocked and angered by Friedkin's sudden sacking of The Special One in January 2024, but they cheered his hiring of Daniele de Rossi, and he has done well.

Friedkin also stabilized Roma financially, cutting debt and costs dramatically and elevating revenues, primarily by sending the club on tour in Japan and elsewhere. Pulling in big stars like Rom (21 goals) and Dybala attracted attention and ticket sales.

Friedkin also owns a 4th tier French club, AS Cannes, and therefore seems to be an adherent of the multi-club business model.

Andy Meighan
7 Posted 08/06/2024 at 20:35:15
My god, they're coming from everywhere.

Onwards Evertonians.

David Israel
8 Posted 08/06/2024 at 20:38:11
I much prefer the local boys made good,with the Dell bucks behind them.

This fella might just bring in the Insufferable One, and we all know what that means, these days.

Danny O’Neill
9 Posted 08/06/2024 at 20:47:54
Thanks for the insight, Mike. Sounds an interesting character.
Lyndon Lloyd
10 Posted 08/06/2024 at 20:55:49
Right you are, Mike. It was €591m which was around $700m at the time (or vice-versa!)
Danny O’Neill
11 Posted 08/06/2024 at 21:07:20
Reported interest now from the American billionaire who owns and is Director of Roma, Peter. Its on the BBC. I think are reporting it too.

It's down to Moshiri to make a decision. But just make one.

John Wilson
12 Posted 08/06/2024 at 21:10:47
It is interesting that Textor says what he has concerning Everton as a top club and great opportunity, though Bell and Co originally did not want Everton, but do now.

Now apparently also MSP, who also did not want it. Now the AS Roma boss, too. Where was all this interest when we had to suffer 777 Partners [in alleged crime]?

Trevor Powell
13 Posted 08/06/2024 at 21:39:06
Just makes you think how many other consortiums or billionaires were around in 2016 before Kenwright sold out to the oligarch's bitch, and what we could have achieved on the pitch?
Tom Bowers
14 Posted 08/06/2024 at 21:47:13
If this guy is the one would he insist the name on the Everton shirts be changed to Dellboy?
Edward Rogers
15 Posted 08/06/2024 at 21:49:27
These investors are like buses... you wait ages for one, then they all turn up at the same time.
Barry Rathbone
16 Posted 08/06/2024 at 21:59:45
Upon seeing the actual debt, he's going to bastardise the line from Jaws: "I'm gonna need a bigger fortune" and stick to Toyotas!
David McMullen
17 Posted 08/06/2024 at 22:05:26
Not interested on multi-club owners. Go away!
Brent Stephens
18 Posted 08/06/2024 at 22:08:25
From a buyer's market to a seller's market, almost overnight.

I just hope that Moshiri, in taking what's best for him, doesn't take what's not best for Everton.

Paul Hewitt
19 Posted 08/06/2024 at 22:12:39
This Dell guy won't actually be buying into the club, he's just the finance behind the bid.

He's done it before with English clubs. Most recent WBA.

Paul Smith
20 Posted 08/06/2024 at 22:23:42
Here we go. Matt Slater from The Athletic:

Three bids for Everton:

🌍 £400m offer from global group led by tech investor Vatche Manoukian

🏴󠁧󠁢󠁥󠁮󠁧󠁿/🇺🇸 Bell & Downing, w/ £350m financing from BDT & MSD
🇺🇸 New group led by MSP

🇺🇸 Multi-clubbers Textor & Friedkin mulling it over
No bid from A-CAP

Just now...

Jamie Crowley
21 Posted 08/06/2024 at 22:30:58
David @ 11,

I agree with you if the multi-club owners are simply using the assets to create a wicked Ponzi scheme.

This fella ain't that, my friend. He's done a marvelous job at Roma and would be an excellent owner for Everton. His track record is superlative in just about any business venture he's engaged in.

Jerome Shields
22 Posted 08/06/2024 at 22:39:19
It always going to be the case that suitors would be waiting in the wings, even if Everton got relegated. Blue Sky ltd have written off £450M of shareholder loans now for a start. The existing lenders can be negotiated with probably at least delaying interest payments, if not getting them reduced. They even may be prepared to take a haircut.

The problem is not only will they have to buy Moshiri's shares, possibly pay off loans, and provide working capital at the rate of millions – Everton cannot go on indefinitely needing such funds, a Premier League requirement.

Everton need to be restructured and properly managed. It is only a suitor capable of that, which Moshiri has failed to do or realise. The danger is that Moshiri will take in other parties as investors and continue as he has before. What would make him change the course he has pursued so long at Everton?

Tony Williams
23 Posted 08/06/2024 at 22:40:00
Seeing Moshiri was in bed with 777 Partners, who obviously were a no-go from the very start, can we trust him to get the right people in this time?
Colin Glassar
24 Posted 08/06/2024 at 23:03:07
As far as billionaires go, this fella is on the lower scale. I don't want another poor billionaire like Moshiri, I want a mega billionaire like Gates, Bezos and Dell Boy.

This guy sounds like a nepo kid who's some sort of used car salesman. Not for me. Let's get some filthy rich owner who'll let two real Everton fans run the club for him and take us where we belong.

Derek Thomas
25 Posted 08/06/2024 at 23:05:54
To anybody asking 'why 777 then?'

777 was all about Moshiri's back pocket, not Everton's well being or even continued existence; he wanted out – with maximum cash; now, I think he has to take what's out there.

The suitors now smell a deal, what sort of deal? — a 'Deal' deal.

There are... always were... lots of positives and, in these cases, debt is sometimes not the big negative it seems.

You never know, we might even get somebody who actually knows wtf they are doing.

What a novelty.

Tony Abrahams
26 Posted 08/06/2024 at 23:06:14
Build it and they will come…

Maybe Moshiri has actually played a blinder by building a stadium on an iconic waterfront?

Sam Hoare
27 Posted 08/06/2024 at 23:06:15
This is a curious one. I think Friedkin is on record saying Roma is the jewel in his crown football-wise. Would that make us a feeder team or would we become equals?

I think the multi-club model is probably the fastest way for us to improve but only if it is done well.

If Moshiri wants to move quick, then this guy is an outside bet as currently he's made no firm bid.

Rob Halligan
28 Posted 08/06/2024 at 23:08:55
Why don’t they all club together, then we’d have about £300B to do as we please!
Brendan McLaughlin
30 Posted 08/06/2024 at 23:12:52
Back in the day, Blue Bill wasn't for selling unless it was on his terms and the reason we weren't hearing about all the prospective buyers was cos of NDAs.

Seems like NDAs ain't like they used to be…

Shaun McGough
31 Posted 08/06/2024 at 23:15:02
Moshri eyeing a quick sale is the only negative, Lyndon, in all these interested parties to me.
Rob Jones
32 Posted 08/06/2024 at 23:16:27
It genuinely baffles me how much importance some place on fanhood. I don't give a shit if any prospective owner is partial to us.

I care that they're competent in running the club as a successful business and are willing to delegate decision-making to people who actually know the sport, as opposed to Moshiri who was neither, and Kenwright who ran the club as his own fiefdom, with only his own interest and opinions at heart.

Paul Ferry
33 Posted 08/06/2024 at 23:50:36
Not one of your sharper posts, Rob Jones (24).

To use the lying sleazy impresario as your yardstick for evaluating the Evertonians we believe are in the mix to become our next owners is like comparing the speed of sound with a kopite tortoise.

Erm, they are if I might tweak your words: more than “competent” in running “a successful business”.

I don't think it would take an O-Level to see why so many place “importance [on] fanhood”. I'm sorry that it “genuinely baffles” you.

You wonder why after what we have been through – turning your luvvy droop jowls Billy Liar comparison right back at you – someone would prefer genuine Evertonians with top business acumen and achievement to take over our club?

That “genuinely baffles me”.

Gavin Johnson
34 Posted 09/06/2024 at 00:22:09
Well, now it's been clarified that Dell only wants to loan money to Bell and Downing, and their bid is in large part financed by a loan on the stadium, these other 2 bids from the Roma owner and the Armenian's consortium – who have both offered full equity into the club – suddenly sound better to me.

I don't particularly want another Greatest Ever Evertonian/s Mk II show.

Rob Jones
35 Posted 09/06/2024 at 00:44:44
Paul. I'd like someone with our interests at heart. But the luvvy proved that "fanhood" isn't an instant net positive.

I'm just skeptical, which is valid, after all we've been through. I'm happy to be wrong about this, and that Bell and Downing could be all we need.

I wouldn't say that any of my posts are that sharp anyway, Paul. :)

Gavin Johnson
36 Posted 09/06/2024 at 00:54:47
Rob, if Bell and Downing had more wealth, I would still be behind their bid, but when it's emerged that Dell's backing just means a loan on the stadium, the offer feels like fans with good intentions... but not having deep enough pockets... and haven't we been down that road before?!

I know that splashing money alone from richer backers isn't everything... You only need to look at Brighton and Tony Bloom to see that a fan owning the club can work... But don't we want to be more than selling our best players and being self-sufficient??

I see the offer from the consortium led by the Armenian businessman has backers from the Persian Gulf... So that could be from Qatar, so let's hope we get more info filtered through in the coming days.

Ed Prytherch
37 Posted 09/06/2024 at 01:19:02
A £400 million all-equity bid sounds like they are going to pay that amount to Moshiri to become the new owners but what comes next is important.

What are their plans to refinance the loans which are killing EFC? If Dell are able to do that, then I would like to see them involved.

Mark Taylor
38 Posted 09/06/2024 at 01:26:06
I am the eternal cynic and I just wonder here if Moshiri's (hidden) PR team are very active right now.

It's what I would do in his position, given he is pretty naked right now. Big up the interest, create a fenzy...

Kieran Kinsella
39 Posted 09/06/2024 at 01:34:34
Rob Halligan,

No mate, that's the QPR model. Remember they had a whole crew of billionaire owners and all they did was argue and take it in turns to fire managers while the club spiralled downwards.

Billionaires are like Scotsmen, every good team has one but, if there's two, you're in trouble.

Mal van Schaick
40 Posted 09/06/2024 at 01:45:03
If Textor is no longer in the mix, I would prefer Bell, Dell and Downing.

Dell would be the majority shareholder with Bell and Downing bringing some financial input and their knowledge of how Everton's history and fan base, that has kept us in the Premier League, just awaiting decent owners to bring success back to the club.

Denver Daniels
41 Posted 09/06/2024 at 03:43:45
Is this guy related to The Exorcist director, William Friedkin?

If he does buy us, he might have to bring Father Merrin with him to go around Goodison Park and "clean house". Get rid of Uncle Bill's presence once and for all.

Si Cooper
42 Posted 09/06/2024 at 05:06:55
I can (thankfully) see merit in a few of the interested parties.

You'd expect Messrs Bell and Downing to genuinely have the best interests of the club as their focus but is business acumen in any other field automatically transferable to running a football club?

Hopefully it's just a case of making the right appointments but that has been cocked-up before.

Friedkin has the advantage of a bit of a ‘track record' but will he play favourites? Hopefully being in the Premier League would give us equal status at least. I actually fancy having Roma as a ‘sister' club (and Cannes as a favourite ‘niece'). Can you imagine being able to visit Rome as an English fan and get a warm welcome (apart from the Lazio lot)? Well that is my little daydream anyway.

A personal fortune of $6 billion seems just about enough for 3 clubs. I wouldn't mind if he could bring a sponsorship deal with Toyota with him. They are on the list for potential next car.

Kieran Kinsella
45 Posted 09/06/2024 at 05:55:14

I'm not sure I want a Textor as owner assuming his surname derives from anti-social people tapping their phones to communicate.


The exorcist angle is actually a positive. I was puzzled by the fact he's a conservationist who owns a car company… aka hypocrite. Personally, as an Erasure fan, I'm hoping Andy Bell comes out on top.

To that point, I don't know if any of this is connected to Tony Abraham's story of American billionaires sitting with a suitcase of cash in the Titanic hotel. But I will say there were several ToffeeWeb posters — generally guys I respect — who argued against reason that we should get on board with 777 Partners despite the burning red flags as they were “the only show in town”.

Thankfully they were wrong but, in their defense, I'd say Moshiri's buttering up to the obvious Ponzi merchant Josh Wander could have convinced many that was the case. But while Paul Quinn is doing a victory lap, I'd like to point out many of us have called out 777 from Day 1. The difference being most of us just looked at public information and stated the obvious while Paul Quinn did the same while boasting some kind of inside knowledge.

Bottom line if you got past Math aged 6, then if you paid attention you realized the kidnapping, cap-wearing, accident victim exploiting sack of shit Wander was a modern version of bedsit boy Samuelson combined with Bernie Madoff.

Through luck rather than judgment we've played it well. We got this crook's last dollars to keep us afloat but did so without giving the charlatan any control, I look forward to seeing his various wire fraud trials.

Darryl Ritchie
46 Posted 09/06/2024 at 06:05:11
In the end, it will come down to “what's best for Moshiri”, not “what's best for Everton”.
Danny O’Neill
47 Posted 09/06/2024 at 06:06:54
Well, they're all queuing up now.

It's not a question of if, just when and who?

As Tony says, the new iconic Everton Stadium is Moshiri's legacy to the club and very attractive to would be investors. Both Moshiri and those looking to buy the club know he needs to sell. He has pumped a lot of money into the club, wherever that has come from, so he will obviously want the best deal for himself. I don't think anyone wouldn't.

Let's just have a decision shortly. It doesn't mean it will happen overnight, but it would mean we keep the Premier League vultures at bay as we have a plan in place. It is a bit like compliance in my world. As long as you can demonstrate you have a plan, the auditors will sign you off.

Kieran, living where I do in West London, there are quite a few QPR supporters. I remember when they came up years ago. The club boldly claimed they would achieve Champions League status almost immediately. Many of their supporters believed the hype as they spent big and paid big wages. They eventually got relegated.

As I always say, and we should know more than most, it's not what you spend, it is how you spend it.

Lyndon Lloyd
49 Posted 09/06/2024 at 06:50:21
Kieran, this vendetta against PQ is getting a little bitter and unnecessary. Suffice it to say, I’ve had lengthy phone conversations with him on the takeover issue and I’ll say it again, his assessments of 777 in particular came from a place of knowledge not guesswork or Google searches. A lot of what he told me months ago is now coming to light.

I’m not going to go into specifics but perhaps I’ve built up enough trustworthiness over the years that you’ll take my word for it.

Neil Lawson
50 Posted 09/06/2024 at 07:20:00
Can't they all just go to sealed bids at midday tomorrow like they do on Location, Location? 😁
Mark Lewis
51 Posted 09/06/2024 at 07:37:33
Wherever we go from here, we are in a decidedly more positive position than the sharks from 777 Partners.

I had this nightmare that 777 would collapse and we'd go into administration but there's a queue forming.

Sam Hoare
52 Posted 09/06/2024 at 07:46:04
Neil, I think it's quite possible that one of the bidders be granted exclusivity over the next week or so. Then it's just a question of how quickly they can get through checks etc.

A few people reporting that Moshiri is keen to move quickly so, with any luck, we could have new owners in position sooner rather than later, so long as the bidders actually have their finances in place, unlike 777 Partners.

Pete Ellingham
53 Posted 09/06/2024 at 07:48:34
Tony @ 18, spot on!

In my opinion, it is indeed the stadium that is primarily driving the interest. It will generate a significant amount of revenue alone. Business people will see this as a great opportunity to drive the Everton brand and wake up a sleeping giant!

Lester Yip
54 Posted 09/06/2024 at 07:50:12
It makes sense that more buyers showing up as the biggest unknown PSR punishment and whether we can stay in Premier League has now gone and the stadium is close to finishing.

Our financial situation is bad but there's always takers who think they can turn it around. Hope we really get one who knows how to run a football club.

Brian Williams
55 Posted 09/06/2024 at 07:51:57
Patience and positivity is what's required now, fellow Blues!
Paul Washington
56 Posted 09/06/2024 at 07:57:26
Derek #17,

Love your Kelly's Heroes "Deal, Deal" reference. let's hope we get some "Positive Waves" out of all this!!

Joe McMahon
57 Posted 09/06/2024 at 07:59:28
I know Goodison wasn't as attractive as the new stadium during Kenwright's decade-long search, but all we heard about was Moores and Noel who Kenwright swatted away as they didn't want him on board.

It makes you wonder how many parties would have been interested if Kenwright would have agreed to step aside.

David Vaughan
58 Posted 09/06/2024 at 08:04:09
Club suitors now coming along like bloody buses! What looked to all certainty would be a bunch of vultures picking over a post-777 carcass, Sean Dyche and the players have made EFC a very tasty morsel again. Not least by keeping us in the Premier League.

Believe, Evertonians, there are good times ahead. With new owners, new stadium, new vision, the blue bird is unfurling its wings...

Derek Thomas
59 Posted 09/06/2024 at 08:08:27
Brian W. @ 47;

It's well known that TW has a long history of patience & positivity...

It's in our DNA, we reek of it, it oozes from our very pores.

Kevin Edward
60 Posted 09/06/2024 at 08:21:13
I prefer my billionaires in a sharp suit and a nice buttoned-up collar with tie. No need to dress down.

All this debt is going to need some serious restructuring. I suspect Moshiri will go with the highest bidder of cash in hand, so he can retire.

Seeing as the Premier League need to ‘approve', then it may take a while, so the likelihood is more loans coming in while we all wait.

I'm really hoping for a positive change, the drag of the last 3 years has been miserable.

But I'm worried about PSR and how we can build a competitive squad while all this is going on. It's going to be tough.

Rob Halligan
61 Posted 09/06/2024 at 08:29:37
Brian #47…

I think we've had more patience than the Royal Liverpool Hospital on a New Year's Eve!

As for positivity, well it doesn't really reek of it on this site, but let's hope all that is about to change. Whoever takes over had better do it quick because the vultures from Old Trafford are circling over Jarrad Branthwaite too low for my liking.

Barry Rathbone
62 Posted 09/06/2024 at 09:16:01
If any of these rumours are true, what on earth was Moshiri up to with 777 Partners?
Chris Leyland
63 Posted 09/06/2024 at 09:40:10
Barry, the answer is that the club is now a much more attractive proposition than a year ago. We have comfortably secured Premier League status, the stadium is much nearer completion, and Man City have gone on the attack against the red cartel over the restrictive financial rules.

Moshiri also needed someone to finance the day-to-day running costs of the club this season so that he didn't have to and 777 Partners filled that requirement. He's in a stronger position to make back some of his (Usmanov's) money as a result.

John Keating
64 Posted 09/06/2024 at 09:42:59
Although it sometimes can work, I believe a business can't operate with two bosses.

Great to see two fans trying to buy us but, if successful, as sure as night follows day, a time will come when their ideas diverge.

Micky Norman
65 Posted 09/06/2024 at 09:52:46
This was always going to happen once the stadium build got near to completion and money people looked at the future possibilities.

Moshiri has done well for himself and his boss. It will make them money, get round sanctions and ultimately leave us in a good position.

Sean Dyche deserves a very big bonus for the season's work. If the Premier League had got their way, none of this would be happening.

Brent Stephens
66 Posted 09/06/2024 at 10:08:06
Rob (Jones) #24,

"I care that they're competent in running the club as a successful business and are willing to delegate decision-making to people who actually know the sport."

Sounds like the Glazers at Man Utd. And look at what they've done. A leveraged buy-out, using a relatively small amount of their own money and a much bigger loan that they then immediately loaded onto the club. They didn't get involved in the sports decisions, like Moshiri, leaving that mainly to others.

When they eventually sell (the rest of) the club, it will be the club not the Glazers that carries the debt from that initial loan. The Glazers will walk away with years of dividends, low-interest (no-interest?) loans for themselves and other family members, fees for themselves

And that's before any profit from the sale. It will have cost them a small initial amount from their own pockets; with relatively little of the initial loan having been paid off, it will cost the club most of the remaining initial debt of half a billion (?).

"Competent in running the club as a successful business" – but to their benefit, not the club's.

Christopher Timmins
67 Posted 09/06/2024 at 10:12:55
Let's hope for a take over by people who are competent and are able to put our finances on a firmer footing.

Still a difficult last year at Goodison Park but hopefully after that the clouds lift.

Brian Harrison
68 Posted 09/06/2024 at 10:16:28
The news of yet more people wanting to buy Everton is really heartening and certainly eradicates the possibility of the club being in limbo with the ongoing saga with 777 Partners.

What I think is most puzzling is these new possible buyers must be of the opinion that, with a new stadium, then this is a good investment. So why is Moshiri walking away when the stadium is near completion?

And yes, we all suspect that most of the money was coming from Usmanov, but surely he and Usmanov would get a better return once the stadium is complete?

I would prefer Bell and Downing with the financial backing of Dell to be our owners. I think owners who already own other football clubs will not be able to devote all their time and resources to Everton. So I think we need owners who are going to be 100% concentrating on our club, rather than having other irons in the fire.

Graeme Hodgkinson
70 Posted 09/06/2024 at 10:21:42
Could any one write a brief summary or artitcle on the various different groups involved in bidding currently?

Sky were reporting 5 different parties. Then the Roma owner came in… but I can't work out who they are, and which are together, but from what I gather so far:

1) AJ Bell (+1) (2 Evertonians), backed by Michael Dell, of Dell Computers

2) Rights & Media Funding – Existing Creditors

3) MSP Sports Capital – Exiting Creditors

4) AS Roma owner

5) A-Cap & 777 Partners; creditors interested in direct investment with us.

6) John Textor: Palace minority owner

7) Vatche Manoukian - reported by Sky as the latest interest.

It looks like I've just done the task I requested myself. But is that it – any others?

I've put them above in vague order of preference...

Ian Cowhig
71 Posted 09/06/2024 at 10:45:28
Maybe I've got this wrong on Moshiri.

He, along with another, has loaned the club £450 million (shareholder loans) that they have written off.

He holds over 94% of the shares in the club which he was willing to sell for around £70 million to 777 Partners in the short term.

I think he is an idiot with his own money and choices. But, he doesn't appear to be a person who is trying to line his own pockets through the sale of the club, to me, if I've got my facts right.

Raymond Fox
72 Posted 09/06/2024 at 10:46:43
Now we're talking.

They all must think a sensible price from Mohsiri and the club can prosper in the future. It's down to him to come up with that price.

Denis Richardson
73 Posted 09/06/2024 at 10:57:09

Usmanov must be rubbing his hands.

Jeff Armstrong
74 Posted 09/06/2024 at 11:43:52
The Esk now saying this Manoukian-Friedkin deal ain't happening.
John Pickles
75 Posted 09/06/2024 at 12:06:37
Well, there's a Tsunami of interested parties now.

I'm just waiting for the little girl in the Dairy Milk commercial to put in a bid of 2 buttons and a little plastic Unicorn.

John Chambers
76 Posted 09/06/2024 at 12:08:32

I believe the Manoukain and Friedkin (AS Roma Owner) is one bid. Also,

Textor has dropped out.

Robert Tressell
77 Posted 09/06/2024 at 12:11:29
This looks encouraging. It seems to have moved on from a distressed purchase turnaround project. There's a few parties now who look like they'd be in it as "proper" owners.

In fairness, people like Tony Abrahams said it would get like this… and I was sceptical. Perhaps the progress made under Dyche – comfortably mid-table for the first time in a few seasons despite the extreme cost-cutting.

Whoever takes over is very unlikely to bankroll a spending spree. Roma, for example, have been engaging in some pretty hard cost-cutting. In the past couple of seasons, they have spent about €30M, and sold about €150M worth of players.

The difference might be the level of engagement and professionalism, which has been sorely lacking from Moshiri.

Duncan McDine
78 Posted 09/06/2024 at 12:22:23
The guy on the left looks like his neck is being sucked into a giant Henry Hoover hidden beneath his shirt!
Scott Hamilton
79 Posted 09/06/2024 at 12:48:57
It's great that there's so much interest in the club.

My excitement is being held in check though, knowing that the person making the decision is our money-launderer in-chief, who will put himself first, second and last.

Mark Taylor
80 Posted 09/06/2024 at 12:51:11
I found Barry's @54 and Chris's @55 exchange interesting.

The implication of Barry's post is that there was something in the Share Purchase Agreement that made their bid so attractive, Moshiri pursued it beyond the point of reason. I can only think of two things, either there was a shareholding upside for Moshiri, maybe converting some or all of his loans to further equity.

Or 777 Partners, with their various offshore jurisdictions, had found a way of channelling some of the proceeds back to Alisher. My hunch is the latter.

No evidence other than that's the one that would explain what is otherwise hard to explain. Couldn't Paul Quinn finish the job and get a copy of the Share Purchase Agreement?

The implication of Chris's post is that Moshiri has played 777 Partners like a fiddle, using their cash when he couldn't or wouldn't provide any and, possibly, leaving them with junior, relatively unsecured debt and with a serious risk of not seeing all or even most of it back.

I wonder which poor schmucks are ultimately on the end of the trade, presumably some pensioners in the US.

It does however remind us just how messy this purchase is going to be. There are an awful lot of different parties, some with conflicting goals and motives, to satisfy.

Tony Abrahams
81 Posted 09/06/2024 at 12:59:12
Jeff @66,

I don't understand the money involved and how it fully works but my understanding is that whoever purchases Everton will need at least £1B, and it was being reported that this group was offering £400M?

Deloitte are obviously working very hard for Moshiri and those two lifetime Evertonians, Bell & Downing, have also got their PR Machine working overtime but, with Moshiri allegedly making the decisions, the answer is blowing in the wind!

Being serious, with a lot of different groups allegedly wanting to purchase Everton, I'd sooner things went slowly, even though I'm very aware of the need to get things done because of our very precarious financial position with regards to the Profitability and Sustainability Rules.

It sounds like we have got to sell before the end of June to avoid another points deduction. So, even when we are taken over, the first thing the new owners are going to have to do is sell a player to whatever club, who will know that we need to sell to avoid another penalty.

Peter Hodgson
82 Posted 09/06/2024 at 13:00:01

At that stage I hadn't heard. You were well ahead of me. Thanks for that. Not sure what to think now. It is Sunday and I'm catching up with you and the world.

Not sure I am a fan of the multi-club idea, having seen how 777 operated so I think, for the moment, that Bell and Downing would be my choice assuming the detail of their offer is acceptable.

As I've said before on here, whoever it is we shall have to wait and see if they are the 'right' ones for us but we have no say in the matter anyway.

Pat Kelly
83 Posted 09/06/2024 at 13:06:23
The alleged Manoukian consortium bid of £400m all-equity might be more attractive to Moshiri, assuming he can pocket the cash and get an early exit.

Presumably, the mountain of debt then becomes the new consortium's job to manage. Other bids involving some equity and further loans aren't clear on what Moshiri would actually walk away with.

I'd favour a clean share-buyout, without adding further loans (possibly secured on BMD) to the mix. If Manoukian/ Friedkin & Co have the cash and football club management experience between them, that sounds like what we've been hoping for. Other bids seem more like financial engineering.

Kevin Molloy
84 Posted 09/06/2024 at 13:09:10
I reckon Farhad will want to do a Kenwright. He knows he's having to sell the club for a song, so will want to retain a share in the club, so when the value goes back up, he'll benefit.

The downside of so many suitors is that he is now in a position to force the price up. Looking at the bids with a hard nose, I think a guy with serious money is preferable to someone who 'has the backing' of serious money.

We've been there before with Philip Green, these people never put their hand in their pocket.

John Wilson
85 Posted 09/06/2024 at 13:18:51
Dell, according to a US publication, is not interested in buying Everton and only backing Bell et al with a £300M loan.

I'd prefer a buyer with money to spend, like a new bidder... with Gulf (ergo oil) money, Roma billionaire or Textor billionaire, or MSP billionaire sounds (makes cash register sound) better to me than local businessmen with less than a billion between them.

I care not about fan sentiment. I want the best people with experience in football ideally, money men in that order, running our club.

Christine Foster
86 Posted 09/06/2024 at 13:26:05
Tony, with the level of interest now in the club, you have to ask why Moshiri stuck with 777 Partners in spite of everything?

Yes, conditions may now be more attractive to a buyer but I don't really buy that. Something fundamentally has changed. It's not just the 777 failure... who knows, he had a reason for sticking with them, I doubt we will ever know why.

As I have said before, I think Moshiri will probably sell a majority stake to a new consortium or owner with the funds to repackage or pay off the debt, take equity for control, but allow him to keep a stake in the club for future returns. (Why would he not? If he can get leverage in negotiations…)

Bell and Downing appeal to me but, at the end of the day, given the way Moshiri has been running the club, he will do what is good for him and his mate.

John Keating
87 Posted 09/06/2024 at 13:31:58
Hopefully Moshiri, for once, will make the correct decision on purchasers of the club. If it takes time, so be it… but let's just get it right.

Regardless of who he goes with, we should do absolutely everything we can to keep Pickford, Branthwaite and Calvert-Lewin – even if it means taking a hit from another “independent” commission

Once the hopeful stability of fit and proper owners comes in, we can reassess future spending. If the above players go, we may escape further punishment from Masters and his corrupt lackeys but Premier League survival will be far more difficult, in my opinion.

Stephen Davies
88 Posted 09/06/2024 at 13:44:49
From Reddit:

Breaking Down the Everton Takeover

Hello Evertonians! I am an FC Barcelona fan, based in Los Angeles, who works in Sports Finance. My neighbor and his wife, who are Evertonians, came over to chat and understand what's up with the club. It's Saturday night here, and I didn't have anything better to do, so I dug into things.

I will try to simplify things from what I read and the conversations I have heard. I am not involved with the buyout but know folks who are. It's a much smaller industry where everyone knows everyone.

Here we go.

**The Debt**

* £159 million – MSP Sports Capital
* £225 million – Rights and Media Funding
* £4-5 million – Metro Bank
* £190 million – 777 Partners (Inherited by A0Cap)
* £450 million – Moshiri's Shareholder Loans

MSP Sports Capital has two distinct security arrangements:

* Assets of Everton Stadium Development Company Limited. This means that in default, MSP can acquire the new stadium to recover their loan. Slightly complicated to explain, but Andy Bell, George Downing, and Moshiri through Blue Sky Capital are also funders of this project.

* Alternatively, MSP has an option to acquire 50% plus 1 share of Everton's issued share capital, which would give MSP majority control over Everton Football Club.

Rights and Media Funding is a 5-year rolling credit facility. Think of this as something similar to a credit card. Here is where you get conflicting information. A significant discrepancy in reporting, which in my opinion can be a dealbreaker. A few outlets report this loan is secured by future payments from transfers/media, etc. I likely believe it is secured against Everton's bank accounts, fixed charges over Everton's property portfolio (near Goodison Park), and a floating charge over all other unencumbered assets. (Shoutout to The Esk, he is an absolute gem.) This RMF debt accrues a 10.25% interest.

These are the loans that Everton will have to pay regardless as they are secured well.

Loans to 777 Partners (Inherited by A-Cap) are likely junior to these two loans. In any bankruptcy event, MSP and RMF get paid first before 777 Partners and Moshiri. However, A-Cap says their loan is secured and they are senior creditors of the club, which would put them at the same level as MSP and RMF.

**The Timing** 

Something that came up in the chatter was the timing of this takeover. It is interesting as Everton is due to receive prize money payments from the league which are stood at £133 million. This is the money the club receives from the overall competition commercial pool, which is distributed to all the teams, based on a few things, for example, their position in the league table at the end of the season.

Folks involved in financing other clubs have said this payment likely hits before 30th June. There is another payment due in August/September which is the first tranche of payments from the league. (Unsure on this one, but this is what I heard, payment flows vary a lot.)

Despite the timing, the payments would go only so far in helping the club and were likely factored in during takeover talks. My bet is the takeover is likely to complete before 30th June, or at least a structure is agreed upon. 30th June is the deadline used for accessing Premier League Profitability & Sustainability Rules (PSR) compliance.

If deals can be done before that “deadline”, they fall within transfers for the 2023-24 season and are included in the club's financial accounts for last season, rather than moving into the new campaign. If the plan of the new owners is to recapitalize the team, pay down some debt, and sell players to avoid another PSR violation penalty, my bet is the deal gets done before 30th June.

**The Sale**

The Buyers As of today, June 8 11:00 pm PDT, here are the potential suitors:

* Andy Bell, George Downing, backed by BDT & MSD Partners (More on this later)
* A consortium led by MSP Sports Capital
* Vatche Manoukian and Investors from Gulf and USA
* John Textor, founder of Eagle Football, owns 45% of Crystal Palace
* Dan Friedkin, Owner of AS Roma

Hear rumblings of another group, but almost everyone is looking to finance the takeover using debt along with equity. Many suitors will be willing to provide debt-based financing for the purchase, hence allegiances are bound to change.

**The Possibilities** 

Here are the things that can happen. I am simplifying this to the bare minimums. The actual deals are complicated and take months to put up and months to complete.

**Possibility I: New Owner comes in, pays all debt, and recapitalizes the team** 

Highly unlikely. The Premier League is a lucrative league for almost every single private equity investor. It's the league that is expected to continue to grow and firms take less downside risk when buying a team versus a team in a league like Serie A.

However, this would cost any new owner over £1 billion. My bet it costs somewhere around £1.3 billion. Deals of this size happen, but Everton is in a unique position and negotiating from a position of weakness. In my opinion, only someone in the Middle East or a single buyer would be able to pull this through. No one in private equity would commit to this, as they are all answerable to their investors.

Simply put, Everton is not worth £1.3 billion.

**Possibility II: New Owner comes in and negotiates with creditors** 

A likely option. In this case, a new owner comes in and negotiates with the creditors to either forego some of this debt or restructure it over an extremely long period of time at low rates. This would make Everton a more lucrative option. However, the club would still owe a lot of money over the long run and will be paying interest on that loan.

This would mean Everton is run like a lean machine for a few years, with fewer resources going towards things like player transfers, etc. It would, however, still be able to stay afloat.

**Possibility III: MSP Capital exercise the option to take majority control of Everton** 

Another likely option. More likely than Possibility II. MSP Capital takes majority control and would, in all honesty, look to buy out Moshiri. They will need a lot of capital, and they are already pulling strings, putting up their stake in FC Augsburg for sale last week. MSP buy out Moshiri, restructure some of the debt, and put up some more capital. They would likely clear the RMF loan first.

The managing partner of MSP Sports Capital, Jeff Moorad, was a professor of mine in a class I took at UCLA. He is an absolute beast, and an amazing dude to hang with. Unbiased view, MSP is actually highly respected in the industry, and widely regarded as having a razor sharp approach to finance.

They are known to take long positions, but I think Everton would likely be a position they hold for the short term, **IF** they go alone on this deal. (This is my take, not Professor Moorad.) It would be akin to what Elliott Investment Management did with AC Milan when their Chinese owners backed out. They would step in, stabilize the ship, hope the new stadium attracts enough new commercial and matchday revenue, and sell the team to another buyer recovering some of their investment. What Elliott did with AC Milan was absolutely legendary, and in no world would Gerry Cardinale and RedBird have bought AC Milan had Elliott not done its job.

**INSIDE INFO HERE:** I cannot reveal others in the MSP Sports Capital consortium. Texted a former colleague who is at the firm that are bidders with MSP. If the consortium is agreed upon, MSP comes in with others, who are capable of buying majority control, and running Everton over the long term. MSP in this case would still retain a minority stake. The new stadium holds the key to this deal.

**Possibility IV: Everton goes into administration** 

Cannot rate this option or its likelihood. Let me walk you through this. Administration is a major taboo in the football world, but something extremely common in finance. It is a way for a firm to basically restructure its debt and get back to good health. It does not mean the club ceases to exist.

The preferred way that things are done is through a method called ‘company voluntary arrangement' (CVA). In a CVA, a deal is put forth, which creditors vote on, usually giving them less money than they are owed, with voting power decided based on seniority. In this case, MSP and RMF would get more votes in the say versus A-Cap and Moshiri.

CVAs are extremely common in the EFL and other leagues, with advisory firms literally minting millions every year, doing nothing but advising teams here. In the Premier League, only Portsmouth has ever gone into administration. Going into administration would see 9 points being docked at the start of next season for Everton.

The Pros of this approach:

* Everton sheds a ton of debt. This would make it extremely attractive for someone to buy the club.
* The reduced debt will likely be restructured over the long run, hence a free-spending owner coming in can actually devote more money to things like rebuilding the squad, enhancing facilities, hiring more staffers, and growing the club.

The Cons:

* A ton of people likely get fired at Everton, as the club must break even.
* The club cannot spend any more money on signings. They may even sell players.
* Local businesses are affected the most, these are folks who provide things like catering services, produce, florists, etc.
* The Big Kahuna: Going into administration can trigger certain clauses in player contracts that allow them to leave for free. I have seen it happen with teams in the EFL, but the situation remains subjective. Any player with such a clause would need assurances from the new owners before the takeover is complete.

There are some speculations online as this being the preferred way in for new owners. I doubt it, but the threat of administration is enough for even the world's biggest banks/financiers to come to the negotiating table. Every possible new owner would hold this gun over Moshiri's head, to get him to agree to a deal, and forgo as much of his loans.

**Some Questions I think are FAQs** 

**Is Michael Dell buying Everton?** 

No, Michael Dell is not buying Everton. Michael Dell's family office is DFO Management, which was formerly known as MSD Capital. MSD Capital was Michael Dell's family office, meaning it exclusively invested his money. However, in 2009, MSD Capital opened up to outside investors and became an investment firm of its own. In 2023, MSD merged with BDT to create BDT+MSD, the firm that is backing the Bell and Downing bid.

They do still invest some of Dell's money, and Dell may be their biggest investor, but as far as I know, BDT is huge itself, managing some of the capital from the Walton Family (Walmart), the Pritzkers, and the Mars Family. BDT's founder, Byron Trott, is worth about $3.2 billion alone. Trott is considered a legend at Goldman, where he helped Buffett structure his investment in Goldman Sachs during the financial crisis of 2008. Oe of my ex-bosses worked at Goldman during this period under Trott's team and considers him a legend, even saying he single-handedly saved Goldman Sachs by convincing Buffett to invest and structuring some wild deals.

One thing I know for sure is BDT+MSD would likely pursue a debt-based financing structure. They are not built to go heavy into equity-based financing for sports teams. BDT+MSD have already done a bunch of debt-based deals; Everton won't be different. In the scenario where Bell and Downing succeed in taking over, Everton would likely owe a lot of money to BDT+MSD.

**Would Bell and Downing with BDT+MSD make sense?** 

My take here is no. Running a football club is no joke. Even though Bell and Downing being Evertonians makes it ideal, I am not entirely convinced of their ability to run a team. Everton would still be severely constrained financially, as they would owe money to BDT+MSD, and Bell and Downing wouldn't be able to pump a lot of cash into the business from their end.

There is nothing that guarantees Everton will not see the same scenario as it does now, three years after Bell and Downing take over. Private equity folks make sense, as they come in knowing they may know other clubs but don't know much about Everton. They will, by default, bring on Evertonians on the board, and will have much more incentive to run it over the long term, as the only way they see a return is through actually growing the club economically, which only means a better Everton on and off the pitch.

**Are BDT+MSD backing only Bell and Downing?**

No, BDT+MSD are free to back anyone in the contention. They are committing to debt-based financing, so as long as the buyer is credible enough, they should have no problem going ahead. Considering they are backing Bell and Downing, I would be surprised if others in the race did not get better financing terms.

As I said, allegiances in debt-based financing are fluid. The hard truth here is BDT+MSD would likely be calling up other potential buyers who bid to see if BDT+MSD can provide financing for their deal. Debt-based financing for a Premier League club is pretty much a dream scenario for any firm, as the underlying asset securing the loan is more stable than in other deals.

Simply put, BDT+MSD are not competing with other potential buyers; they are competing with firms like JP Morgan, Sixth Street, Ares, Arctos, etc, who may want to front one of the buyers.

**What's up with A-Cap?** 

I do not know. Conflicting things online. I doubt A-Cap will get to invest anything more in Everton, through debt or through equity. I also read that their financial position is under question as the rating they rely on no longer reflects their financial standing. However, I still do not know what their position is.

**Who do I want to see win the bid?** 

Biased towards MSP Sports Capital because of Jeff Moorad. If they pull the consortium through, and the other investors take over the majority club, all I can say is Everton would be lucky. That being said, there are plenty of other people willing to buy Everton with MSP. As of now, the one most likely, along with MSP, would be a dream scenario.

Also, it wont take time for someone entirely new to emerge as a suitor. That is how consortium works. People are surprised, but it's literally like texting friends to pitch in and creating a group chat. Things happen over Telegram/Whatsapp/Signal. My boss had once raised $xxx million for a deal texting the LP in the deal. The conversation went along these lines.

Prospectus sent over Mail + WhatsApp 

My Boss : What do you think?

LP : $xxx m 👍

LP : Jeff also $xx m and Jake $xx m 🤝🤝

I can bet there are plenty of group chats of potential consortiums that may enter bidding. Everton FC is low-key a bargain, the debt will eventually get restructured. There are plenty of more messy restructurings that have happened in Finance before. Creditors eventually cave, but it's a dogfight.

Enough written. Feel free to drop any Qs you may have, I will answer them to the best of my ability and knowledge of Everton's finances.

I really hope you guys pull through, I know you will.

John Wilson
89 Posted 09/06/2024 at 13:45:51
Bell and Downing only have £900M personal fortunes between them, how else other than using other people's money, ie, Dell's bank, used to pay out millionaire type loans, do Bell and Co have money to "bring glory back to Everton?

Spending their own money, or spending on Everton to bring in players we need to compete at Premier League level, without putting more debts on the club? What am I missing?

Jim Potter
90 Posted 09/06/2024 at 13:46:23
Bell and Downing all day long for me.

What's in our club's best interests here? A load of financial vultures or two guys who are Evertonians?

Bell is a financial guru, so some much-needed nous, which we've been lacking (despite having had an accountant as our current owner. Remind me not to get him to do my tax return).

Run it properly and sensibly.

Dell's involvement is a red herring probably. He might provide funds but will likely not take any lead, although it would an added bonus if he did.

Our debt needs to be at a sustainable level. Work intelligently to get the club back on its feet and competetive.

This will be a long and tough road, but absolutely necessary. No more cowboys with no idea. No more financial sharks looking for a quick buck and not giving a toss.

Sensible heads. Evertonians. Long term planning. Some hope again would be nice.

Tony Abrahams
91 Posted 09/06/2024 at 13:51:40
I have gone on about an American investment group for a very long time on these pages, Christine, and although I might be getting told a fabricated story (like Kieran has already fabricated mine), the fact that these Americans have still not come forward, even though they have allegedly been working very hard on purchasing Everton, makes me think that something is still not quite right in the background.

Moshiri could have a million people interested in buying Everton but I'm certain the only thing he his interested in is getting a higher price unless his boss wants him to remain involved and this is hopefully something that we will find out more about in the coming days…

John Wilson
92 Posted 09/06/2024 at 14:02:07
Stephen @79.

What amazing analysis you found. I agree entirely.

Pat Kelly
93 Posted 09/06/2024 at 14:17:36
Tony #73, presumably the £400m offer is just to buy Moshiri’s shares, with the buyer assuming the Club’s debts.
Tony Abrahams
94 Posted 09/06/2024 at 14:18:01
Being a bit Dolly, I find it hard trying to grasp a lot of long posts, but thanks for posting that Stephen, because whoever wrote that has really simplified things.

Mike G, has gone on about how good Jeff Moorad, would be for Everton, so this ticks a lot of boxes, imo, but the other thing that I found significant is when whoever wrote the article talked about how sensible buyers, would try and bring in people with an Everton connection anyway.

This would be more beneficial for Everton, than having two dyed in the wool, toffees, taking over, for a whole list of reasons imo, because even though I’m sure Bell & Downing, love Everton, and will be taking over with the greatest of intentions, I’d prefer it more if they had bosses, who never had any emotional connection towards our club?

Makes sense that Pat, especially after reading what Stephen has just posted, mate.

Dale Self
95 Posted 09/06/2024 at 14:23:05
Thanks again Stephen 79! The MSP option of relaxing debt demand while taking a minority share stake is the optimal arrangent. May it come to pass.

The chatter is getting better.

Oh yeah, and muchos gracias to the Barca finance dude, good stuff in few words, priceless stuff.

I will go with an unresearched position that Bell and Downing know there is no downside to them expressing interest with what appears to be limited backing. They know it will kick others into action and help Everton get a deal done overall.

Eric Myles
97 Posted 09/06/2024 at 14:38:09
A question for Tony Abrahams, with all of these supposed suitors for the Club, are any of them your mates that are sitting in the Atlantic Hotel?

Or can we expect to see more interest?

Alan McGuffog
98 Posted 09/06/2024 at 14:48:48
It's all set up for the Acme Holdings Finance Co Inc to make their bid…
Tony Abrahams
99 Posted 09/06/2024 at 14:49:37
As I said in one of my previous posts, the Americans I haven't stopped going on about have yet to expose themselves, Eric.

I find it hard to work out but very intriguing how they have managed to stay out of the limelight, so perhaps the story I've been getting told was fabricated all along!

Some day soon, very soon hopefully, all will be revealed, but like everyone else, I'm only interested in what is best for Everton Football Club.

Let's Awaken The Sleeping Giant!!

Dale Self
100 Posted 09/06/2024 at 14:51:18
I think all of us should be grateful that Dyche and Thelwell have demonstrated in the hardest football league in the world, they can get it done on the cheap.

This is ultimately what is driving interest right now, the security that plans can be realized with the probability of survival asymptotically approaching 1.

Brian Wilkinson
102 Posted 09/06/2024 at 14:56:11
I might not have the right answers to various questions asked, but I can only put my thoughts across, which is purely guesswork.

Where were the investors all those years ago? In my opinion, they were there, but only one investor agreed to keep Bill on as Chairman and let him pick his own board – that investor was Moshiri & Usmanov.

As to why all the investors are being named now, I said a few weeks back when administration was being banded about that it would never come to that and that other interested parties will be waiting. But, with 777 Partners funding Everton each month, they will have an exclusion as part of the agreement where Moshiri cannot speak to others.

Part of me wondered if Usmanov was lurking in the background with 777 and that was why this dragged on for over 8 months. Whatever the reason was, we are now seeing that there are people out there and no matter what we say about Masters, he has certainly done us a huge favour by not allowing 777 Partners to take over our club.

What we need now is someone to say to Moshiri, change your end-of-year accounts from end of June to the end of July, that should hold the vultures off for Branthwaite for now.

A final summary from me, if we keep our accounts the same to the end of June, anyone can come in for Branthwaite; however, had Branthwaite been in the England squad, no agent or club could have spoken to the player, or the player's club, during the tournament – they would have had to wait until July to speak to him.

The plot thickens on his non-selection…

Anyway, there's my thoughts on the matter. Again, just guesswork, no concrete evidence, just my views.

Steve Brown
103 Posted 09/06/2024 at 15:13:10
Exciting that we have 3 confirmed bidders, given we were told that no investors would be interested due to the level of debt.

Some even predicted administration but Mike Gaynes had it right. Long-term debt can be restructured or converted to equity.

Investors were just waiting to see whether we confirmed our Premier League status and for the 777 exclusivity agreement to expire.

Bill Gall
104 Posted 09/06/2024 at 15:29:27
I believe that most of Everton supporters were of the opinion for a long while that there were prospective buyers out there somewhere, but could not understand why there was no interest shown. But, as quoted above at # 93, there was an exclusive in the agreement with 777 Partners that Moshiri could not openly speak with other interested parties.

To me, the only people I would like to see in control of Everton are Bell and Downing, even if they don't have the backing of Dell. They both are and have been longtime supporters of Everton plus profitable business people in their own right.

They must both be fully aware of the problems that have got us in this mess as personally they have seen it happening over the years. Their interest, and I understand they can see a profit in the takeover in the future, but I believe they are more interested personally as long-time supporters to get the club back to where it belongs, fighting for league and trophy successes.

Dell is quite the name for backing but I believe they understand that there were other backers they could have relied on.

Soren Moyer
105 Posted 09/06/2024 at 15:33:54
Let's keep the Armenian mobsters away from our club, shall we?

As if the Russian misfits weren't enough!

Raymond Fox
106 Posted 09/06/2024 at 15:42:44
Good point Dale @ 91.

Now it depends how much Moshiri wants and does he want to part with all of his shares or not. The stadium is a mighty chunk for any buyer to find.

The sharks are circling looking for a cut price bargain it remains to be seen what can be worked out.

Mike Gaynes
107 Posted 09/06/2024 at 15:48:02
I'm all for American mobsters. ;-))

Watching your posts with extra interest, Tony my friend.

And to your post #18, yes, I believe he has. In fact I give him credit for three excellent decisions in an avalanche of bad ones, the other two being the hirings of Thelwell and Dyche.

Brian Wilkinson
108 Posted 09/06/2024 at 16:14:23
Carrying on from my previous post @93, if we have the sense to switch our accounts from June to July, we will have a month free of wages of the players that are leaving end of June.

Not only that, the Premier League are looking at replacing P&S Rules in the summer, which might come in before end of July.

Either way, it buys us an extra Month, instead of being forced to sell players before the end of June.

Jerome Shields
109 Posted 09/06/2024 at 16:24:37
Christine #77,

That is the uncertainty all the time and it still exists even now. Moshiri has been a Muppet all along with not a good business decision in sight. I think that it is an offshore property deal that is at play and the actual running of the club is a secondary consideration.

Stephen #79,

Thank you for posting that analysis, very informative, but Christine's Moshiri factor will make a big influence on the outcome. This has not been taken into account in the analysis. A small difference in direction can have a big impact. The analyst basically agrees with Paul The Esk's recovery plan, which IMO is the best way forward.

Paul Hewitt
110 Posted 09/06/2024 at 16:27:06
What I don't understand is, if MSP want the club, why don't they just call in the loan we haven't paid back yet?

Then they would have 50% +1 share of the club.

Mike Gaynes
111 Posted 09/06/2024 at 16:35:12
Stephen #79,

Great find and what a spectacular Reddit post that is -- from a Moorad student, no less. The guy does make an impression on everyone around him. As I've said, I only met Jeff once, briefly, but this guy took a class from him. Hello.

Interesting news item that MSP has put Augsburg up for sale. I missed that one. Bloomberg sets the value of the club at >€150 million, cash which would certainly come in handy. I doubt Najafi will want to sell any shares of the Phoenix Suns to help finance an Everton bid, which is why Moorad's dealmaking is so important.

The information from the Reddit poster on the structure of the Dell investment is a bit confusing because of the Dell alphabet soup. I read that it was MSD Partners, not MSD Capital, that merged with BDT to create BDT & MSD. The reporting from Sky Sports and BBC is also a bit confusing as to which entity is actually participating.

Furthermore, DFO (Dell Family Office) Management remains as a distinct entity itself, and Paul Joyce reported in the Times that DFO, and therefore Dell himself, is backing Bell and Downing. The key word there is "backing" rather than buying, as the Reddit poster points out.

Like the Reddit guy, my money is still on Jeff. Thanks again, Stephen.

Mike Gaynes
112 Posted 09/06/2024 at 16:42:46
Paul #101, before claiming majority ownership they would need the funding to run the club, pay the debts and complete the stadium. That requires investment partnerships.
Ed Prytherch
113 Posted 09/06/2024 at 16:55:49
Stephen #@79 - Thanks for posting that.
Anthony Dove
114 Posted 09/06/2024 at 17:00:19
Brian @93.

I think thats a very interesting thought on the Branthwaite exclusion (which gets more difficult to explain every day). Watch this space.

I don't pretend to know anything about Friedkin's finances but he looks like a decent honest kind of guy, unlike some who've been linked with us.

Mark Taylor
115 Posted 09/06/2024 at 17:26:49
Stephen 79

Thanks for that post, some very interesting insights.

My two questions would be:

a) If EFC is not worth £1.3bn (and I entirely agree it isn't), what is it worth, and let's say hypothetically, debt free?

b) I don't suppose your contacts have any insight as to why Moshiri persevered with 777 for so long?

I would personally be astonished if such a complex deal, with all the various and arguably conflicting interested parties, could complete in 3 weeks. I would imagine they might even struggle to pass the Premier League Director and Owners Test in that time (assuming the latter are not already on hols) let alone an FCA approval, assuming that is also needed. But here's hoping.

Jamie Crowley
116 Posted 09/06/2024 at 17:47:27

It'll never complete by June 30th. But the structure and an agreement can be completed.

Due diligence alone will probably take 60 days?

Jamie Crowley
117 Posted 09/06/2024 at 18:23:22
Total aside / tangent.

The public photos used by Friedkin and Manoukian are both hilarious.

Friedkin's picture looks a bit like this to me:

People want to know what I look like, I'll be presentable, take the pic and let's be done with this and move on.

Manoukian's picture looks a bit like this to me:

Let's go glamour shots. I'm gonna fold my arms because I'm rich, smart, and important. I'm going to look as devilishly handsome as I'm able, and I'm really something, aren't I?

I dunno...

Mark Taylor
118 Posted 09/06/2024 at 18:29:23
Jamie @107

Okay, that is theoretically do-able but I still say a massive stretch given the multitude of players at all points around the table.

Michael Kenrick
119 Posted 09/06/2024 at 18:46:43
Brian @99,

Premier League are looking at replacing P&S Rules in the summer, which might come in before end of July.

I really don't think so, Brian.

P&S Rules are not going away that soon. They remain in force certainly next season, while the Premier League try out two other schemes: SCR and TBA.

Jay Harris
120 Posted 09/06/2024 at 18:48:31
At last, good things are starting to happen.

Seems a shame that Moshiri gave 777 Partners so long an exclusivity agreement which not only precluded other bidders but would also put them off showing an interest because they wouldn't want to waste their time, just like the reason Textor has now withdrawn interest.

I wonder what the deal with 777 Partners was? And even though there is no evidence Usmanov was involved, that is the only thing that makes sense.

Ian Pilkington
121 Posted 09/06/2024 at 18:59:23
I may be wrong on this but didn't Moshiri have an exclusivity deal with the Kaminski consortium when they offered to buy the club 2 years ago?

Suddenly, Moshiri withdrew from the deal, claiming that rather than sell the club he had decided to seek investment.

Extremely odd, notwithstanding their loan, that he complied with an exclusivity deal with 777 Partners that lasted a remarkable 8½ months.

Paul Hewitt
122 Posted 09/06/2024 at 19:46:56
The bid from Manoukian involves a member of the Saudi Royal Family and the Myer family from Australia.
Derek Taylor
123 Posted 09/06/2024 at 19:55:00
The local duo would get the ToffeeWebbers' vote, I'm sure. But the route of money back to a certain country is via those connected to 777 Partners, I suspect.

Moshiri won't give a fuck for a bright future for Everton but only a way to get out of the shit with his taskmaster!

Jerome Shields
124 Posted 09/06/2024 at 20:08:09
Ian #112,

The Kaminski consortium had worse headlines than 777 Partners within 2 weeks of their interest being known.

It will be interesting to see how this new consortium stands up tothe scrutiny.

Denis Richardson
125 Posted 09/06/2024 at 21:20:53
Stephen 79 - thanks for the insightful post.

I imagine there are a lot of advisers and lawyers working long hours right now for various parties trying to get ahead on the deal.

Got to imagine something has to happen by 30 June for PSR and Branthwaite not being at the Euros makes me nervous given Man Utd seem very interested.

Kieran Kinsella
126 Posted 09/06/2024 at 23:07:15
The irony here is that biggest douche bags ever associated with Everton —777 partners — actually helped us get over the line. We must be the first person or entity Josh Wander has dealt with where he didn’t come out in top. I’d like to think that when he’s hauled off to jail for securities fraud that the payoff of his (or Acaps) loan goes to pay wages at Standard Liege or Red Star Paris, pay bills due at UK basketball or to compensate staff and customers or Bonza airlines.
Jamie Crowley
127 Posted 09/06/2024 at 23:14:19
Kieran -

Well said and I agree 100%.

They know what they are doing, too. They know they are in the "engage in fraud" business and they basically break rule number 7 of the Big Rules.

They, in the end, steal from workers, pensioners, etc. If it's not straight evil it's, being very kind, wicked.

Gavin Johnson
128 Posted 10/06/2024 at 00:27:32
Not gonna attempt to do his name, but the Armenian fella who's put the consortium together with the Saudi Royal, Aussie and yank money is a blue...Who'd have thought?!

Would love to find out who the Saudi royal is...Knowing our luck he will be poorer than Prince Abdullah over at Sheffield United.

Kieran Kinsella
129 Posted 10/06/2024 at 01:30:41

I know you’re Catholic like me. At Mass today we had a whole about Satan and his tricks and in all seriousness I spent the whole time thinking about 777 partners.

Phil Wood
130 Posted 09/06/2024 at 01:44:12
Thanks to Stephen 88 for the Reddit info
Scott 79 must be getting a complex about mis-association.
Great posting Stephen. Does make depressing reading as whatever happens the long term debt will still stick with the Club. The best bet is who can or wants to manage it most efficiently and still take the Club forward.
Hate to think that the debt remains on the Club and owner siphons off the profits ala Glazer model.
Anyway thanks again Stephen. Certainly opened my eyes. Doesn't look like instant milk and honey.
Don Alexander
131 Posted 10/06/2024 at 01:44:56
Keiran, that'll cost you at least 3 hail-Moshiri's next Sunday. :)
Kieran Kinsella
132 Posted 10/06/2024 at 01:47:10

lol I can handle it I’ve tolerated the Kenwright era

Bob Parrington
133 Posted 10/06/2024 at 02:52:31
Mark@115 - When asking the question "what is Everton actually worth?" clearly, we don't yet know.

Possibly it should be regarded as what the eventual buyer is (buyers are) prepared to pay. Maybe we should run a "Guess the final price" poll on TW for a bit of pre-season fun.

Stephen @ 88 - Thanks. Really good reading. Definitely not a 5-minute post. So thanks for putting so much time in to it!!!

Jamie Crowley
134 Posted 10/06/2024 at 05:00:01

Birds of a feather flock together. The prince of lies and deceit.

Where there's smoke, there's fire.

Danny O’Neill
135 Posted 10/06/2024 at 06:16:53

Get your Rosary Beads out.

I have two, one from the Vatican, blessed by the Pope and one I purchased in Bethlehem.

I often get them out before important matches.

Maybe I should get them out and pray for takeover resolution?

Bobby Mallon
136 Posted 10/06/2024 at 07:26:16
So can anyone go to these investment companies and get a loan?
Colin Glassar
137 Posted 10/06/2024 at 08:01:20
Can we get this over with now, it's becoming boring, long winded, nerve-wracking and tedious.

Get all the “interested parties” on stage (X-Factor style) and make them set out their plans and show us the money. Then open the phones for a public vote to see who takes home the sash and crown presented by Moshiri and Dame Headlock Baxter.

A song, dance or a few jokes would help their sales pitch and improve ratings.

Brendan McLaughlin
139 Posted 10/06/2024 at 08:14:07
Bobby #136,

Think they insist you have to be able to spell "loan"! 😀

Mark Lewis
140 Posted 10/06/2024 at 08:24:33
Stephen Davies #88, really informative post.

I was hoping you would say Bell and Downing as your preferred bidder, your judgement seems sound.

Eric Myles
141 Posted 10/06/2024 at 08:27:46
Or it could be the reverse, Colin #137, and be a Dragon's Den presentation by the Club and see what offers get tabled and who is not impressed and is out.
Eric Myles
142 Posted 10/06/2024 at 08:39:23
Brian #108,

I could be wrong but I'm thinking the end of June accounts date could be a requirement of the Premier League, so it can't be messed with.

Mark Taylor
143 Posted 10/06/2024 at 09:16:54
Bob @133,

That is absolutely correct but the intrigue is guesstimating what that will be, given the various chat around.

For example, one party supposedly made a £400M equity bid. If that still includes all the loans outstanding, they are braver than I. Even only external loans, that would still be the best part of £1B.

The bearish attitude to risk and (excessive) debt is probably a reason why I'm not a multi-millionaire, but I would be balking at anything over £600M, and even that assumes a lower interest rate environment, while my guesstimate is others would go to £800M tops.

Bobby Mallon
144 Posted 10/06/2024 at 09:31:10
Brendan 139 I spelt it correctly
Derek Knox
145 Posted 10/06/2024 at 11:49:43
Eric @ 142, that is what is worrying me to be honest, Moshiri has dragged his heels and wasted time with 777 Partners, which has swallowed up precious time.

As you indicate, 30 June seems to be the requirement of the Premier League, and I don't see any sympathy coming from them in regards to our situation.

While I appreciate takeovers and buy-outs of this magnitude are usually protracted affairs, and won't be concluded quickly, even if agreements have been reached, awaiting all the paperwork, contracts and finances etc to all be tied up.

All this is eating up valuable time and creating total uncertainty towards player transfers, in and out. Dyche and Thelwell are in a precarious position to say the least. I hope common sense prevails and no panic sells or buys are made until clarity is reached.

Kevin Molloy
146 Posted 10/06/2024 at 12:30:07
I think we need to brace for potentially a very frustrating summer. There are different parties with different interests who all need to agree before this gets settled.

From the fans' point of view, they want the richest most shrewd operator. For Moshiri, he wants the guy who's going to give him the most dosh. And those two groups may very well not overlap, with of course the decision-maker being Moshiri. He gets final choice.

So we could have a Liverpool situation, where a good bidder makes a good bid, but is rejected in favour of a knobhead who gives Farhad an extra £10 million.

And we need this done quickly, but the only way that happens is if the creditors all agree to take a reduction in the amount they are owed. They won't be inclined to do that if they see we have a couple of billionaires sniffing around.

So we could have a delay, eventually putting off the billionaires who clear off, leaving the way clear for a gobshite to play hardball with them, and get the deal over the line.

Bob Parrington
147 Posted 10/06/2024 at 13:45:30
Mark, let's start the bidding at £850M.
Eric Myles
148 Posted 10/06/2024 at 14:42:32
Mark #143,

£450M of that £1B is debt to Moshiri so, if someone was to offer him £400M cash, I think he'd bite their hand off. He'd only lose what he previously converted to equity.

About £200M has to be paid to MSP immediately unless they agree to postpone.

The rest of the debt is historic long-term borrowing except for 777's £200M that was supposed to convert to equity. I don't know the standing of that if 777 / A-Cap call it in.

But it all adds up to your £800M potential buy-in stake for a new owner.

Eric Myles
149 Posted 10/06/2024 at 14:48:49
Derek #145,

Forest certainly didn't get any sympathy from them when they argued that holding up the sale of a player after that date actually has put them in a better financial position.

Jamie Crowley
150 Posted 10/06/2024 at 14:49:46
Eric @ 148,

I just posted the exact same sentiment to your first paragraph on Lyndon's article.

If Manoukian's consortium is offering an all-equity offer, Moshri has to bite his hand off? I just can't see anyone offering that much cash up front.

And if that happened, we'd be miles better off from our current position to be sure.

Honestly, if there's truth behind these reports, I think we'll enter into an exclusive offer with Manoukian by the end of the week.

Jamie Crowley
151 Posted 10/06/2024 at 15:03:13
Quite honestly I was, up and to this point, pulling for MSP to gain control of Everton. But with the fact that Dell only wants to finance the offer and has no interest in taking an ownership position, the MSP (Bell & Co) offer would see us still encumbered by debt. Although the debt would indeed be far more manageable or restructured.

This Manoukian offer is just frankly stronger, and has a lot more financial clout and power behind it. Or at least it would appear so.

For now, I'm putting Manoukian's offer in pole position. It would be lovely to have a few Blues manning the helm, but those Blues would still have a leash on investment. The Manoukian offer would release shackles.

I think it's in Moshri's best interest to get his money back out, and it just so happens that the folks offering him the fast-track exit have serious resources at their disposal.

Manoukian in the lead for me now.

Ian Horan
152 Posted 10/06/2024 at 15:03:52
The guy who owns Roma!! May have a cunning plan?

He buys Calvert-Lewin before 30 June for £40M, or however much we are over by on PSR, then buys Everton and decides to loan Calvert-Lewin back for the season whilst he learns Italian, that's a benefit for multi-club owners.

Or the bid with Saudi Money buys the club, insists no one is sold, then does to the Premier League and Master Bates what City are doing: “See you in court!” That's my preferred approach

Eric Myles
153 Posted 10/06/2024 at 15:13:37
Mark #143 again,

But it all adds up to your £800M potential buy-in stake for a new owner.

But I can't see that having a new owner who has to borrow that £800M is going to put us in a better position than we are now.

We need someone with the K.A.S.H.

Will Mabon
154 Posted 10/06/2024 at 15:16:43
Sandals inbound...
Jamie Crowley
155 Posted 10/06/2024 at 15:27:59
Will -

Find your beach.

Jerome Shields
156 Posted 10/06/2024 at 15:37:56
In an article, Simon Goodley (The Guardian) reports that Moshiri received more than £270 million from the sale of shares in USM companies between 2018 and 2022.

The selling of Moshiri's shares in USM companies, taking Moshiri's USM holding below his initial 10%, is confirmed in Everton's audited accounts of 2021-22 when USM's sponsorship agreements with Everton cease to be considered related party transactions.

Moshiri's lawyers have confirmed that, as of 2022, Moshiri continued to hold a 5% stake in USM. (It should be pointed out that whilst Usmanov was subject to economic sanctions in the US, EU and UK, USM Holding has since appeared on the UK sanctions list since 12 April 2023.)

In addition, further papers suggest that Moshiri borrowed £70 million from an Usmanov owned company, Windfel Properties, between 2020 and March 2022. To add to that, a further loan of £75 million was received from another (but unspecified) Usmanov-owned company before the Russian invasion of Ukraine.

When considering the evidence, it seems beyond reasonable doubt that Moshiri, through the legitimate sale of shares and the acquisition of loans, was in receipt of more than £415 million in the period 2018-2022.

It is also worth considering the circumstances behind Moshiri's initial purchase of 49.9% of Everton for a sum believed to be £87.5 million in February 2016. Prior to the Everton acquisition, Moshiri was a 50% shareholder (Usmanov owned the other 50%) in a holding company, Red & White Holdings which held 30.04% of Arsenal Football Club.

In order to satisfy Premier League ownership rules, Farhad Moshiri had to dispose of his Red & White Holdings shares to buy his initial stake in Everton. This he duly did, selling his shares to Usmanov for a reported £200M (this is prior to the reported 2018-22 transactions above).

Moshiri's funding of Everton has been documented many times on this website. Chronologically, it is as follows:

2015-16 – £0
2016-17 – £105 million
2017-18 – £45 million
2018-19 – £150 million
2019-20 – £50 million
2020-21 – £100 million
2021-22 – £229.3 million
2022-23 – £70 million (£22.5 million of which is partially secured and interest bearing)

Total: £750 million

The shareholder loans were provided by an Isle of Man Company, Bluesky Capital Ltd.

Moshiri's 94.1% equity holding which comprises his initial purchase of 49.9%, conversion of £200 million of shareholder loans to equity, and one capital raise of £100 million of new shares, are held by Blue Heaven Holdings, another Isle of Man company.

Three interesting points to make regarding the above arrangements: (i) successive Everton audited accounts state Blue Heaven Holdings (the holder of Everton shares) is wholly owned by Farhad Moshiri – ie, that Moshiri is the sole beneficial owner; (ii) Bluesky Capital is described as “controlled by” Farhad Moshiri, not wholly owned – a potentially important distinction; and (iii) when the £200 million of shareholder loans were converted to equity, the recipient of the shares was Blue Heaven Holdings, not the loan originator, Bluesky Capital.

Paul the Esk.

It is therefore obvious that Moshiri is not sole owner of Everton since Blue Sky Capital has one other shareholder, who is not Usmanov but could be indirectly connected to him.

Moshiri owes money to Usmanov-related companies. It therefore follows that Usmanov would have a say in the sale of Everton Shares.

It would be therefore be in the interests of purchasing parties to speak to representatives of Usmanov. This would be difficult since Usmanov is under sanctions in the UK and a joint investigation between the US and UK is currently taking place.

All the shareholder loans are now represented as equity by the auditors under Additional Reserves. It seems that the shareholder loans were to be written off in 777 Partners case, since they do not appear to have asked for an up-front payment in the Share Purchase Agreement.

Will Mabon
157 Posted 10/06/2024 at 15:52:19
Jamie, yes :-)

Crosby, it is.

Mike Gaynes
158 Posted 10/06/2024 at 18:05:00
"It is therefore obvious that Moshiri is not sole owner of Everton"

Yes, that has been obvious to the entire world for years now, since Moshiri's 94.1% holding is somewhat less than the 100% required to be "sole owner of Everton."

"It therefore follows that Usmanov would have a say in the sale of Everton Shares."

No, it does not.

"It would be therefore be in the interests of purchasing parties to speak to representatives of Usmanov."

No, it would not. It would instantly disqualify them. Contact with sanctioned persons or entities for business purposes is against the law.

James Flynn
161 Posted 11/06/2024 at 04:51:40
I'm late to this thread.

First, Stephen (88) - Add my name to the kudos you deserve for finding and posting all that.

The second to last paragraph, the writer said, "Feel free to drop any Qs you may have, I will answer them to the best of my ability and knowledge of Everton's finances."

And so he did, quite a bit. As interesting as his original post. The link is below. The fellow's handle is ReadyContact9736:

Breaking Down the Everton Takeover

Keith Slinger
171 Posted 12/06/2024 at 00:26:45
Assuming we get new investors, how about the naming rights of the new stadium being allocated to the new new owners etc for say a 5-year deal.

With respect to the Bell and Downing deal the new stadium could be called the "The B and D stadium" or similar to and prospective new buyers etc?

Or if the Management team of Bell and Downing get their wish to be owners of EFC with their backing of the Dell cash, we could always call it the New Dell stadium and this would take money off the purchase price and hopefully allocate more cash to help with signings etc.

Just a thought going through my head, as I have no business brain in my head etc?

Brian Wilkinson
172 Posted 12/06/2024 at 09:23:02
I mentioned in an earlier post that if the Roma owner gets exclusivity rights, we could look to sell a player to Roma in June, then buy buy the player back in July and if there was anything in such a ruling within the Premier league, well after looking more into it, it appears we could actually do that.

If football's governing bodies start to take a harsher stance on FFP breaches and, heaven forbid, actually punish clubs for breaking the rules, you will likely see the benefits of multi-club ownership come to the fore once more.

Let's say that Club A wants to sign a particular player, but they know they are in danger of breaching FFP at their current level of spending. So what can they do? Well, Club B, also part of the same ownership stable could buy the player instead, before loaning them to Club A at a negligible rate. The outcome? Club A gets what they want without catching the attention of FFP accountants.

In theory, Club B could also sell the player to Club A at a reduced rate – the perks of this multi-club ownership programme, and the ability to game Financial Fair Play rules, is another threat endangering the integrity of football.

So there's one way of getting round end of June's submitted fianances, so it goes on next years accounts, without having to be forced to sell players, like we were with Richarlison.

For all we know, our accounts may be fine, but if we are over, we'll that's one way of getting around it, that's assuming it is the Roma owner.

Eric Myles
173 Posted 15/06/2024 at 14:34:30
But Brian, Club B, in this case Roma, are in the UEFA competitions so are required to comply with FFP regulations.

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