24/06/2024 31comments  |  Jump to last

The Friedkin Group has already paid off the £158m loan from MSP Sports Capital as part of the exclusivity they have been granted for negotiations with Everton's majority shareholder, Farhad Moshiri.

Settling that debt to the New York-based private equity firm and Evertonian investors, Andy Bell and George Downing, was one of four conditions placed on former bidders, 777 Partners, by the Premier League in order to satisfy their requirements before approval of a proposed takeover by the Miami outfit could be granted.

An initial repayment deadline passed in mid-April — at which juncture, MSP could have triggered a clause giving them a controlling interest in the Club — before being eventually extended to the end of May when 777's own exclusivity expired and Moshiri was free to open negotiations with other interested parties.

As confirmed by The Athletic, documents filed with Companies House confirm that the Friedkin Group has taken over MSP's charge over Everton Stadium Co Ltd, repaid their outstanding loan and provided additional funds to the Club of around £40m to cover short-term operating costs.

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Those reportedly include further payments to Laing O'Rourke for construction at Bramley-Moore Dock and transfer instalments due to the likes of Udinese and Sporting CP for last summer's signings, Beto and Youssef Chermiti.

Everton publicly confirmed last week that Moshiri had entered exclusive talks with the Texas-based group, led by billionaire Dan Friedkin, a period that will allow them to complete their due diligence and hammer out a final deal with the Anglo-Iranian businessman.

In the meantime, they have joined the list of the Club's main creditors that includes Rights & Media Funding, New York insurance company A-CAP (who have assumed the liabiities and assets of the stricken 777 Partners) and Metro Bank.


Reader Comments (31)

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Roy Johnstone
1 Posted 24/06/2024 at 11:55:49
One less player in the mix then.
Paul Hewitt
2 Posted 24/06/2024 at 12:05:04
You wouldn't pay a £158M loan off if you weren't sure you were taking over.

And if the deal did fail, would we have to pay Friedkin the money back.

Anthony Hawkins
3 Posted 24/06/2024 at 12:05:40
It's great that the Friedkin Group appear to have a good understanding of what's required and already delivering where needed. I'd like to lose the 777 tie too, although not an immediate impact.
Robert Williams
4 Posted 24/06/2024 at 12:07:15
Frikin good show.
Michael Fox
5 Posted 24/06/2024 at 12:10:05
Yes Paul, it's just a transfer of the loan. Still, it welcome.
Mal van Schaick
6 Posted 24/06/2024 at 12:29:29
At least it shows the intention of pursuing the purchase, but we are entering into another unknown until such time that the transfer of ownership happens and knowing how new owners will treat the club and the fans?

Just let's hope that we can have a prolonged time of ownership where we can look forward to a bright future, without the turmoil of the past.

Shaun Laycock
7 Posted 24/06/2024 at 12:36:17
Let the exorcism begin...
Brian Williams
8 Posted 24/06/2024 at 12:36:41
As Mr Romano would say "here we go."
Danny O’Neill
9 Posted 24/06/2024 at 13:02:51
Let's get it done.

Taking our city back and rubbing their faces in it.

They are fearful and should be because the blue tide is rising.

Every single one of them.

Jerome Shields
10 Posted 24/06/2024 at 13:12:40
Paying off that £158M is a big step forward. That loan was charged against Everton Stadium Development Co Ltd.

It will be interesting to see how this payment has been dealt with.

Jeff Spiers
11 Posted 24/06/2024 at 13:45:21
Danny, it's always been our City. On the banks of the Royal Blue Mersey!!!
Nigel Munford
12 Posted 24/06/2024 at 14:05:55
These guys are serious eh!!
Andrew Merrick
13 Posted 24/06/2024 at 14:09:26
Keeping the prem happy cant be a bad thing...
Dan Parker
14 Posted 24/06/2024 at 14:38:54
Excellent. Starting to untangle the mess and show intent.
Mark Ryan
15 Posted 24/06/2024 at 15:39:23
Mark Ryan
16 Posted 24/06/2024 at 15:39:23
Loving this newss
Mark Ryan
17 Posted 24/06/2024 at 15:39:23
Loving this newss
Brian Williams
18 Posted 24/06/2024 at 15:43:01
You seem quite excited Mark. 😂
Ray Jacques
19 Posted 24/06/2024 at 15:54:52
Long way to go Danny, but with this buyout, the new ground and Klopp leaving, then surely the gap must close.


Eric Myles
20 Posted 24/06/2024 at 16:06:26
You wouldn't pay a £158M loan off if you weren't sure you were taking over.

At least it shows the intention of pursuing the purchase,

Paying off that £158M is a big step forward.

Wasn't there another company that had an exclusivity agreement with Moshiri and put a shed load of money into the Club before the deal was finalised?

Who were they again? Can't remember what happened to them?

Colin Glassar
21 Posted 24/06/2024 at 16:20:06
The more I read about this group the more I like ‘em.
Alan J Thompson
22 Posted 24/06/2024 at 17:33:52
And do they get the same interest rate?
Frank Sheppard
23 Posted 24/06/2024 at 19:06:16
It’s good news. But isn’t it sad, that this represents good news, essential news for our beloved club.
Jerome Shields
24 Posted 24/06/2024 at 20:37:37
Eric #20

They were not able to pay off the MSP Loan, even when given extentions. It is a Premier League requirement that this loan was paid, for a takeover to take place.

Mark Ryan
25 Posted 24/06/2024 at 20:52:58
The amounts talked about are staggering. I have a real optimism about the Friedkin takeover. Fingers crossed for the takeover to happen quickly
Bill Watson
26 Posted 24/06/2024 at 21:39:52
and the directors who were running the club into the ground, at least in the last few years, got a pay off to see the back of them.
Denis Richardson
27 Posted 24/06/2024 at 21:53:17
The Friedkin take over looks like it’s heading in the right direction. The £158m paid to MSP has taken over the charge that MSP had over Everton Stadium Development Company. Ie they can take over the new stadium to get their money back. It’s not gone into a Moshiri black hole.

Interesting however they also put £42m in to mainly cover Beto and Chermiti transfer payments as well as he next batch of stadium payments. I assume these instalments were due this week. Overall that’s another £42m of new debt into the club.

Given 777 also put money in not too long ago to cover ongoing operating costs, we really are living hand to mouth - as we have been for years most likely. Next Sky money I think is due soon so hopefully this can go to the stadium and team and avoid even more debt being needed in the near term.

The money to keep this club alive is mind boggling. Then again, the Spurs stadium cost £1 billion I believe and ours won’t be too far behind once finished.

Interesting times….

Ian Riley
28 Posted 24/06/2024 at 22:47:38
Hopefully, new seeds will bring growth and bloom. Right people with business sense to push Everton forward. Also, to see the love the fans have for their club. All moving forward together as one.

No means a done deal but seeds of hope.

Duncan McDine
30 Posted 25/06/2024 at 06:21:19
Promising news, but the little sceptical voice in my head tells me that it's no better than paying off one maxed-out credit card with another. This feels different though, so I'm going to allow myself to be optimistic about this group.

Whoever owns our club will be hamstrung with PSR / FFP or whatever term is used to keep so-called "smaller clubs" in their place, but they will hopefully solve the immediate problem of finishing the stadium whilst keeping Everton a going concern.

Paul Hewitt
31 Posted 26/06/2024 at 18:21:03
Dan Friedkin has visited Goodison and BMD this week.
Tony Abrahams
32 Posted 27/06/2024 at 08:18:01
Everything seems to be going on the stadium, Denis.

Whatever it costs to build the stadium, it costs, but every time Everton borrow money, it only seems to be for this new stadium, and this must be really inflating the price when you consider the club's other operating costs, including the massive wage bill.

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