Michael Kenrick 27/10/2024 11comments  |  Jump to last

While the takeover of majority ownership in Everton Football Club by The Friedkin Group is believed to be on track for approval from the various regulators sometime in December, the legacy loans from 777 Partners may cause some delay.

With 777 Partners now on the verge of liquidation, that debt has been claimed by its main creditor, an American insurance firm called A-CAP. But A-CAP is being sued by British investment company Leadenhall Capital Partner in a New York district court that has granted an injunction which stops A-CAP selling assets or doing deals without Leadenhall’s approval.

Recent reports by Matt Slater in The Athletic reveal that Leadenhall are expected to give the green light to the deal Friedkin have struck for repayment of the 777 loans with A-CAP, suggesting that “nobody can think of a good reason why it would say no”.

And Alan Nixon has reported that Dan Friedkin is looking to incorporate former bidders Andy Bell and George Downing onto the Everton board. The boyhood Evertonians were suggested in early June to be frontrunners to acquire Moshiri’s controlling stake, backed by US computing giant Michael Dell.

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It is hoped they would bring local knowledge, accomplished business acumen and financial discipline to a place where it has been sorely lacking. The extended period of Kenwight's deeply flawed Chairmanship saw the self-serving appointment of weak directors who were little more than puppets doing the Chairman's bidding, which included the eradication of Annual General Meetings and virtually complete erosion of previous rights and privileges for minor shareholders.

Slatter also reports whispers that TFG might want to increase the new stadium’s capacity at some point, which will not be easy given the tight constraints of the Bramley-Moore Dock site and the design of the £750M structure.

There is perhaps some scope to expand the stadium’s east side but only if there is genuine demand for it, as it would not be cheap. Extending to the south would require filling in Nelson Dock and seems unlikely to be on the cards for many years yet. 

 

 

Reader Comments (11)

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Les Moorcroft
1 Posted 27/10/2024 at 14:11:16
All sounds promising. But we are Everton. ⁸
John Raftery
2 Posted 27/10/2024 at 15:55:55
It will be interesting to see if the new board restore the previous rights and privileges for minor shareholders.

I don't know what they were exactly but I somehow doubt the new owners will countenance any changes which do not contribute to the bottom line.

Jerome Shields
3 Posted 27/10/2024 at 22:58:15
It is interesting that all the anti growth issues that have been raised by posters over the years, in this report have been mirrored.It looks like Evertonians had more insight into running the Club than those actually were running it.Of course Evertonians motivation was never self serving, which makes a big difference.
Kirk McArdle
4 Posted 28/10/2024 at 05:59:17
I thought the new stadium was easily upgradable from 52,888 to 62,000 seats as this had been incorporated into the design for future requirements and demand?
Danny O'Neill
5 Posted 28/10/2024 at 06:11:31
Whenever it happens, out with the old, in with the new as they say. A long over due fresh start.

With regards to capacity, as mentioned, this would be a challenge. Maybe, as in other countries, safe standing could be an option.

Jerome Shields
6 Posted 28/10/2024 at 06:29:14
Kirk#4

That's with the new safety standing terraces. The Friedkin Group probably would have difficulty getting their head round that,with what is available as standard in the States.

Joe McMahon
7 Posted 28/10/2024 at 07:19:59
Kirk,many of us were hoping for a 60k capacity in the first place. I'm still thinking it will be difficult to obtain tickets for occasional match goers like myself. More fans will want to to the new stadium with much better facilities and no restricted views.
Ray Roche
8 Posted 28/10/2024 at 07:48:11
Jerome@6
Safe standing? In the Gwladys St we seem to have been standing during the match for a couple of seasons! As the recipient of a new knee recently it’s been a bit….awkward! 😁
Danny O'Neill
9 Posted 28/10/2024 at 08:19:10
Apologies in advance for repeating something I said on a few occasions.

But the German club I follow, Schalke have a stadium that holds over 54,000 for international matches when all seating is implemented.

But for League games, when they can have safe standing, the capacity goes up to nearly 64,000.

Don't ask me how it works. Above my head.

Colin Glassar
10 Posted 28/10/2024 at 08:29:58
A few years ago, in the city centre, I took the virtual tour of BMD. Dan Meiss was there and I asked him about the possibility of increasing the crowd size.

He said a future expansion of around 6.000 extra seats had been factored in, meaning we could fit in 58,000 (max) in the future.

Brian Williams
11 Posted 28/10/2024 at 08:34:59
If safe standing is implemented, the capacity can be increased to 62k.

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