UK Investment group Vici Private Finance revive their interest in buying Everton

Veni, vidi, Vici?

Colin;

I came, I saw, I said, sod this for a game of soldiers?

Orville to the rescue, Derek?

This sounds a bit dodgy too, Keith Harris former Board member and friend of the Maggot?

Why can't we just get an honest Investor who may just have some genuine interest in Everton, not another shark who scavenges for rich pickings of a once great carcass?

Tony Abrahms posted a couple of things on the other thread yesterday… It's not entirely clear so I hope I'm not conflating things:

"I hope it's not too late for those American Investors I kept going on about. If this happens to be the case, then I can only assume that this is because of Keith Harris, who I hope becomes the future chairman of Everton Football Club.

Downing and Bell would be great but how do we know that they won't become like Bill Kenwright if they become part owners of our club? Whereas Harris will only be an employee who is desperate for this club to get back to where they belong."

And, in reference to Kieran citing this Vici rumour, Tony added:

"That's the group I was going on about all along, Kieran."

So Tony, now this enduring mystery has finally been laid bare, is there anything more you can add to enlighten us? Perhaps why you call them American whilst Vici Private Finance are a UK-based operation, albeit set up only last December? With Owen Bolt and Mark Ward as Directors.

Hope I'm not being too 'literal' here, Tony…

I just can't stop shaking my head at the fact that Billy Bullshitter boasted about getting us the billionaire only for said billionaire to merely load the club with millions upon millions of pounds worth of debt.

When will the darkness end?

You are not being too liberal at all, Michael. I could tell lies, and say that I was trying not to say too much, which is something I was aware I didn't want to do, but it was simply me getting it wrong about where these people are from.

I genuinely got it wrong about where these investors are from (I'm still getting it wrong!) and part of the reason was because my main interest was about Keith Harris, who I am led to believe is a proper Evertonian, and has convinced these investors that Everton Football Club are a genuine sleeping giant.

I could go on, Michael, as to what I've heard about Harris's genuine involvement but let's see how it pans out first and we will hopefully get to hear it from the horse's mouth instead.🤞

Keith Harris is credited with bringing Farhad Moshiri to the table…

So, what could possibly go wrong?

Thanks, Tony @7.

Of course I would like to hear all about what Keith Harris has been up to but I know you ITK guys need to maintain the shroud of mystery and feed us plebs only with your carefully selected crumbs, for which we are ever so grateful.

"Harris.......is credited with bringing Farhad Moshiri to the table at Goodison Park"

So it wasn't Chairman Bill who found us a billionaire as he proclaimed?

Understanding the need for confidentiality, but the silence and lack of communication is deafening.

It seems that there are other options going on in the background as we would have expected. Whatever happens just needs to happen.

Moshiri is likely (assumed, not in the know) to be holding out for the best offer. But, in my opinion, he's going to have to take a hit regardless. No rocket science there.

Let's just hope the ownership thing gets sorted soon. I quite like the idea of Keith Harris, although I wouldn't rule out the Americans coming back in. They did similar with Roma. Walked away and then came back.

Who knows? We don't.

If Keith Harris does come, does that mean we have to have that fucking duck as our mascot?

Naughty, Michael. I am not an ITK guy, but just happen to know people who are very close friends with people who have been involved with Keith Harris, trying to broker this deal.

Just guessing and making a genuine excuse for why I keep thinking these investors are American, I read what you said about this group only being formed last December, and because I have been hearing stories about different groups for a lot longer, then I can only assume that Mr Harris has been trying to get investors into Everton for a very long time now.

When someone posted on ToffeeWeb not so long ago (I forget who it was now) the very long article about all the different scenarios that could pan out with regards the sale of Everton, it struck me that I think the best investors might not be actual Evertonians but rather people who might employ genuine Evertonians who will work night and day for the club, rather than the nepotistic bastards who always knew which way their bread was buttered and always acted accordingly.

We will see, because I was told Keith Harris sacked Martin Waldron and this put our academy back years, imo, not that I ever thought it was good enough anyway, with me being such a football snob!!

Fair enough, Tony.

So… friends of Keith Harris. That at least provides some context. Here's what my friend told me about him:

Dr Keith Harris: A Financial Force at Everton FC

Dr Keith Harris's tenure as a Director and Deputy Chairman at Everton FC Co Ltd (2016-2019) was a period of significant change for the historic Merseyside club.

Financial Acumen and Football Passion

Born in 1953, Dr Harris boasts a distinguished career in finance. Earning a doctorate in economics in 1977, he held senior positions at prestigious institutions like Morgan Grenfell and HSBC Investment Bank. He established himself as a leading figure in sports finance, advising on high-profile acquisitions like Chelsea and Manchester City. Interestingly, despite being a self-declared Manchester United fan, his passion for football undeniably extended beyond club loyalty.

Joining the Toffees

Dr Harris's association with Everton wasn't entirely new when he joined the board in October 2016. He had previously served as a director of Wembley National Stadium and played a crucial role in securing financing for its construction. This experience likely appealed to Everton, who were then navigating their own stadium development project. Additionally, Dr Harris's established connections with Farhad Moshiri, Everton's largest shareholder at the time, likely played a role in his appointment.

A Period of Transition

Dr Harris's arrival coincided with a period of ambition for Everton. The club desired to challenge the established elite of the Premier League and secure a foothold in European competition. Investment in the squad and infrastructure was paramount. Dr Harris's expertise in finance and his network within the Middle East were seen as crucial assets in achieving these goals.

Strategic Contributions

As a Director, Dr Harris undoubtedly played a role in key financial decisions. His experience in sports mergers and acquisitions could have been valuable in player acquisitions and potential sponsorship deals. Additionally, his leadership in securing financing for Wembley likely translated to strategic planning for Everton's new stadium project, a cornerstone of the club's ambitions.

Deputy Chairman and Beyond

In recognition of his contributions, Dr Harris was appointed Deputy Chairman in 2018. This elevated role suggests he was entrusted with greater responsibility for the club's overall direction. However, his tenure on the board ended in July 2019, with reasons for his departure not publicly disclosed.

Legacy and Unanswered Questions

Dr Harris's brief period at Everton leaves room for debate. While his financial expertise was undeniable, the club's desired progress on the pitch during his time was not entirely realised. Did his strategic influence translate to tangible results? Did his background in mergers and acquisitions prioritize player trading over squad development?

Conclusion

Dr Keith Harris's time at Everton was a brief but impactful chapter. His financial acumen offered a strategic advantage during a period of ambition. However, the complexities of club management ensure a complete evaluation remains elusive. Further research into the club's financial decisions during his tenure and a deeper understanding of the boardroom dynamics could provide a more nuanced perspective.

Bottom line is that it is all up in the air!!!

When and if any takeover happens, the club can then concentrate on playing competitive football again.

We all pray there are no more points deductions coming our way.

We fans have had enough of these financial politics!

Michael (14),

Tony said in his post (7), he might have more to say on Keith Harris's time at Everton and since if this deal comes reality.

Going on past predictions and forecasts of who is buying Everton, I think the people in the know, know next to nothing in all honesty.

Tony is totally honest and relates what he has heard from people he knows. As he has said a few times he could be getting fed false information. Let's see the outcome of this latest buyer — or not — of Everton FC.

It's been stated on this thread and another that Keith Harris played a significant role in bringing Moshiri to Everton.

"Ding a ling, ding a ling"... sound of alarm bells ringing.

Brendan,

If he really is a Manchester Utd fan, as my friend claims, and less of the Evertonian than Tony suggests, then those alarm bells may become a clarion call for Jarrad Branthwaite to put his boots on and head down the East Lancs Road…

I'm not bothered about Harris being Moshiri's go-between, I don't consider that means he was some sort of guarantor.

I'm more wary of Vici being private equity because those types tend to be after a big monetary return for their outlay. (Don't they?)

We need to be someone's vanity project — not their cash cow. I know they can't simply pour money in but, as long as it's steady investment and not coring out the club, I'd settle for it.

Private equity firm… what could possibly go wrong?

Anyone who could see through Bill Kenwright is an Evertonian in my book and, with Harris claiming Everton was the most dysfunctional organisation he ever worked for, then I wonder if he took the money, like everyone else, or if he actually walked?

My guess is that, if he's a Man Utd fan, he would have waited and definitely taken the money but I don't know how his time at Everton came to an end, although the club has obviously had an effect on him if he's still trying to convince people to buy Everton now.

DK #4,

Friedkin and Moorad and the Liverpool guys Bell and Downing are all honest investors with a genuine interest.

With the exception of 777 Partners, the club is attracting quality suitors, not scavengers.

Did Michael's friend use AI to write a potted history of Harris's time at Everton?

Because that's certainly what it reads like…

I still think The Friedkin Group will end up taking us over, they're just putting pressure on other parties to take a substantial hit on the debt they hold.

No one in this game is going to buy a ‘distressed' asset at the initial price.

I've been thinking about what Michael's robots told him and I just assumed Keith Harris was an Evertonian because I believe he has tried like mad, trying to convince investors to purchase Everton, with the phrase “sleeping giant” allegedly never far away from his lips.

Hopefully something happens soon, but I think it's becoming pretty obvious that Friedkin was either trying to chip Moshiri, or Moshiri has put the club into a position where Everton simply cannot be sold? I'm hoping this isn't the case.

That last paragraph is possibly the funniest thing I have ever seen you write, Michael, because it felt like you had left your natural cynicism out of things. Well done!!

ps: Prove you are not a robot, and take up one of these offers, Michael!

If I can just add a little to the Keith Harris story. I have a very close friend who was neighbours and close with Keith Harris a few years ago and it was Kenwright that commissioned him to sell the club but one of the conditions was that Kenwright stayed in control.

Keith Harris saw this as a major obstacle to finding a buyer but, after a few years, he found Moshiri who wanted to stay a tax exile and therefore did not want to spend a lot of time running a club but wanted control of the club (I assume on Usmanov's behalf). Hence a deal was done.

He was ultimately put on the board by Moshiri but couldn't cope with the (as he put it) dysfunctional nature of the board with constant disagreements between Moshiri, Kenwright, Brands and various managers.

Harris then resigned and, as we all know, there was no synergy at the club for years.

Personally speaking, I don't want opportunists as owners and would prefer Textor or Friedkin who are both by reputation principled people that want to see the good name and success of Everton restored.

Thanks, Jay @60, that's jogging some distant memories. I'd have to go back and see what we managed to glean at the time but it was clear Dr Harris wasn't very happy with things.

Thanks.

Jay #60,

The "Blue Bill would only sell to someone who would let him remain in charge" has been a hot topic since Moshiri took over... perhaps even longer.

And yet you only share this now?

Been saying this for 20 fecking years. Kenwright would never give up the train set. He conned the gullible fanbase into thinking the club was unsellable — it was only ever on sale with clauses.

Kenwright was a total conman, a liar and a narcissist and polishing his ego was more important than this club and its long-suffering fanbase ever were to him. And we're still being fucked.

Only 20 years, Nick #67.

Seems much longer...

I have said on another thread that we will be renting our new ground not owning it.

You don't just lend someone £200M without a catch.

So is it possible to assume that Keith Harris is in the “once Everton has touched you” brigade?

(If it's true he resigned, rather than waiting for the money, then it sounds like he's got a lot more honour than the nepotistic bunch we have had to put up with in our recent era?)

We have a distressed seller, therefore, all prospective buyers will be looking for a bargain!

A distressed seller, who seems hell bent on destroying our future even if he has only got himself to blame for the ridiculous position he now finds himself in.

Has it occurred to anyone that what Friedkin has done can be seen as extremely clever? He has cast significant doubt on the sale of the club by raising the risk profile of 777 Partners and possible implications.

Walking away after getting most of the way through due diligence leaves his reputation unsullied, blames others and at the same time spreads fear and doubt among rivals to the purchase, leaving the door open for him at some later date as a white knight.

Very clever ploy...

Of course the risk to that is someone like Vici might have the resources and nouse to see through it and bid for the club regardless. Even then, Friedkin will still be in the mix to have a significant say with an equal investment of £200M to 777 input.

I think, despite the press releases, we have not heard the last of Friedkin at all.

It has, Christine, and I believe so as well.

He pulled out of the Roma acquisition after several months of negotiation. Done.

A couple of months later he owned the club.

So the issue with the debt to 777 is that Friedkin has got scared of who the money is owed to...?? Whether that be A-Cap or the company who have taken 777/A-Cap to court...??

So does that mean Friedkin or a new buyer can't negotiate the £200M down because they don't know whose money it was until it goes to court...??

That's how the situation reads to me, which does make us unsellable until the court case in America is resolved.

Saying that, surely a sale can still go through and that £200M debt can be parked to one side and be paid or negotiated once the case is resolved in someone's favour..??

As a club, we are so unlucky. It makes you think that Hadjik Split curse is true when situations out of our control like Putin's invasion, and this 777 Partners business, have been impacting us for years now... Although 777 Partners may have been avoided if Moshiri had just done some due diligence on them, like Friedkin has with us.

The Esk deals with that theory in his podcast yesterday..the playing hardball one.

Everton are an asset of A-CAP and by implication Leadenhall if it turns out we were used as security for their loan of $620M to 777 Partners. Possible fraud inventing assets that have already been sold is not clever and we're part of that investigation if it goes wrong.

Moshiri must have known and probably didn't care as long as he got top dollar, hence him sticking with them so long.

Weekly interest payments close to £1M and monthly outgoings of up to £20M, we are sailing close to the wind for the foreseeable. Player trading and relying on Dyche until the court case is over and then maybe we get a buyer and I suppose it could still be Friedkin.

Brendan #36,

At the time Harris would not tell him what the specifics were — just that there were conditions in the sale agreement that made it almost impossible for him to sell the club.

It transpired that Kenwright only wanted investors and wanted to continue in control the club.

Gavin,

It's not the loan per se. It's the possibility that there will be a fraud investigation and Friedkin does not want or need that sort of publicity.

I still can't understand why Moshiri just wouldn't agree to get indemnity insurance.

Thanks Jay.

It's a little worrying if Everton are the asset Leadenhall have named in the court case, as Paul states, and Moshiri has been somehow complicit, but it would explain why he stuck with them when there was so much negative press about 777 Partners.

When the fraud court case was raised earlier in the year, I never made the connection that the asset could be Everton.

Farhad Moshiri has died.

Kieran (50)

I think you'll find that was the Iranian conceptual artist…

Kieran, you will be pleased to know it's not our much appreciated Moshiri but Farhad Moshiri, one of Iran's most influential contemporary artists.

Sighs of relief to thousands of blues.

I discovered that Keith Harris was from Manchester via Wikipedia which states he was born there. Elsewhere, he is described as a lifelong Man Utd fan in an article about his involvement with the Red Knights' failed takeover bid.

I always thought John Moores was from Bolton and he did have shares in the Wanderers, but apparently he was born at Barton, 3 miles from Old Trafford so I really don't think we need worry about Harris being a Manc or allegedly a Man Utd fan.

Don't forget “lifelong Man Utd fan” Jim Ratcliffe, who has been stupid enough to buy a 26% share with no chance whatsoever of wresting control from the Glazers, placed a serious bid to buy Chelsea….

The Farhad Moshiri who is now remembered as "late" was one who sought and succeeded in bringing entertainment to his supporters throughout his life, unlike ours.

Don LMAO

Just thought I would trawl back to see how the Roma deal was constructed and its background. See link below:

Breaking Down the Numbers Behind the Roma Takeover Deal

It gives an interesting insight into the way Friedkin conducts the purchase of Roma, with both clubs (Everton and Roma) in similar financial constraints.

Friedkin obviously played hardball to get his hands on 86% of the shares at a knockdown price. His strategy worked and who is to say it won't work again? Some similarities in situations are evident.

Gavin #45,

"Saying that, surely a sale can still go through and that £200M debt can be parked to one side and be paid or negotiated once the case is resolved in someone's favour..??"

'Fraid not, if the sale goes through, then the purchaser is taking on that debt in full, including the usurious interest payments, and the creditor is a strong bargaining position rather than a weak one.

Tony #40,

"So is it possible to assume that Keith Harris is in the “once Everton has touched you” brigade?"

Or, being a Man Utd fan, is he a plant that would happily sanction the sale of Branthwaite to them for £35M???

I think what will happen, eventually, is a Dragon's Den solution, ie, 2-3 Dragons will come together to make Moshiri an offer he can't refuse.

Does anyone know when the Leadenhall case should reach a conclusion?

It seems likely that it will be tricky (but not impossible) for any buyer to move forwards until there is some clarity on that issue.

Couldn't whoever buys the club just pay the £200M into some bank account and let the American courts say who gets it?

Eric, that's a bit far fetched because I believe he has been trying to get different consortiums to try and purchase Everton for a few years now, mate.

Seriously, we know that a lot of lies get told in these games of heavy finance, but a man who Moshiri thought was good enough to put onto the Everton boardhas seen his consortium of investors, overlooked by Farhad a few times now.

If it's true Harris resigned because he could no longer work at dysfunctional Everton, rather than playing along and taking the money, like the rest of the nepotistic circus act, he has already shown that he has got a lot more professional pride than our boardroom has witnessed for years.

Moshiri isn't interested in what is best for Everton Football Club — but why should he be when he obviously learned from dealing with the world's greatest Evertonian that some things (£â‚¬Â¥Â§£) are a lot more important than “giving the people what they deserve”?

Even though I have no influence, I like the idea of the Harris group, although I wouldn't rule out Friedkin coming back in.

The saga rolls on. I know these things take time with negotiations, but this is like pulling teeth.

Those going to Salford, enjoy. I'll see some of you at Coventry and will be up for the Roma match.

And then we've got the season to look forward to, starting with Brighton at Goodison to start the Grand Old Lady's Swan Song.

Just need the football to start. I'm sick to the back teeth of all the uncertainty and finance problems.

Roll on Brighton and the new season.

I hope Friedkin comes back in for the same reason that he has proven success, everyone else seems to be a lottery.

What I don't get is, if Moshiri is a billionaire, why did he need to saddle us with a crazy debt? Seems counter intuitive for someone who wants to sell up.

In conclusion, Moshiri is broke.

Stu (67),

The OPM business principle in action…

Always use Other People's Money.

Moshiri apparently had doubts about Friedkin within a week of giving him exclusivity. They tried to change the terms of the deal.

Sounds like another time waster.

Whoever ends up owning us and however long it takes to find new ownership, the main focus which is in everybody's interest is that we stay in the Premier League.

That is the be-all and end-all, they have to start the season with a very decent squad.

As for our reputed money problems, the obvious conclusion is that Moshiri was backed by Usmanov when the new stadium project was began; he would never have started building the new stadium if he could have seen into the future.

Eric (58),

"… including the usurious interest payments, and the creditor is in a strong bargaining position rather than a weak one."

Nah. The judge has frozen all the assets. And, yes, the club owes somebody £200M. But the charge sheet brought by Leadenhall could make one wonder how much money will be left for all the creditors.

Read the original charges filed by Leadenhall. Wander, Pasko etal, King too, are crooks in serious trouble. I'd be shocked if resolution of this civil case ends their legal woes.

I can't see any strong bargaining position. Not for Leadenhall either, really.

Paul, 61 - I was thinking something along very similar lines. Like pay it to the courts or something to use as fit.

We owe 777/ A-CAP.

777 are in the process of insolvency. We thus are a £200 million debt to insolvency, or are debtor indirectly. To use a legal term, we're a receivable. A debt is only as good as the ability of the debtor to pay. If it was a secured loan, the secured loan is to 777/ A-CAP. If 777 is dissolved, any money goes to what would be then a trust as the insolvency now hold 777/ estate on trust. The insolvency lawyers have the burden of proof that Everton owe £200 million for the creditors.

Friedkin could have said to the trust, nothing to do with me am a new owner. You may be owed by the old Everton. I come with clean hands and Mr Moshiri entered into a contract with 777 with clean hands.

Ref civil matter, there is only a temporary injunction. Why would you give 200 million to a third party? At best if there are several claimants such as stolen pension funds, there will be no individual claims and likely a discretion trust is set up. Discretion means at discretion of trustee. Discretionary trusts are used to avoid tax and avoid paying beneficiaries money. It best, it will be a compensation fund. Everton could set up a trust by way of long term payments rather than large lump sums.

The third party has the burden of proof also

Ref criminal matter, Criminal Proceeds Act:

The US state attorney has the burden of proof. Everton come with clean hands.