New Everton Owners: The Friedkin Group

[pfim]

Moshiri needed another party to pay off the MSP etc debt, it was an urgent situation which is why the TFG thing happened relatively quickly.

For Moshiri, that pressure has eased, if he's not getting the deal he wants, he still has time.

 

[AndyRJ]

Moshiri needed another party to pay off the MSP etc debt, it was an urgent situation which is why the TFG thing happened relatively quickly.

For Moshiri, that pressure has eased, if he's not getting the deal he wants, he still has time.

He will certainly be able to command a better deal for himself if he somehow manages to cling on until we get to Bramley Moore. Obviously contingent on being able to re-finance our debt against the stadium. He may even have an opportunity to do that once LoR hand it over, despite us not playing in it for another 8 months.

That being said, unless he is also able to reduce our debt at the same time, maybe through a long term naming rights partner as originally intended with USM, then any benefit from increased revenues will be wiped out servicing the debt!

Personally, i think we've got until the new year before we are desperate for money again. At which point another capital injection will be required to see us through the rest of the season and that may need to come through player sales.

 

[Curtis]

Really despise moshiri and hope he scraps soon, going with 777 was such a debacle

 

[bluestevon]

He will certainly be able to command a better deal for himself if he somehow manages to cling on until we get to Bramley Moore. Obviously contingent on being able to re-finance our debt against the stadium. He may even have an opportunity to do that once LoR hand it over, despite us not playing in it for another 8 months.

That being said, unless he is also able to reduce our debt at the same time, maybe through a long term naming rights partner as originally intended with USM, then any benefit from increased revenues will be wiped out servicing the debt!

Personally, i think we've got until the new year before we are desperate for money again. At which point another capital injection will be required to see us through the rest of the season and that may need to come through player sales.

Pretty sure as long as the TFG loan remains then Moshiri cannot refinance debt against the stadium mate.

He'd be refinancing debt using the stadium as collateral when it's already been used as security against the TFG loan (which is fraud) as have his shares btw which he cannot now use as leverage to obtain more debt.

The only option moshiri has is unsecured loans such as the 777 one - which obviously include huge interest payments due to no security, or convincing someone to pay of the TFG secured loan whilst giving an extra loan amount on top of that amount secured against the stadium.

TFG won't be taking payment on that loan they have zero need, so it leaves Moshiri left to either reduce demands, pay of the obstacle - the problematic loans and then sell to TFG, or to take a further loan from sources even more dubious than 777 are at even greater payment cost which will effectively guarantee the club goes into administration eventually.

 

[bluestevon]

Really despise moshiri and hope he scraps soon, going with 777 was such a debacle

Oh 777 I feel was his attempt at scraping through until the new ground move, don't think he expected them to collapse as quickly as they did after the airline fiasco came to light.

Partly think moshiri is hanging on desperately until the new stadium opens to try to get more money back.

 

[AndyRJ]

Pretty sure as long as the TFG loan remains then Moshiri cannot refinance debt against the stadium mate.

He'd be refinancing debt using the stadium as collateral when it's already been used as security against the TFG loan (which is fraud) as have his shares btw which he cannot now use as leverage to obtain more debt.

The only option moshiri has is unsecured loans such as the 777 one - which obviously include huge interest payments due to no security, or convincing someone to pay of the TFG secured loan whilst giving an extra loan amount on top of that amount secured against the stadium.

TFG won't be taking payment on that loan they have zero need, so it leaves Moshiri left to either reduce demands, pay of the obstacle - the problematic loans and then sell to TFG, or to take a further loan from sources even more dubious than 777 are at even greater payment cost which will effectively guarantee the club goes into administration eventually.

I meant refinance ALL our debt against the stadium, which includes the Friedkin loan. There is nothing stopping him from taking out other finance and paying off existing creditors, assuming someone is willing to provide the long term finance which no-one has to date.

 

[Moderatelywarmwater]

I meant refinance ALL our debt against the stadium, which includes the Friedkin loan. There is nothing stopping him from taking out other finance and paying off existing creditors, assuming someone is willing to provide the long term finance which no-one has to date.

Well, apart from no investor being stupid enough to lend to the man at anything other than crazy rates that is.

My assumption is that we’re not actively paying interest on the 777 and TFG but it is just being added to the debt?? Is that right???

My concern is that Moshiri tries to get more money to line his pockets and pushes us back into a situation where we’re in finciak trouble again

 

[mahermi1]

Oh 777 I feel was his attempt at scraping through until the new ground move, don't think he expected them to collapse as quickly as they did after the airline fiasco came to light.

Partly think moshiri is hanging on desperately until the new stadium opens to try to get more money back.

Which unfortunately does us no good whatsoever.

 

[davek]

...any updates Al?


.....Al?



....Al?

 

[AndyRJ]

Well, apart from no investor being stupid enough to lend to the man at anything other than crazy rates that is.

My assumption is that we’re not actively paying interest on the 777 and TFG but it is just being added to the debt?? Is that right???

My concern is that Moshiri tries to get more money to line his pockets and pushes us back into a situation where we’re in finciak trouble again

At the minute no-one will, a lot of that is to do with the fact the stadium isn't finished so lending options are severely limited. Like when someone is building their own house, they can't get mainstream lending on something that doesn't existing/ is half finished. Add that to the fact we're a loss making business then it's no suprise we've been getting money from non conventional routes and paying extortionate rates.

That could all change once the stadium is finished, particularly once the additional revenue starts rolling in. It puts the club and Moshiri in a much better position.

Both the 777/ACAP and Friedkin loans are accruing interest which will need to be paid along with the principal at maturity. The Friedkin loan is meant to be at a reasonable interest rate, the 777/ACAP one is not and will possibly take a £200m loan to £250m with interest.

If Moshiri can limp his way to Bramley Moore opening, and then look to re-finance our existing debt against a completed stadium/ increased revenues he will do that. It would almost certainly allow him to command a larger payment for his shares than he is able to achieve now.

Let's pray that's not the case and someone suitable comes forward sooner rather than later!

 

[Exeter_Gently]

Really despise moshiri and hope he scraps soon, going with 777 was such a debacle

Mate after the Friedkin nonsense I am now fully prepared for him to still be in situ come next summer. I think he'll hold out by hook or crook till BM is done.

 

[matty1878]

Mate after the Friedkin nonsense I am now fully prepared for him to still be in situ come next summer. I think he'll hold out by hook or crook till BM is done.

the longer is goes tho mate it’s just a cloud over us 24/7

 

[Exeter_Gently]

the longer is goes tho mate it’s just a cloud over us 24/7

I agree mate...

 

[CielosGrises]

Mate after the Friedkin nonsense I am now fully prepared for him to still be in situ come next summer. I think he'll hold out by hook or crook till BM is done.

I just don't get why it would make that much difference really - he's loaded the club with 3 huge tranches of debt which a buyer will have to cover - he's not getting much back.

I mean, what happens in the new year ? Basically we'll likely have to borrow more again.

 

[Exeter_Gently]

I just don't get why it would make that much difference really - he's loaded the club with 3 huge tranches of debt which a buyer will have to cover - he's not getting much back.

I mean, what happens in the new year ? Basically we'll likely have to borrow more again.

Am at a loss with it all now mate...it's tiresome.