Following the collapse of 777 Partners’ attempts to acquire Everton last month, the door has been opened to other interested parties.
Toffees owner Farhad Moshiri, who agreed a sale of the club to Miami-based 777 back in September of last year, gave the investment company until the end of May to come up with the funds to complete, but enveloped by crisis and a litany of lawsuits, some alleging fraudulent behaviour, as well as the turning off of a major line of credit, the deadline passed without a deal being done.
Since then there has been a flurry of interest, with new parties reportedly showing their hands on an almost daily basis.
Everton fans and club creditors Andy Bell and George Downing are in the frame, with backing from the family office of multi-billionaire Michael Dell, while another Everton creditor, New York-based MSP Sports Capital are also looking at taking a controlling stake.
London-based lawyer Vetches Manoukian, backed by a consortium featuring a member of a Middle Eastern royal family and the wealthy Australian Myer family, are believed to have tabled a bid of £400m for the club already. Add to that list the interest of Crystal Palace part-owner John Textor, former AS Roma owner Dan Fiendkin, A-CAP founder Kenneth King, and a consortium from the US led by a former MLS player, and the interest in the club remains high.
Everton’s financial woes have been well documented, with the club having been landed with two separate points deductions by the Premier League last season for breaches of profit and sustainability rules. The club is also burdened with heavy debt, with major creditors including Rights and Media Funding Limited, MSP Sports Capital, Bell and Downing, and Metro Bank. The club also had another £200m-plus in loans added to the debt due to 777 Partners having been providing working capital for the Toffees since the beginning of the year as part of the initial agreement with Moshiri.
Everton have no immediate cash flow issues as they have just been in receipt of the merit payments from finishing 15th in the Premier League, with broadcast money also arriving to hand a total boost of some £130m.
It means there is a little breathing space, but the club have been clear that one of their key assets may have to be sold in order to ensure that they don’t suffer similar PSR problems next season, something that would be detrimental to the chances of the club preserving their top-flight status and ensuring they begin the 2025/26 season in their new 52,888 seater stadium as a Premier League side.
Leave a Reply