Farhad Moshiri in financial meltdown at Everton as MSP now threaten to derail 777 takeover at Goodison Park
MSP Sports Capital could stop 777 Partners’ takeover bid at Everton, according to the Daily Mail.
The newspaper reported via its website on Saturday (16 September) that a deal between Farhad Moshiri and the Miami-based investment firm “is at risk of collapsing” because major lenders at Goodison Park don’t favour the deal.
It is understood that £350million of Everton loan deals with MSP and Image & Media Rights contain “change of control clauses” that allow lenders to demand repayment of loans if they aren’t happy with the new owners.
The Daily Mail adds that their sources say MSP do not approve of 777 and “would consider calling in their loans” with the Florida firm unlikely to be able to afford both loans, Everton’s debts and the construction of the new stadium at Bramley-Moore Dock.
The Mail adds: “Moshiri’s finances have slipped into meltdown. He faces stadium interest repayments of £30m a year after the club extended their stadium loans to cover the construction costs.”
That would be handy
Everton fans shouldn’t be excited by the potential takeover from 777.
The American investment firm have a history of taking on football clubs and failing to oversee good results with them both on and off the pitch.
There are some shady things that have happened in the past with them too, as well as accusations being made at present.
It’s enough to suggest that in this case, it may be that Moshiri is a better bet for Everton.
While the British-Iranian businessman has overseen the protracted death of a once-great football club, you cannot fault him for the way he’s invested in the Blues.
It’s just how that money has been completely misplaced and the fact he’s over-stepped his mark at times by trying to make football decisions instead of just business ones.
Moshiri needs to go. That’s not a hot take but it’s just true.
However, he shouldn’t be going if he’s going to sell up to a business that really doesn’t seem to be beneficial to Everton Football Club as a whole.
In other Everton news, Bill Kenwright’s long-awaited exit is now firmly on the cards.