MSP Sports Capital are “exploring” buying Everton as 777 Partners’ takeover bid appears to be hitting the skids amid reports Farhad Moshiri may pull the plug on the deal he struck with them in September.
According to Paul Joyce in The Times, Everton’s majority shareholder is finally considering alternative options to 777 Partners as the Miami-based private equity firm face mounting financial challenges and fresh legal jeopardy in the form of a lawsuit by two London-based lenders alleging massive fraud.
That could open the door once more to MSP – who were on the verge of taking a 25% stake in the club last summer in return for an initial investment of more than £150m in convertible debt but withdrew from talks with Moshiri in late August, reputedly because Everton’s senior creditor, Rights & Media Funding, disagreed with the valuation that arrangement put on the Club.
Led by local businessmen, Andy Bell and George Downing, a group of MSP investors went through with loaning Everton £158m, the majority of which went towards further construction of the new stadium at Bramley-Moore Dock while 777 Partners later came to a heavily incentivised agreement with Moshiri to buy his 94.1% stake.
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However, almost eight months later, the transaction has still not been completed due to the Miami company having failed to meet the Premier League’s conditions for approval – most notably the repayment of MSP’s loan which was due on 15 April this year until an extension was granted until later this month.
Now, according to reporting by Jamie Nimmo and David Hellier of Bloomberg, MSP Sports Capital, who are helmed by former sport agent Jeff Moorad and businessman Jahm Nahjafi, are revisiting the prospect of buying Everton with the Club facing the mounting threat of Administration.
Neither Moshiri’s camp nor New York-based MSP responded to Bloomberg’s request for comment.
Reader Comments (8)
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Jerome Shields
2 Posted
09/05/2024 at
07:57:23
MSP Sports Capital are the only parties involved who can mount a creditable corporate recovery plan and are capable with a large enough equity interest to carry it through, with the outcome of selling Everton on as a going concern.
But I do stress that even they, according to AI have Russian connections, though hopefully not of significance to affect a recovery plan. A big part of that will be how Moshiri and 777 Partners are dealt with. Hopefully they buy out the 777 Partners interest and, better still, at a discount. The A S Bell connection buying MSP out.
Tony Abrahams
3 Posted
09/05/2024 at
08:27:42
The thing which is of most importance to me regarding Everton Football Club is that the club can finally rid itself of the curse and the nepotistic stains that are now completely embedded into the fabric, and move forward with clever, professional, decent people who want to awaken the “Sleeping Giant” and give us our pride back.
Ken Kneale
4 Posted
09/05/2024 at
08:31:07
The 30-year curse may finally be lifted.
Danny O’Neill
5 Posted
09/05/2024 at
09:09:14
I appreciate these situations and negotiations are complex. But take the lead. Take ownership and at least let us know some details as to what is going on.
Paul Hewitt
6 Posted
09/05/2024 at
09:28:46
I don’t see this happening, they didn’t want to buy first time, just invest. They would need to buy Moshiri shares and pay off the other creditors. That must be anywhere between 500 and 600 million, not happening. Can they even afford it?
Brian Harrison
7 Posted
09/05/2024 at
09:48:02
So maybe at long last he is going to finally pull out of the deal with 777. Regarding the possibility of MSP taking over the club, when it was rumoured last time they were about to make an offer apparently Rights and Media objected and at the time they were the biggest of the companies who had loaned the club £200m.
I am also a little confused about who actually is the driving factor at MSP I read that the company is owned by Jeff Moorad and Jham Nahjafi, yet it seems that both Andy Bell and George Downing who I believe own AJ Bell have also got ties with MSP. Does anybody know what connection these 2 lads have with MSP.
Kevin Molloy
8 Posted
09/05/2024 at
12:22:51
if this goes through and MSP become owners with Farhad taking a bath to the tune of £650m but leaving us with competent owners and a new stadium, he’s gonna need a little statue surely?
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Olivia Martin is a dedicated sports journalist based in the UK. With a passion for various athletic disciplines, she covers everything from major league championships to local sports events, delivering up-to-the-minute updates and in-depth analysis.
Stephen Davies
1 Posted
09/05/2024 at
07:01:27
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