After years of make-do funding, driven by the previous ownerships and all the complexities Moshiri brought to the table, Everton under the new ownership of The Friedkin Group have to day announced a senior funding package of £350 million from a consortium of blue-chip institutional lenders.
The club has not provided any detail as to the lenders, the terms of the debt, nor the structure of it.
It is widely believed that the transaction has been put together under the guidance of JP Morgan Chase, a US bank which arguably is the market leader in these forms of financing packages.
Typically these packages include fixed interest debt with a range of maturities from 15 years upwards. Tottenham Hotspur and Arsenal have both funded their stadium developments in a similar manner.
The current interest rate environment is complex, and whilst not at the levels enjoyed pre Covid, should represent good long term value.
Above all else, this represents security and stability for the club as we seek to move on from the chaos of the past.
More to follow
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Adults in control finally.
Everton’s restructured Finance in place at last.
Paul this relating to the Stadium debt.Any ideas on the other debt?I
The only information I can get is on Turnover and speculation on Wages and Profit on Transfers.
TFG have not provide any information beyond what Moshiri was providing.
Hi Jerome. Aside from the stadium debt the club is now debt free. I agree re providing information, the one area the Friedkins have failed at to date
Thanks Paul, I remember now them sorting out the other lenders.Going by Roma reports that is their form not to provide information and they seemed to have availed of what Moshiri did at Everton to achieve likewise.
The accounts for 23/24 should be published before the end of the month. I appreciate that will all be before the takeover but, other than the debt, I wouldn’t expect much to have changed yet.
For some reason I think they are only obligated to provide a figure for Turnover.
Jerome here is a link to previous financial reports, https://find-and-update.company-information.service.gov.uk/company/00036624/filing-history. As you can see it is a full picture of the clubs accounts, although it probably needs someone like Paul to properly interpret! Looks like they may have until mid April to report not the end of March as I thought.
Hi Paul, thanks again for work on this. Can you please confirm that £300 million of this loan is rolled from the original acquisition?