Be interesting to see which debt survives and which has been bought out (probably with a haircut) as part of the 650m - almost certainly going to include Moshiri's debts but quite likely 777 too (which originally stood at 200m but post haircut ?) but other debtors might have declined a haircut and have too good security to be taken out (eg MSP who funded and had a charge over Everton's new stadium).
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Be interesting to see which debt survives and which has been bought out (probably with a haircut) as part of the 650m - almost certainly going to include Moshiri's debts but quite likely 777 too (which originally stood at 200m but post haircut ?) but other debtors might have declined a haircut and have too good security to be taken out (eg MSP who funded and had a charge over Everton's new stadium).
Yep, we are sleep walking into a closed league and the tv rights being sold off by individual clubs. I’ve been warning about it for ages. That makes it 14 clubs now owned by Americans, they can turn it into the NFL now just by putting motions in place and voting for them at the PL meetings.
It's not that many is it? I make ten:
Scum, Villa (part), Bournemouth, Chelsea, Palace (part), Everton, Fulham, Ipswich, Liverpool, Utd.
I could have sworn it was more!
I think when the press highlighted it as a potential problem last season Ipswich, Leeds and Birmingham all looked like they might get promoted.
And we may be joining them if ENIC do sell off part of the ownership shares since we are mainly linked to American investment groups.
"Haircut" = off the books cash payment?
Standard term for an agreed reduction in repayment of a loan eg loan to Everton from 777 of £200m - 777 liquidators agree to a repayment of £130m in full and final settlement of all debt. So 777 have taken 'a haircut'
Ta......
As the owners aren't liquidators; wouldn't that constitute an FFP dodge?
I know the Chavs wormed their way out of the 1.6bn they owed to Roman. This would just be massaged through as a similar dodge I assume.
Actually hadn't thought of ffp, and suspect its just being done by incoming owners to get the price to a more sensible level - fyi the Moshiri deal with 777 which never went through included Moshiri taking a 'haircut' on loans that Moshiri (cough Usmanov (?) made to Everton.
777 have employed insolvency guys to run it, not sure if that makes a difference