MSP Sports Capital are “excited about the potential of Everton” as work continues on a deal that would see the US investment fund take a stake in the club and two seats on the board in the most significant changes at Goodison Park since 2016.
New York-based MSP have already provided interim financing for the club’s new stadium project at Bramley-Moore Docks but continue working on a deal which would see them acquire a 25 per cent stake in the club in exchange for over £100m worth of loans that can later be converted into equity.
A deal has been rumoured to be “close” for weeks and exclusivity was first agreed with the group three months ago, prompting some to question the reasons for the delay. Everton majority owner Farhad Moshiri is also notoriously unpredictable.
But sources say there remains a desire on the part of MSP to complete a “complex” deal which has “many moving parts”.
A source close to the US fund said there is a genuine excitement among the partners about future involvement in Everton. They told i: “It’s a tremendous opportunity. They are still very much interested in going beyond the interim financing deal in place.”
Initially there was a hope a deal could be agreed to offer certainty to the club’s finances during the summer transfer window but with the trading period nearing an end and Everton’s position looking clearer after a close season clear-out, there appears to be no hard and fast timeline on the deal being concluded.
The club would certainly benefit from some clarity and new direction. While unity has returned to the terraces thanks to Sean Dyche‘s work on the pitch, there remains plenty of discontent about the their direction off it.
MSP want two seats on the board and hope to bring fresh ideas to the party if a deal is concluded. They have a history of stabilising and improving struggling sports franchises in the US and believe that the history, fans and “brand” at Everton provide plenty of untapped potential.
Leading sports lawyer David Diaz, a partner at Baker McKenzie who has worked extensively with US investment funds about possible investment and acquisitions in football clubs, told i the deal would be beneficial for both parties.
He likened the deal to similar arrangements at Atletico Madrid, where additional shareholders were added to the club’s board to finance their new stadium.
Providing insight into MSP’s possible direction, he said: “MSP want stable places to invest, they want limited risk. They are not as risk averse as other US firms but they do controlled investments.
“This is going to be big for them. What is clear is that in football they have been little by little, dipping their toe in the water and this is going to be the biggest deal they have done.
“They will try to build a mid-term road map that will involve tightening expenses around the stadium project and keeping costs fairly prudent around squad building – they will not be another Boehly at Chelsea, putting money into transfers. I see them as more conservative.
“They will try to optimise commercial revenues. American eyes see European clubs as underperforming in terms of their game day revenue. They will really try to maximise revenues from the stadium investment.”
Diaz predicts initial investment could lead to a full takeover. “In spite of them not having a majority stake in the club, they will have a stake,” he said.
“They will not put £175m in a club and not have a say. They will not put that money in and let someone who might be a good businessman but he hasn’t been able to make Everton work have all the control.”
from Football - inews.co.uk https://ift.tt/NdD6msv
Post a Comment