Tuesday, June 18, 2024

Everton: Premier League club offered loan to complete new stadium – BBC


Everton are building a new stadium on Bramley-Moore Dock with a 52,888-capacity
Everton have been offered a loan of up to £150m by a private equity firm specialising in 'distressed debt' to help finance the completion of the club's new stadium at Bramley-Moore Dock.
New York-based GDA Luma Capital has presented a debt financing proposal to provide stability amid the backdrop of the takeover uncertainty with discussions ongoing, as first reported by Bloomberg., external
The offer is subject to due diligence and BBC Sport understands it is a straightforward loan and there is no trigger for equity in the club or being involved in the takeover process.
Everton have declined to comment.
In December, the club said the 52,888-capacity stadium remains on schedule to be completed by the end of 2024 and for the move from Goodison Park to be made by the start of the 2025-26 campaign.
Everton ownership 'not for Premier League to decide'
Everton buyers 777 hold talks over financing
777 Partners agreed to buy current owner Farhad Moshiri's 94% stake in September, but there is increasing question marks over the takeover following concerning developments around the Miami-based firm.
On Tuesday, Moshiri extended the sales and purchase agreement until the end of this month, giving 777 more time to try to complete the deal.
One of the conditions imposed by the Premier League for 777 to be given the green light is to fund about £100m for the completion of the club's new stadium.
Costs for the project have spiralled from an initial £500m to more than £800m, which was disclosed in Premier League documents relating to the club's appeal over their 10-point deduction for breaching financial rules.
GDA Luma describes itself as providing "capital solutions" to companies facing "complex financial and operational challenges".
Earlier this month, 777 held discussions with the firm to see whether debt financing could be offered.
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