Everton FC narrowly avoided relegation from the Premier League and finished the 2022/23 season just two points clear of the safe side. Better days could be on the way now, thanks to an American cash injection.
New York-based MSP Sports Capital, which owns stakes in several other European clubs and controls the majority of X Games, has reached a deal with Everton owner Farhad Moshiri to provide convertible loans worth between US$124 million and US$187 million -Dollars off to equity, according to The Athletic.
The deal underscores the company’s longstanding interest in Everton and would help Moshiri’s ongoing efforts to complete a new stadium for the club. The project has been under construction since 2021, but costs have increased by more than 50% to $945 million.
The proposed agreement would also give MSP Sports Capital a 25% stake in the club – potentially even more if additional funding is needed – and two seats on the club’s board. According to Forbes, Everton was recently valued at $744 million.
Led by Phoenix Suns vice chairman and minority owner Jahm Najafi and former MLB player agent and club owner Jeff Moorad, MSP Sports Capital has a long history of success in the sports industry – but Everton may prove to be its biggest challenge despite its loyal fan base prove .
Having not finished in the top five since 2014, the club has reportedly lost around $500 million over the past five years. Meanwhile, Moshiri is reportedly a “person of interest” to British authorities as he has ties to sanctioned Russian-Uzbek billionaire Alisher Usmanov.
Comments are closed.