Sigh of relief for 777 Partners, owners of Genoa: MSP Sports Capital gives the green light to the extension of the debt payment of over 180 million
THE 777 Partners they managed to buy time. Time that would have expired earlier this week, when the owners of the Genoa and other clubs around the world, it should have return 187 million euros which he had borrowed from the fund MSP Sports Capital.
According to what he reveals The Guardianthe Miami holding company managed to get an extension of a few weeks to repay its debt exposure, which could have had unpleasant consequences for 777 Partners. In reality Genoa is not directly involved, because the facts concern the complicated and long acquisition of Everton, on which Josh Wander And Steven Pasko They’ve had their eye on it for a long time.
The debt with MSP Sports Capital would have been contracted precisely to finance the very complex acquisition of the Toffees. Now, however, the supervisory commission of the Premier Leaguewhich deals with examining the financial situation of buyers close to purchasing a club in the league and therefore very strict, has set a condition: the 777 Partners, to proceed with taking over Everton, they have to pay off their debts.
777 Partners, MSP grants extension: a few weeks to find 187 million
Genoa, 180 million debt of the 777 Partners: the extension of the deadline arrives
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This led to a situation that was not easy to unravel, because the deadline with MSP Sports Capital was really close. 777 Partners also reached out, as he revealed Bloomberg a few days ago, a Blue Owl Capital Inc. for another 420 million loan, which would have served to repay the debt and invest further in Everton to complete the takeover. But the request for further financing was not progressing well, so it was vital for Genoa’s owners to be able to buy time.
What if they can’t repay the 187 million debt? MSP Sports Capital might recover the shares of the current owner of Everton, Farhad Moshiri, and effectively take them away from 777 Partners. Furthermore, they were interested in acquiring the Liverpool club even before the Miami holding company, but had encountered opposition from the Toffees’ main creditor, Rights and Media Funding Ltd.
Moreover MSP, together with entrepreneurs Andy Bell And George Downing (the 777 Partners are also in debt with the two of them), he also lent money to Everton for the construction of the new stadium, exactly like the Miami holding company. So they are also creditors of Moshiri, whose club has an exposure of almost 500 million.
On both sides, Genoa’s owners risk seeing their shareholdings nibbled away by their own creditors. The first step to avoid this will be to repay the debt incurred with them, even if finding the resources will not be easy. Now the extension has been obtained, so they will have more time to try.
Tags: Genoa Partners debt debt maturity extension
