• Sports - Football - Gossips
  • Updated: May 15, 2024

Everton receive £150m loan offer from New York-based equity firm

Everton receive £150m loan offer from New York-based equity

Premier League side 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, according to a report on Bloomberg.

The offer is subject to due diligence as it is a straightforward loan with 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.

777 Partners agreed to buy current owner Farhad Moshiri's 94% stake in September, but there are increasing question marks over the takeover following developments around the Miami-based firm.

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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