The Friedkin Group (TFG), the new owners of Everton Football Club, are reportedly in talks with JP Morgan Chase & Co. to refinance the debt associated with their new stadium project at Bramley-Moore Dock.
New Everton owners, The Friedkin Group (TFG), are looking to complete a deal that could save the Toffees millions per year in interest repayments. TFG are reportedly in discussions with New York-based banking giant JP Morgan Chase & Co. over a debt refinancing package for the new stadium . The move, reported by Bloomberg on Tuesday, was first mooted in early December as TFG moved towards completion on their takeover of Everton , acquiring the 94.
1% shareholding that was held by previous owner Farhad Moshiri on December 19. Bloomberg report that TFG have engaged the services of JP Morgan to seek out institutional investors as Everton seeks to raise some £300m of debt to support a refinancing of the new stadium build at Bramley-Moore Dock, a 52,888-seater venue that the Toffees will move into from the start of next season, bringing an end to their 133 years at Goodison Park. The report also claims that JP Morgan have, separately, provided TFG and Everton with a loan of some £130m. TFG representatives declined to comment when approached by the ECHO. Such a move to refinance the debt attributed to the stadium was widely expected, with TFG able to access more favourable lines of credit that would enable them to reduce interest payments on the stadium, positively impacting the club’s balance sheet. Debt raised from US private equity has also been used by the likes of Tottenham Hotspur in relation to their new home, which they moved into in 2019. One of the first major tasks for TFG has been, and continues to be, tidying up the debt that the club held via various lenders, with some already paid of
Everton Debt Refinancing New Stadium JP Morgan Chase & Co. The Friedkin Group
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