Stefan Borson: Everton may have received '£300m' injection after loan update
Today at 02:00 PM
Everton could have already received a £300million loan from JPMorgan Chase & Co. for the refinancing of their new stadium.
That is the view of finance expert Stefan Borson, who exclusively told Football Insider that will mean the costs of the Merseyside giants' debt will come down.
Bloomberg reported on 7 January JPMorgan is speaking to institutional investors about raising more than £300million of debt to support a stadium refinancing for Everton.
The Merseysiders are set to make the move from Goodison Park into their new £750million stadium on Bramley-Moore Dock ahead of next season.
A Companies House submission published on 8 January revealed £233million was paid into Everton for more than 1.3 million shares after The Friedkin Group (TFG) purchased the club from Farhad Moshiri last month.
It also showed Moshiri has converted almost £451million worth of loans into 150,250 shares, which were acquired by TFG as part of the takeover deal.
Everton are in different financial realm after Dan Friedkin takeover
Borson revealed Everton are now in a different realm from a financial perspective under their new owners.
"We need to see the full picture after the filings that have come out," Borson told Football Insider.
"There are still certain charges that are still in there. JPMorgan have put some money in. There is talk about JPMorgan doing a fund raise for about £300million of stadium financing.
"They have quite possibly already done it and what you hear about in the press is just the syndication of that loan, meaning they have taken the loan on their books and they are just going to spread it around some other investors.
"What that will mean for Everton importantly is that their cost of debt will come down.
"Whereas they might have been paying let's say 10-12 per cent interest on debt historically, from now on they will be paying maybe eight per cent, which would be a nice chunky saving going forward.
"But they are just in a completely different realm from a financial perspective now that they are owned by Friedkin.
"They have been able to reset the situation and all you are seeing from these filings on Companies House is the emergence of that picture.
"But really we will need to wait for probably next year's accounts to see what their capital structure looks like."
In other news, Everton gem in advanced talks to join Notts County.
For more Everton news, follow us on Facebook or join our brand new WhatsApp Channel for instant updates to be sent straight to your phone.
The post Stefan Borson: Everton may have received '£300m' injection after loan update appeared first on Football Insider.
