When you think it through.
EFC will instantly be technically insolvent.
777 will have no incentive to complete the acquisition with EFC effectively asset stripped.
It is unlikely any new buyer will want to acquire the club not owning its stadium given it is the only real game in town to grow revenue streams beyond football.
So the club goes into administration making the stadium worthless unless MSP step in, acquire, refinance (buying out RMF and 777 debt for pennies in the pound) and sell on bundled with the stadium (possibly retaining that minority stake they wanted?).
That sounds easy but it would take at least a year and they could be stuck with us for longer. Is that what MSP want? It might feel far simpler just to cut 777 some slack hoping they can buy out your debt with a premium for the reschedule but with the risk that you get forced back to acquiring/enabling acquisition if 777 continue to come up empty.
It is a giant game of chicken in which there is a depressingly real chance the club wind up as roadkill.
https://theesk.org/2024/04/11/the-inescapable-reality-for-evertons-directors/
pretty depressing reading. MSP must be thrashing this all out now internally.
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