We have three large creditors with varying degrees of security:
R&MF can take ownership of every minor asset the club still owns but would lose most of their £
MSP can apparently take control of either the club or the stadium - they need secure PL status to make that work
777 would lose everything ranking dead last
It is probably not in any of their interest to push the club into administration but can they work in some degree of harmony to avoid it?
The club probably has enough sellable assets (Onana, Branthwaite, Pickford, DCL) to cover the final stadium payment and a few months operating costs but unless Thelwell can perform miracles with frees, loans and cheap/conditional deals we would look like favourites for relegation which would also be bad for everybody. We ideally want to avoid a full fire sale.
Then there is the stadium. The lenders might want to force a sale as a means to get their maximum cash back but that leaves Everton as tenants on what terms we would have to see but most likely largely destroying the longer term benefit we would hope to see a decade plus down the line when the initial burden of the stadium build has reduced.
MSP might feel their hand is forced to take control, try to restructure other debt, try to attract extra investors and raise new finance secured against the stadium.
Lots of outcomes are possible. The least likely one is a sugar daddy mega billionaire who makes all our problems disappear. None of the others are exactly risk free.
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