The majority of MSP’s £130million investment in Everton will be used to settle the growing ‘concerns’ over stadium funding.
That is the opinion of finance expert Kieran Maguire, who exclusively told Football Insider that the Toffees are in need of funding after going ‘over budget’ on the construction of Bramley Moore Dock.
As revealed by Football Insider (23 June), Everton are set to receive £130million from US investment group MSP Sports Capital.
A Securities and Exchange Commission Form D revealed that MSP have filed the investment after striking a deal with the Merseyside club.
Everton searched for minority investors after club owner Farhad Moshiri revealed that the cost of the club’s stadium could rise as high as £760million despite initial budget projections of £500million.
Everton interim CEO Colin Chong provided an update on stadium construction in June, claiming that the build was still on track despite reports.
Maguire believes MSP’s loan will almost entirely be used to plug any gaps in stadium financing.
“While the money from MSP is very beneficial, I suspect most of it will quickly go into the stadium project which is running significantly above the initial budget,” Maguire told Football Insider’s Sean Fisher.
“But at least it will plug that particular gap as there have been concerns about funding stadium construction.
“Farhad Moshiri has always acted as if there hasn’t been a problem and he has given the public impression that he has been relaxed about the matter.
“But Everton have gone over budget and the MSP loan will provide cash to complete the project.“
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