Everton FC Sale Could Fetch $1.2B

In today’s edition of the Front Office Sports newsletter, we’re taking a look at a Premier League club that could hit the market.

Another Premier League Club Could Be Up For Sale

Former Chelsea FC and Manchester United chief executive Peter Kenyon is reportedly leading a group holding discussions to purchase Premier League club Everton FC.

Current owner Farhad Moshiri is?reportedly?open to selling equity stakes in the club and/or external investments in the club’s new?$605 million?stadium at Bramley-Moore Dock.?

Reported estimates for a price tag have ranged from $609.1 million to $1.2 billion.

• In March, for the third consecutive year, the team reported a loss of more than?$121 million.
• Earlier this month, reports surfaced that the team was in discussions to secure new financing after voiding commercial ties with Russian companies.?

Moshiri, who acquired Everton for?$242 million?in 2016, reportedly intended to talk to Kenyon’s group about stadium funding, but those discussions?developed into takeover talks. The negotiations are in early stages, but The Athletic?reports?Moshiri would likely retain a?10% stake?if a deal went through.

Kenyon’s consortium includes U.S. businessman Maciek Kaminski, founder and president of Kaminski Asset Management and the chief executive of Talon Real Estate, and John Thornton, executive chairman of Barrick Gold Corporation and non-executive chairman of PineBridge Investments.

There are reportedly?other parties interested?in the team.

At A Crossbar

In a letter to fans last week, Moshiri apologized for the team’s poor performance in the Premier League and?expressed?his commitment “to?securing the future success?of the club by delivering a fully-funded stadium that will underpin our status as a leading club.”

Conversation Starters

• Jonathan Nelson, founder of Providence Equity Partners, and Don Cornwell, partner at PJT Partners, are starting Dynasty, a firm that aims to invest more than $1 billion in sports teams.
• Hear about the day’s most important business of sports stories in five minutes or less by listening to our daily podcast The Leadoff .
• Tech company Teamworks has completed a $50 million Series D funding round from a host of investment firms and athletes, including NBA Hall of Famer David Robinson.
• Royal Ascot, a five-day horse racing event in Berkshire, England, is underway with a record $10.5 million in prize money .
• NHL commissioner Gary Bettman says the league will generate record revenues of more than $5.2 billion this season.

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