Everton Football Club has received a significant offer from a private equity firm based in New York to assist in financing the completion of its new stadium at Bramley-Moore Dock. GDA Luma Capital, specializing in distressed debt, has proposed a debt financing arrangement of up to £150 million, aimed at providing stability amidst uncertainties surrounding the club’s takeover discussions. The offer, reported first by Bloomberg, is subject to due diligence and is understood by BBC Sport to be a straightforward loan without triggering any equity involvement in the club or influencing the takeover process.
Despite ongoing negotiations and the financial offer, Everton remains focused on completing the construction of the 52,888-capacity stadium by the end of 2024. The club aims to transition from its current venue, Goodison Park, to the new stadium ahead of the 2025-26 campaign. However, the progress is overshadowed by uncertainties surrounding the proposed takeover by 777 Partners. While an agreement was initially reached in September for 777 Partners to acquire majority owner Farhad Moshiri’s 94% stake, recent developments have cast doubt on the completion of the deal. Moshiri extended the sales and purchase agreement until the end of the month, granting 777 Partners additional time to finalize the takeover.
The financial strain on Everton’s stadium project is evident, with costs surpassing initial estimates. Premier League documents reveal that project costs have soared from an initial £500 million to over £800 million. Amidst these challenges, one of the conditions set by the Premier League for approving 777 Partners’ takeover bid is the funding of approximately £100 million towards the stadium’s completion. In response to the escalating costs and regulatory requirements, Everton has engaged in discussions with GDA Luma Capital, known for providing “capital solutions” to companies facing complex financial and operational challenges. These discussions highlight Everton’s efforts to navigate the intricate landscape of stadium financing amidst ongoing takeover uncertainties.
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