Last updated on 56 minutes ago56 minutes ago.From the section Everton
Everton have reached an exclusivity agreement with New York-based company MSP Sports Capital for investment in the club, BBC Sport understands.
Sources have said the deal is not yet done but talks are progressing between the two parties over future funding.
MSP look to have jumped ahead of 777 Partners, who have been in talks over a takeover from owner Farhad Moshiri.
Everton are currently two points above the Premier League’s relegation zone with one game remaining this season.
However, the Toffees will drop into the bottom three if Leicester win at Newcastle on Monday (20:00 BST).
MSP are believed to be looking for a 25% stake with a preferential share structure, not equity in the club, so would be paid back in interest.
777 have had access to the ‘data room’ (financial accounts), but have not been prepared to pay a ‘significant’ price as they have looked at the debt on the balance sheet – which stood at £141.7m in the latest accounts.
In February, Moshiri told the fans’ advisory board the club was “not for sale” but he had been talking to “top investors of real quality”.
The club requires funding for their new stadium, which is being built on Bramley Moore Dock, after costs increased from £500m originally to about £760m.
British-Iranian business Moshiri has invested over £750m of his own money since 2016, but some supporters are deeply unhappy about his ownership of the club.
Toffees fans have held protests before some home games this season and have called for Moshiri and the board to leave the club.
It is understood MSP will likely expect representation in the boardroom if they do complete their minority investment in the club.
An exclusivity agreement is described as a document in which a prospective buyer and seller agree to deal solely with each other in anticipation of an exchange of contracts by the end of a fixed period of time.
In this case, it protects MSP from being outbid by another party but it does not offer full protection from that happening outside of the specified time period.
Who are MSP?
MSP Sports Capital describe themselves as investors in sports teams, leagues and businesses that ‘pursue ambitious, challenging tasks’.
Their current portfolio includes European clubs such as Brondby in Denmark, Augsburg in Germany and Estoril of Portugal.
Their chairman, Iranian-American billionaire Jahm Najafi, is the vice-chairman of McLaren and also a minority owner of NBA team Phoenix Suns.
He attended the defeat by Southampton in January at Goodison Park and his net worth was valued at £2.9bn by the Paddock Magazine in 2021.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
