Everton owner Farhad Moshiri is unlikely to have lost more than £1billion despite the latest takeover collapse at Goodison Park.
That is the view of finance expert Stefan Borson, who exclusively told Football Insider Moshiri’s equity isn’t currently worth anything because of the level of debt the Merseysiders find themselves in.
Everton have now seen takeovers from 777 Partners and The Friedkin Group fall through over the last few months, plunging the club back into uncertainty.
Moshiri initially invested at Goodison Park in February 2016 and raised his shareholding to 94.1 per cent in January 2022.
Everton bidders could offer Farhad Moshiri sweeteners to leave
Although Borson revealed Moshiri’s equity isn’t worth that amount of money, he suggested any interested parties could offer him “sweeteners” to walk away.
“If you believe the numbers, he’s lost over £1billion on this deal,” Borson told Football Insider.
“I’m not sure he ever had the £1billion to lose, so I’m not sure it’s necessarily all his money.
“He’s entitled to ask for what he wants while he still holds the cards and the business is still solvent. That position is likely to change as we go through the next few months if there isn’t a buyer.
“I think he would be very lucky to get £50million because I don’t think the equity is worth anything.
“But in terms of getting Moshiri over the line to support a particular bidder, you may have to offer him certain sweeteners.
“It may be that £50million or even more can be structured in such a way that there is effectively an earn-out in that if the deal happens and certain milestones are hit going forward, then that triggers payments off to Moshiri.
“There is a myriad of ways you can structure the deal, similar to how you would in a transfer and perhaps that’s something they could look at.
“But I think on the face of it, Moshiri’s equity that he holds today is not worth £50million because the debt is so big.
“The likelihood from a valuation perspective is Moshiri’s equity is worth zero.”