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@gregorypcordell Avatar @gregorypcordell Greg Cordell

Greg Cordell posts on X about debt, eagle, ares capital corp, 3m the most. They currently have XXXXX followers and XXX posts still getting attention that total XXXXXX engagements in the last XX hours.

Engagements: XXXXXX #

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Social category influence finance premier league stocks countries currencies cryptocurrencies

Social topic influence debt, eagle, ares capital corp, 3m, investment, ipo, cayman islands, op, $19m, $35m

Top assets mentioned Ares Capital, Corp. (ARCC)

Top Social Posts #

Top posts by engagements in the last XX hours

"Textor has subsequently renamed the holdco incorporated in Cayman Islands on XX Sep 2024 from Eagle Football Group to Eagle Football Holdings. The first attached image captures details as of XX Oct 2024 and the second as of XX Jul 2025 for the company (registration #414321)"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-18 23:15:53 UTC 3414 followers, 4012 engagements

"Adj EBIT estimate is a loss 31m representing an estimated improvement of 28m vs 2023/24 attributable to estimated +38m adj EBITDA vs +10m non-CF op expenses (amortization: +9m; depreciation: 1m)"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-21 05:55:49 UTC 3413 followers, XXX engagements

"An update on XX Holdco (Chelsea FC / RC Strasbourg) in Ares Capital Corp's 3Q24 report as well. The rate on PIK debt edged down from XXXXX% (30 Jun) to XXXXX% (30 Sep) from the reduced reference rate. However principal held by Ares Capital Corp increased from $42.5m to $60.9m"
@gregorypcordell Avatar @gregorypcordell on X 2024-10-30 13:50:17 UTC 3421 followers, 5970 engagements

"Estimated net fixed asset spend by cost of 332m across: - Player net spend of 277m (gross: 344m; net fees from sales: 66m); note that the estimate includes the Cunha signing - Infrastructure spend of 55m (primarily Carrington redevelopment)"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-21 05:55:50 UTC 3427 followers, XXX engagements

"This thread provides estimates for Manchester Uniteds 2024/25 financials (P&L; investment; CF; debt) w/ a full Substack write-up forthcoming. Key P&L metric estimates: - Rev of 664m (YOY: +3m; +0.4%) - Adj EBITDA of 186m (+38m) - Pre-tax loss of 37m (improvement by 94m)"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-21 05:55:47 UTC 3434 followers, 18.5K engagements

"Estimated revenue incr of 3m reflects: - Commercial +24m (sponsorship: +8m; retail/merch: +16m) - Broadcast -41m (UEFA: -22m; PL: -17m; other: -3m) - MD +20m (+5 home matches vs 2023/24) Note: Rev guidance of 660m to 670m was provided by club w/ 3Q 2024/25 accts"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-21 05:55:48 UTC 3434 followers, XXX engagements

"Estimated adj EBITDA increase of 38m reflects estimated +3m revenue vs estimated -36m recurring cash expenses (wages: -55m; OOEs: +19m); estimated margin improvement from XXXX% to 28.0%. Note: Adj EBITDA guidance of 180m to 190m was provided by club w/ 3Q 2024/25 accts"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-21 05:55:48 UTC 3420 followers, XXX engagements

"The affidavit notes that comments on the S-1 were received back from the SEC on XX July 2025. A potential IPO timetable of (prior to) end-Sep '25 is stated but that's hard to envision given prior similar declarations (i.e. w/in the next quarter or so) and general upheaval"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-24 04:03:14 UTC 3434 followers, 3147 engagements

"Football net debt (FND) is estimated to incr YOY by 118m to 863m based on estimated growth for both net financial debt and net transfer debt. Given scale of net transfer installment pmts due in 2025/26 and likely reduced new inv outlay I expect FND to decr as of end-Jun 26"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-21 05:55:53 UTC 3414 followers, XXX engagements

"For net financial debt which isnt sensitive to RCF repayment assumptions I estimate a YOY increase by 49m to 522m. Based on RCF and cash figures I estimate on-hand liquidity decreased YOY by 87m to 257m at end-Jun 25"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-21 05:55:52 UTC 3410 followers, XXX engagements

"Ares Capital Corp published its 3Q24 report. Eagle Football senior subordinated debt remains unchanged vs 2Q24 (rates of XXXX% PIK and XXXX% PIK) but the # of ordinary shares held increased from XXX to XXX while FV of equity position fell from $3.5m to $1.9m"
@gregorypcordell Avatar @gregorypcordell on X 2024-10-30 13:37:18 UTC 3421 followers, 11.3K engagements

"11 PL clubs so far have released 2023/24 results. Agg P&L Stmt for the 11: - Rev +338m (8.9%) to 4112m; rate will drop w/ CFC & THFC results - Adj EBITDA -53m (-8.2%) to 593m; cash exp growing fast - Pre-tax result -124m to -131m despite big YOY jump in player sale profit"
@gregorypcordell Avatar @gregorypcordell on X 2025-03-29 09:44:54 UTC 3391 followers, 32.9K engagements

"Manchester Uniteds estimated leverage at end-Jun XX measured based on FND is 4.6x representing a modest anticipated YOY improvement (end-Jun 24: 5.0x) based on estimated adj EBITBA growth exceeding estimated FND growth"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-21 05:55:54 UTC 3413 followers, 1262 engagements

"A quick note that the Eagle Football Group entity formed in Cayman Islands was incorporated in Sep '24 and has indicatively been (since that date) the intended consolidating entity in the (unlikely) event an IPO materializes"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-18 22:57:53 UTC 3433 followers, 32.4K engagements

"For the CFO estimate note that I assume break-even WC movements (LTM 3Q 2024/25: 3m consumption). The notable estimated spread between adj EBITDA (186m) to CFO (123m) primarily driven by exceptional items (EtH & staff; Ashworth; restructuring) and net cash interest payments"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-21 05:55:51 UTC 3420 followers, XXX engagements

"The letter delivered to the EFH Ltd BoD is among the attachments to the filing. The first couple pages are attached for reference"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-24 03:40:59 UTC 3434 followers, 21.8K engagements

"Textor touts a $2bn equity valuation for EFH in his supporting affidavit (which is far different from the view of Ares who carried its commit equity position at below cost as of end-Mar '25). Also an interesting narrative put forth around the OL acquisition and his management"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-24 03:49:43 UTC 3434 followers, 5182 engagements

"A summary overview of Brentford FC beneficial ownership changes and capital movements based on Companies House filings"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-19 09:37:24 UTC 3413 followers, 1633 engagements

"Data in the preceding table is sourced from quarterly disclosures by Ares Capital Corp who are agent for EFH's debt arrangements and indicatively hold one-sixth of the debt issued"
@gregorypcordell Avatar @gregorypcordell on X 2025-05-09 07:37:30 UTC 3421 followers, XXX engagements

"Net transfer debt at end-Mar '25 stood at 308m with 175m on net due within 1-yr: - Transfer payables: 403m total w/ 222m due w/in 1-yr - Transfer receivables: 95m total w/ 47m receivable w/in 1-yr"
@gregorypcordell Avatar @gregorypcordell on X 2025-06-06 21:44:55 UTC 3412 followers, 2534 engagements

"On XX May 2025 EFH Bidco adopted revised Articles of Association - the day prior to the appointment of the restructuring expert as a Director"
@gregorypcordell Avatar @gregorypcordell on X 2025-06-24 07:02:21 UTC 3428 followers, 6038 engagements

"Cash flow statement estimates: - CF from ops (CFO) of 123m (YOY: +37m) - CF from inv (CFI) an outflow of 282m (player: 229m; capex: 53m) - CF from fin (CFF) an inflow of 210m (equity: 80m; net borrowing: 130m) - Cash increase of 43m (note: est 8m adverse FX) to 117m"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-21 05:55:50 UTC 3431 followers, XXX engagements

"For the CFF estimate note that I assume no further repayment on revolving credit facilities (RCFs) after the 50m paydown on XX Apr 2025 disclosed in sub events to 3Q 2024/25 accts. However the club may have repaid further on RCFs prior to XX Jun 2025 (my ests imply capacity)"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-21 05:55:51 UTC 3419 followers, XXX engagements

"Ares Capital Corp who are a lender to XX Holdco (Chelsea/Strasbourg) and Eagle Football Holdings (OL/Palace/RWDM/Botafogo) published FY24 accounts today. With respect to EFH the interest rate on the most subordinated PIK debt increased from XX% at XX Sep to XX% at XX Dec"
@gregorypcordell Avatar @gregorypcordell on X 2025-02-05 16:13:23 UTC 3420 followers, 23.5K engagements

"Details on the Brentford FC investment (via BIAL) per CH filings: - 7.2m shares were issued for 40.0m. - The issued shares represent (i) XXXX% of total ordinary shares (7.2m of 62.9m) and (ii) XXX% of total aggregate shares across ordinary and preference (7.2m of 87.5m)"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-16 14:26:03 UTC 3413 followers, 4903 engagements

"MUFCs net transfer debt stood at 309m at end-Mar XX w/ (a substantial) 175m due w/in one yr. Driven primarily by 4Q 2024/25 inv activity I est an incr to 341m at end-Jun XX w/ 186m due w/in one yr (although each lower if 4Q 2024/25 net pmts were higher than I modeled)"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-21 05:55:53 UTC 3430 followers, XXX engagements

"Estimated YOY +94m pre-tax result to a loss of 37m reflects an estimated (i) 28m adj EBIT improvement (ii) 16m decr in exceptional exp (iii) 8m incr in player sale profit and (iv) 42m decr in net fin costs (primarily driven by FX movements vis--vis unhedged USD debt)"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-21 05:55:49 UTC 3413 followers, XXX engagements

"There are a handful of new definitions to include reference to an (i) Override Agreement between agent Ares Capital Corp and holdco borrowers/pledgors EFH Bidco EFH Midco and EFH Holdings and (ii) Independent Director appointed in accordance w/ the Override Agreement"
@gregorypcordell Avatar @gregorypcordell on X 2025-06-24 07:02:22 UTC 3434 followers, 1153 engagements

"It's always (properly) noted that Textor has a 1/4 vote on director's decisions but I interpret shareholder voting power as more nuanced w/ EFH holding XX% power on show of hands (1 of X A1/B1 holders) and XX% on polls & written resolutions (677k of 1697k A1/B1 units)"
@gregorypcordell Avatar @gregorypcordell on X 2025-06-02 18:24:05 UTC 3414 followers, 6333 engagements

"Eagle Football Holdings (largest beneficial owner of CPFC; majority beneficial owner for OL Botafogo and RWDM) has reached XX months overdue on disclosure of financial accounts (w/ no intention to submit to CH). Also approaching X months overdue for its confirmation statement"
@gregorypcordell Avatar @gregorypcordell on X 2025-04-30 17:13:12 UTC 3412 followers, 93.3K engagements

"Significant cash investment demands results in estimated CFO + CFI (i.e. CF excl financing) of negative 159m which would take the pre-financing outflow to 289m across 2022-2025"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-21 05:55:51 UTC 3420 followers, XXX engagements

"Subsequent filings for Best Intentions Analytics Ltd (holdco for Brentford FC) disclose that all 24.6m outstanding preference shares (prior to XX July) were redeemed immediately after the XX July ordinary share issuance"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-19 08:31:17 UTC 3413 followers, 3035 engagements

"As an aside Ares Capital Corp continues to carry PIK debt (12.3% to 19.0%) to EFH at or near cost as of XX Mar 2025 but Ares has edged down the fair value of ordinary shares in EFH to XX% of cost (31 Dec 24: XX% of cost; XX Mar 24: XX% of cost)"
@gregorypcordell Avatar @gregorypcordell on X 2025-04-30 17:13:13 UTC 3428 followers, 19.7K engagements

"EFG published a business update for the first X months of 2024/25. Revenue is down XX% excl player trading (down X% when excl upfront OLF License royalty). The last tranche of the LFP/CVC capital op was earned in Q4 2023/24 (50m) so the full year reduction will be higher"
@gregorypcordell Avatar @gregorypcordell on X 2025-05-15 20:24:34 UTC 3405 followers, 1853 engagements

"With Textor reiterating the need for equity to reduce acq debt a note that the rate on Series B Notes ( one-third of acq debt) has climbed from XX% to XX% (via embedded ste-ups) since origination. Based on historical trends we could see another jump in the next quarter or two"
@gregorypcordell Avatar @gregorypcordell on X 2025-05-09 07:37:30 UTC 3421 followers, 8796 engagements

"Assuming no further repayments on RCFs post-Apr XX (which could be wrong) I est gross fin debt of 639m at end-Jun XX (YOY: +92m). The est incr is driven by higher usage on RCFs partially offset by the impact from GBP:USD movements YOY on USD-denominated debt (weakened USD)"
@gregorypcordell Avatar @gregorypcordell on X 2025-07-21 05:55:52 UTC 3410 followers, XXX engagements