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@gregorypcordell "Eagle Football Holdings published their 2022/23 financial accounts. Pre-tax loss of $233m ( 165m at current GBP:USD; 177m as of end-Jun '23). Attributable to: - Op loss of $128m - Net finance costs of $54m - Other expense (non-core) of $32m - Share of CPFC losses of $9m"
X Link @gregorypcordell 2025-10-05T02:57Z 3563 followers, 34.7K engagements

"Already known from filings by Ares but holdco debt w/ EFH entities carry extremely high rates (note: interest is PIK). I believe most of the Series B2 (at 22%) was paid down in Jan '24 (based on TISE filings) but overall this debt will have increased over the past 2+ years"
X Link @gregorypcordell 2025-10-05T02:57Z 3563 followers, XXX engagements

"EFH had interest bearing loans + warrants / put option liabilities north of $1.1bn in aggregate as of end-Jun '23. Current liabilities were 4.5x current assets at end-Jun '23"
X Link @gregorypcordell 2025-10-05T02:57Z 3562 followers, XXX engagements

"Borrowing and lease obligation payments (incl interest) projected to total $2.0bn over course of arrangements. A large portion of the $1.2bn in over X years (as of Jun '23) will be related to Ares debt payable in Dec '28"
X Link @gregorypcordell 2025-10-05T02:57Z 3563 followers, XXX engagements

"CVC Capital Partners and Apollo leading $19B PE surge in sports"
X Link @gregorypcordell 2025-09-17T14:41Z 3563 followers, 1321 engagements

"The cash flow deficit before financing (+ funding of additional cash to the BS) was covered through net borrowing of 130m on revolving credit facilities (RCFs) and the $100m (80m at time) follow-on capital injection by SJR"
X Link @gregorypcordell 2025-09-19T06:53Z 3561 followers, XXX engagements

"Maybe gone under the radar a bit but Velocity Capital (UK) Holdings - which hold XX% of shares in Burnley FC Holdings - are now X months late submitting accts. Very atypical for PL-nexus to be this late. Eagle Football only recent case (still overdue but no longer PL-nexus)"
X Link @gregorypcordell 2025-09-25T15:50Z 3563 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"
X Link @gregorypcordell 2025-02-05T16:13Z 3563 followers, 23.6K engagements

"Correct. Largest rev generating clubs already operating under UEFA SCR limit of XX% wouldn't run up against anchoring at 5x until rev 7.14x the bottom payout ( 800m at 2023/24 levels). If that is limiting then reduce PL payout dispersion to incr lowest payout for release"
X Link @gregorypcordell 2025-10-15T18:07Z 3562 followers, 4151 engagements

"The relatively modest (by club standards) CFO of 73m versus sizeable CFI outflow of 275m resulted in a cash flow deficit before financing of 202m"
X Link @gregorypcordell 2025-09-19T06:52Z 3562 followers, XXX engagements