# ![@gregorypcordell Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::574995936.png) @gregorypcordell Greg Cordell

Ares Capital Corp has reported on its loans to English football holdings, specifically EFH ( likely Everton FC Holdings). The company has marked down its Series A notes and reported a net unrealized loss of $29m on its EFH position. Additionally, Ares Capital Corp holds part of a new loan to another football club, with an 18-month tenor.

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**Top assets mentioned**
[Ares Capital, Corp. (ARCC)](/topic/ares-capital-corp)
### Top Social Posts
Top posts by engagements in the last [--] hours

"Ares Cap Corp published 3Q25 results. Notes related to EFH: - Funds from Palace interest indicatively paid off B1 Notes (19.0% PIK); small B2 amt remains. - Series A Notes marked down from 85% of prin (2Q25) to 57%. - New loan for OL in Jul '25 has an [--] month tenor to Jan '27"  
[X Link](https://x.com/gregorypcordell/status/1983131296646721995)  2025-10-28T11:18Z [----] followers, 18.5K engagements


"Ares Capital Corp holds $7.4m of the new loan originated in Jul '25 which it marks at 57% of principal (indicatively pari passu w/ A Series notes originated in Dec '22)"  
[X Link](https://x.com/gregorypcordell/status/1983131298488082861)  2025-10-28T11:18Z [----] followers, [---] engagements


"Ares Capital Corp reports a net unrealized loss on the EFH position of $29m year to date (note: ACC indicatively holds 15% of Ares-arranged loans to EFH). Of note w/in the football space ACC reports a $36m unrealized gain from its Atlti holdings (Storm Investment S.a.r.l.)"  
[X Link](https://x.com/gregorypcordell/status/1983131299742187636)  2025-10-28T11:18Z [----] followers, [----] engagements


"Attached is a figure that *estimates* the amount of debt Eagle Football Holdings has outstanding that is secured by substantially all group assets. As of Sep '25: $377m of Series A notes due in Dec '28 (likely $400mm as of yr-end) $102m of incremental funding due in Jan '27 Ares Cap Corp published 3Q25 results. Notes related to EFH: - Funds from Palace interest indicatively paid off B1 Notes (19.0% PIK); small B2 amt remains. - Series A Notes marked down from 85% of prin (2Q25) to 57%. - New loan for OL in Jul '25 has an [--] month tenor to Jan '27. https://t.co/tcBATkUr6E Ares Cap Corp"  
[X Link](https://x.com/gregorypcordell/status/1985375544729329853)  2025-11-03T15:56Z [----] followers, 84.4K engagements


"Figures for Series A and Series B Notes are derived from quarterly disclosures by Ares Capital Corp who *indicatively* hold 15.2% of A and held 17.0% of B. Interim estimates tie pretty well w/ other public data to incl the $188m repayment in Jul '25 that paid off B Notes"  
[X Link](https://x.com/gregorypcordell/status/1985375546537107701)  2025-11-03T15:56Z [----] followers, [----] engagements


"Small update to EFH debt estimate figure based on additional detail on debt originated in Jul '25 which are Series C Notes per a charge filing in the UK. Both Series A (due Dec '28) and Series C (due Jan '27) Notes bear interest at SOFR + 8% (as of today: 12%) w/ interest PIK. Attached is a figure that *estimates* the amount of debt Eagle Football Holdings has outstanding that is secured by substantially all group assets. As of Sep '25: $377m of Series A notes due in Dec '28 (likely $400mm as of yr-end) $102m of incremental funding due in Jan '27 https://t.co/W76YzS9HNg Attached is a figure"  
[X Link](https://x.com/gregorypcordell/status/1986119477650727355)  2025-11-05T17:12Z [----] followers, 24.9K engagements


"Ares Capital Corp is the security agent for Series C Notes as they are/were for Series A and (indicatively since paid off) Series B Notes. Loan amount outlined which aligns with recent disclosures by EFH (sub events to 2022/23 accounts) and EFG (recent press release)"  
[X Link](https://x.com/gregorypcordell/status/1986119480850657720)  2025-11-05T17:12Z [----] followers, [----] engagements


"Velocity Capital (UK) Holdings Ltd which owns 82.7% of shares in Burnley FC Holdings Ltd is now over [--] months overdue publishing accounts to end-Mar '24. Technically accounts to end-Mar '25 are also now overdue. Velocity Capital (UK) Holdings the immediate parent of Burnley FC Holdings (that pledged its shares in the Burnley holdco for financing last month) is now [--] months overdue for accts to end-Mar '24. https://t.co/4AeGJfYECQ Velocity Capital (UK) Holdings the immediate parent of Burnley FC Holdings (that pledged its shares in the Burnley holdco for financing last month) is now 11"  
[X Link](https://x.com/gregorypcordell/status/2016186295932825771)  2026-01-27T16:27Z [----] followers, [----] engagements


"For general awareness as it may have gone under the radar at the time Velocity Capital (UK) Holdings pledged its shareholding in Burnley FC Holdings for new borrowing by a related party in Oct '25 w/ Velocity Capital (UK) also a guarantor for obligations"  
[X Link](https://x.com/gregorypcordell/status/2016186297962869108)  2026-01-27T16:27Z [----] followers, [---] engagements


"Stephen Welch was appointed as a director of EFH Bidco to replace Chris Mallon on [--] Oct. Welch was previously a partner at McGrathNicol (specialty advisory and restructuring firm) and a senior managing director at FTI Consulting (largest segment in corp fin & restructuring). A new director was appointed at Eagle Football Holdings Bidco last month. - EFH Bidco is EFH's acquisition vehicle for stakes in clubs - The new director Chris Mallon appears to be a Partner at Fulcrum Partners that formerly led the Skadden Arps European restructuring practice https://t.co/IesYZ7wCKf A new director was"  
[X Link](https://x.com/gregorypcordell/status/1983546273660653946)  2025-10-29T14:47Z [----] followers, [----] engagements


"A note that the amount of Ares-arranged debt to EFH Bidco is likely much higher than $250m (I est that it was $526m at end-Dec '25). Also EFH disclosed (via accts) a sale of $205m (not $240m) for its Palace stake w/ $188m paid to lenders (basically clearing Series B Notes). A Ares emprestou US$450M a Eagle Football para a compra do Lyon. Para pagar um pouco desse valor a Eagle vendeu suas aes do Crystal Palace por US$240M e repassou a Ares. Atualmente; a dvida entre Eagle e Ares gira na casa dos US$250M incluindo juros. Um valor alto ainda https://t.co/yfPFBLdjQe A Ares emprestou US$450M a"  
[X Link](https://x.com/gregorypcordell/status/2016999807533957588)  2026-01-29T22:20Z [----] followers, [----] engagements


"The EFH positions have exhibited a net unrealized decrease by $46m during FY25. Conversely Ares Capital Corp's position in Atleti (Storm Investment S.a.r.l.) has been among its strongest (+$35m)"  
[X Link](https://x.com/gregorypcordell/status/2019024966226751851)  2026-02-04T12:27Z [----] followers, [----] engagements


"EFH had some delayed draw availability at end-Dec '25. Ares Capital Corp portion is $1.2m but total amount unknown (if ACC holds 7% of unfunded commitments in line with issued debt in FY25 then overall would be $17m)"  
[X Link](https://x.com/gregorypcordell/status/2019024967954731168)  2026-02-04T12:27Z [----] followers, [----] engagements


"Preceding figures relate only to Ares Capital Corp's positions. The attached figure provides estimates for amount owed by EFH in aggregate for Ares-arranged debt. I estimate $531m outstanding as of end-Dec '25 with $124m due by Jan '27"  
[X Link](https://x.com/gregorypcordell/status/2019024969544487352)  2026-02-04T12:27Z [----] followers, 11.1K engagements


"Ares Capital Corp published FY25 accts. Notes for Eagle Football position(s): - New Series D matures Dec 26; ACC holds 8% of the $20m issue; rate of 20% (w/ Series B stepping up from 19% to 20%). - ACC carries Series A and Series C notes at 32% of principal (Sep 25: 57%)"  
[X Link](https://x.com/gregorypcordell/status/2019024963924382060)  2026-02-04T12:27Z [----] followers, 44.7K engagements


"Updated (corrected) ownership diagram for MUFC to reflect the transfer of units from Trawlers to INEOS and share issue. - INEOS now own 28.9% of shares (voting power: 29.0%); SJR beneficial stake shifts down to 17.9%. - Glazers now w/ 48.9% of shares (voting power: 67.9%). I deleted the prior summary on the transfer of units from Trawlers to INEOS and issue of $100m in new A and B units. The filing states beneficial ownership of 49.9m Class A units only but this is consistent w/ prior that implicitly assume conversion to A (not an actual conv). https://t.co/YBF2WTBjbX I deleted the prior"  
[X Link](https://x.com/anyuser/status/1869744575860166829)  2024-12-19T14:00Z [----] followers, [----] engagements


"UEFA CL distributions to PL clubs for 2024/25: - Arsenal: 117.0m - Liverpool: 98.1m - Aston Villa: 83.7m - Man City: 76.2m UEL and UECL distributions to PL clubs for 2024/25: - Spurs: 41.4m - Man United: 36.4m - Chelsea: 21.8m 📊 Total revenue for our mens club competitions passed the [---] billion mark for the 2024/25 season. 📈 In a landmark year for European football higher revenue also resulted in higher financial distribution and increased solidarity payments. More details: 📊 Total revenue for our mens club competitions passed the [---] billion mark for the 2024/25 season. 📈 In a landmark"  
[X Link](https://x.com/gregorypcordell/status/2021925509970768338)  2026-02-12T12:33Z [----] followers, [----] engagements


"I've posted this figure a couple times recently but a reminder that LFC are highly cash-flow sensitive and cash net spend tends to be relatively stable where net spend on cost tends to be much more variable. Not a novel concept or unique to LFC but an important note. 🚨 NEW: "a few people have said to me 'for the sake of 4-5m what on earth are we doing' but I think that's probably a little too simplistic because it's also about the structure of the deal." - @JamesPearceLFC via @TheAthleticFC https://t.co/6r8CsIEVLS 🚨 NEW: "a few people have said to me 'for the sake of 4-5m what on earth are"  
[X Link](https://x.com/gregorypcordell/status/1689264269219520512)  2023-08-09T13:16Z [----] followers, 40.3K engagements


"A couple new filings related to LFC are being processed related to an updated Memorandum and Articles of Association (based details of entity & rules detailing how it will be run) which I expect will be available to view by tomorrow for those interested in this kind of thing"  
[X Link](https://x.com/anyuser/status/1702680548643123614)  2023-09-15T13:47Z [----] followers, 258.3K engagements


"This thread will provide a summary of MUFC 2023/24 results with figures. Below is the summary P&L statement to include [--] years or historical data for reference. Double digit revenue growth the reduced wage bill and reduced finance costs (from FX) drove stronger profitability"  
[X Link](https://x.com/anyuser/status/1717545299483242768)  2023-10-26T14:14Z [----] followers, 25.1K engagements


"Manchester City published 22/23 financial results. Key P&L figures: - Revenue of 713m (+100m YOY); new PL record - EBITDA of 123m (-9m); cash expenses up - EBIT a loss of 34m (-14m); non-CF expenses slightly up - Pre-tax profit of 80m (+39m); massive player sale profit"  
[X Link](https://x.com/anyuser/status/1724750769134489800)  2023-11-15T11:26Z [----] followers, 14.1K engagements


"JV1 Ltd published its Confirmation Statement. There were no funds paid-in by Amanda Staveley (Cantervale Holdings) in [----] w/ all 23.4m shares allotted to RB Sports & Media (11.4m in Feb 23; 12.0m in Aug 23). Staveley's beneficial stake in Newcastle Utd has been diluted to 6.0%"  
[X Link](https://x.com/anyuser/status/1749484709371858965)  2024-01-22T17:30Z [----] followers, 97.9K engagements


"A new registration of charge was filed by Cantervale Limited. Cantervale has a 6% indirect ownership stake in Newcastle United and is wholly-owned by Amanda Staveley (direct owner)"  
[X Link](https://x.com/gregorypcordell/status/1759684678636691786)  2024-02-19T21:01Z [----] followers, 99.5K engagements


"UEFA published its European Club Finances and Investment Landscape report last week for 2022/23. This thread will summarize Liverpool figures disclosed in the report which provides more detail than the Deloitte Football Money League (DFML) report released last month"  
[X Link](https://x.com/anyuser/status/1760641092565733484)  2024-02-22T12:22Z [----] followers, 30K engagements


"Full results will be available at Companies House for download w/in a few days. In the interim here is a P&L statement snapshot based on this announcement + data in the UEFA ECFIL report published two weeks ago. Certain expense line items will differ slightly from this snapshot. #LFC has filed its annual financial accounts for the 2022-23 season which saw the club achieve record revenues from its commercial operations. #LFC has filed its annual financial accounts for the 2022-23 season which saw the club achieve record revenues from its commercial operations"  
[X Link](https://x.com/gregorypcordell/status/1763146800540667949)  2024-02-29T10:18Z [----] followers, 29.5K engagements


"Financials for UKSV Holdings have posted. UKSV is LFC's parent. P&L metrics: - Rev of 594m - Day-to-day loss of 44m (before 34m player sale profit) - Op loss of 10m - Pre-tax loss of 15m LFC will show a day-to-day loss of 39m op loss of 5m and pre-tax loss of 9m"  
[X Link](https://x.com/gregorypcordell/status/1765637713904939082)  2024-03-07T07:16Z [----] followers, 39.2K engagements


"Financials for LFC have published. A longer thread to come but some highlights here (many figures the same as provided in the UKSV thread a couple days back). P&L metrics: - Rev of 594m - Day-to-day loss of 38m - Op loss of 4m after player sale profit - Pre-tax loss of 9m"  
[X Link](https://x.com/anyuser/status/1766354313037697521)  2024-03-09T06:44Z [----] followers, [----] engagements


"LFCs 22/23 accounts posted. This thread summarizes P&L investment CF and in debt. Key P&L metrics: - Rev of 594m (flat YOY) - EBITDA of 84m (decline of 13m); margin: 14.1% - EBIT is a loss of 38m (vs 18m loss in 21/22) - Pre-tax loss of 9m (vs 7m profit in 21/22)"  
[X Link](https://x.com/gregorypcordell/status/1766461963792502843)  2024-03-09T13:52Z [----] followers, 25.1K engagements


"Manchester United made repayments on revolving credit facilities totaling 120m on [--] Feb [----] reducing debt under available RCFs from 260m to 140m"  
[X Link](https://x.com/anyuser/status/1768031288932393112)  2024-03-13T21:48Z [----] followers, 23.5K engagements


"This article is the first Ive seen to note that Clearlake holds a different class of securities than the Boehly group. This prompted me to look through filings to get a better grasp of the broader ownership outlay with select elements highlighted in this thread. EXCLUSIVE 🚨 Todd Boehly will be REMOVED as Chelsea chairman in [----] as majority owners Clearlake plan to switch to new figurehead ❌ ✍@MikeKeegan_DM Read more 👇 EXCLUSIVE 🚨 Todd Boehly will be REMOVED as Chelsea chairman in [----] as majority owners Clearlake plan to switch to new figurehead ❌ ✍@MikeKeegan_DM Read more 👇"  
[X Link](https://x.com/gregorypcordell/status/1776900442657607796)  2024-04-07T09:10Z [----] followers, [----] engagements


"One share in Newcastle United Limited was allotted for 37m on [--] March"  
[X Link](https://x.com/gregorypcordell/status/1778143778408374654)  2024-04-10T19:31Z [----] followers, 31K engagements


"Attached is an updated ownership diagram for NUFC (ownership direction reads from bottom to top). Filings indicate the 37m injected was split 80% PIF / 20% minority investors and (while verification won't come until Jan '25) it is unlikely that Cantervale (AS) contributed. One share in Newcastle United Limited was allotted for 37m on [--] March. https://t.co/9lw5UQIMRO One share in Newcastle United Limited was allotted for 37m on [--] March. https://t.co/9lw5UQIMRO"  
[X Link](https://x.com/anyuser/status/1778324854372200840)  2024-04-11T07:30Z [----] followers, 18.5K engagements


"A full write-up with estimated 2023/24 financial results for LFC is forthcoming but in the interim this thread will provide summary estimates. Key P&L metrics: - Revenue of 584m (YOY: -10m) - EBITDA of 93m (+9m) - EBIT a loss of 40m (-2m) - Pre-tax loss of 26m (-17m)"  
[X Link](https://x.com/anyuser/status/1792966005582385345)  2024-05-21T17:09Z [----] followers, [----] engagements


"With Moshiri set to engage interested parties now that the share purchase agreement with [---] Partners has expired attached for reference is an ownership diagram for Everton FC (first pass; may need revision) that includes lending arrangements based on filings and media reports"  
[X Link](https://x.com/anyuser/status/1796808652730352064)  2024-06-01T07:39Z [----] followers, 25.4K engagements


"Manchester United Football Club Limited allotted [---] shares for 133m on [--] June"  
[X Link](https://x.com/anyuser/status/1807903226840105403)  2024-07-01T22:24Z [----] followers, 83.9K engagements


"Im currently compiling ownership diagrams for all PL clubs. Work is still in progress but this thread will provide diagrams for the [--] completed so far. Football clubs in blue; controlling entities in green. [--]. Arsenal Relatively straightforward arrangement; singular owner"  
[X Link](https://x.com/anyuser/status/1808700335201927482)  2024-07-04T03:12Z [----] followers, 210K engagements


"2. Chelsea (incl Strasbourg and holdco debt) - A Clearlake vehicle is the majority owner and has downside projection on return of capital; - Notable level of debt higher in structure; - Physical asset sales from Chelsea FC Holdings-owned entities to affiliates noted"  
[X Link](https://x.com/anyuser/status/1808700337051537681)  2024-07-04T03:12Z [----] followers, 18.9K engagements


"6. Liverpool - Figure doesnt reflect the reported 2% to 4% stake taken by Dynasty as no filings to date identify legal entities or # of units sold; - Very simple structure up to FSG; ownership of FSG est based on LFC website (parties w/ 10% identified) and broader reporting"  
[X Link](https://x.com/gregorypcordell/status/1808700346790719705)  2024-07-04T03:12Z [----] followers, 10.5K engagements


"8. Manchester United - High transparency into ownership outlay given filing requirements; - Seemingly excessive number of intermediate holding vehicles between MU PLC and MU Ltd; - Ill layer in lending relationships in a future iteration of the diagram"  
[X Link](https://x.com/anyuser/status/1808700353015103694)  2024-07-04T03:12Z [----] followers, 11.1K engagements


"9. Newcastle United - PIF (80%) control segment very straightforward; - More complex in minority co-invest segment; - Cantervale (AS-owned) borrowed 34m to acq stake in Oct 21; bal 40m at Mar [--] (interest PIK); potentially 50m now (PIK at 12%; borrowing to repay MA)"  
[X Link](https://x.com/gregorypcordell/status/1808700355221357045)  2024-07-04T03:12Z [----] followers, 15.2K engagements


"11. Tottenham - Good financial transparency for Tottenham Hotspur Limited and various subsidiaries for conducting analysis; - Less transparency into ownership higher in structure given ENIC/Tavistock domicile and high % of beneficial ownership in Lewis/Levy offshore trusts"  
[X Link](https://x.com/anyuser/status/1808700359252058306)  2024-07-04T03:12Z [----] followers, 55.2K engagements


"Blueco [--] Midco Limited replaced Chelsea FC Holdings as the entity with significant control of Chelsea FC Women on [--] June [----] (just before financial year end)"  
[X Link](https://x.com/anyuser/status/1811423858781757773)  2024-07-11T15:34Z [----] followers, 452.4K engagements


"A new legal owned by Fenway Sports Group named FSG Football Services Limited was incorporated yesterday per Companies House filings. Per the business code the vehicle is a holding company"  
[X Link](https://x.com/gregorypcordell/status/1813107554542555233)  2024-07-16T07:05Z [----] followers, 24.6K engagements


"I published an entry on Substack providing ownership diagrams for each PL club. Diagrams were compiled using information from CH filings commercial registries outside the UK club websites press releases new reports etc. The link is below: https://open.substack.com/pub/gregcordell/p/ownership-diagrams-202425-premierr=3bv2k&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true https://open.substack.com/pub/gregcordell/p/ownership-diagrams-202425-premierr=3bv2k&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true"  
[X Link](https://x.com/gregorypcordell/status/1827814764275458423)  2024-08-25T21:06Z [----] followers, 13.4K engagements


"I published a Substack entry yesterday with ownership diagrams for each PL club (free; link below). To complement the entry this thread provides each diagram for reference. https://open.substack.com/pub/gregcordell/p/ownership-diagrams-202425-premierr=3bv2k&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true I published an entry on Substack providing ownership diagrams for each PL club. Diagrams were compiled using information from CH filings commercial registries outside the UK club websites press releases new reports etc. The link is below: https://t.co/M1IZelDs7G"  
[X Link](https://x.com/gregorypcordell/status/1828062238839644182)  2024-08-26T13:29Z [----] followers, 36.5K engagements


"The vast majority of people responding to this assuming quoted wages are gross and that Chiesa took a pay cut fits with the broader Liverpool base wage mythology. My interpretation from the base report is (i) cited wages are net and (ii) his base wage is increasing vs current. 🚨(🌗) @Gazzetta_it: Federico Chiesa (26) will earn around [------] a week at Liverpool 💰💰 🚨(🌗) @Gazzetta_it: Federico Chiesa (26) will earn around [------] a week at Liverpool 💰💰"  
[X Link](https://x.com/gregorypcordell/status/1829134269811232979)  2024-08-29T12:29Z [----] followers, 38K engagements


"As I noted last week the 55k / wk base wage commonly (and incorrectly) cited for Diaz resulted from a UK outlet (citing but) mistranslating the source report by a Portuguese journalist. The incorrect wage then became canon in the UK and represented as 'verified' by aggregators. 🗣"Not Accurate" - #Liverpool Deny Claims Over Star's Reported Contract Talks #LFC #LiverpoolFC https://t.co/kyk4aHUu3i 🗣"Not Accurate" - #Liverpool Deny Claims Over Star's Reported Contract Talks #LFC #LiverpoolFC https://t.co/kyk4aHUu3i"  
[X Link](https://x.com/gregorypcordell/status/1832061747370356781)  2024-09-06T14:22Z [----] followers, 33.7K engagements


"Manchester Utd released its Q4 earnings stmt (full 2023/24 accts pending). This thread will summarize. P&L Stmt: - Rev of 662m (YOY: +13m) - Adj EBITDA of 148m (-7m) - Adj EBIT a loss of 59m (-27m) - Pre-tax loss of 131m (-98m) Note: Player/Other Amort will shift a tad"  
[X Link](https://x.com/anyuser/status/1833872821933551736)  2024-09-11T14:18Z [----] followers, 85.2K engagements


"Manchester United's full 2023/24 accounts are available. I'll add a few figures in this thread to supplement my prior thread. Gross transfer debt is 331m representing a 55m YOY increase. Of total transfer debt 156m is due in 2024/25. Manchester Utd released its Q4 earnings stmt (full 2023/24 accts pending). This thread will summarize. P&L Stmt: - Rev of 662m (YOY: +13m) - Adj EBITDA of 148m (-7m) - Adj EBIT a loss of 59m (-27m) - Pre-tax loss of 131m (-98m) Note: Player/Other Amort will shift a tad. https://t.co/45kenr61Gu Manchester Utd released its Q4 earnings stmt (full 2023/24 accts"  
[X Link](https://x.com/anyuser/status/1834701756649071000)  2024-09-13T21:12Z [----] followers, 62K engagements


"LFC filed its confirmation statement as of [--] Sep [----] which identifies no change to share ownership vs [--] Sep [----]. Therefore Dynasty Equitys strategic common equity minority investment in Liverpool FC announced on [--] Sep [----] was made elsewhere in the ownership structure"  
[X Link](https://x.com/anyuser/status/1835673366298001755)  2024-09-16T13:33Z [----] followers, 65.8K engagements


"An updated LFC ownership chart reflecting recent filings is attached which includes: - Indicative location of Dynasty Equity in the structure - Name change for UKSV I LLC to FSG Football Group LLC (effective [--] Jun 24) - Inclusion of FSG Football Services Ltd (formed [--] Jul 24) LFC filed its confirmation statement as of [--] Sep [----] which identifies no change to share ownership vs [--] Sep [----]. Therefore Dynasty Equitys strategic common equity minority investment in Liverpool FC announced on [--] Sep [----] was made elsewhere in the ownership structure. https://t.co/iCIIFoMTjq LFC filed its"  
[X Link](https://x.com/gregorypcordell/status/1835801778442641645)  2024-09-16T22:03Z [----] followers, [----] engagements


"A new entity called Roundhouse Capital Holdings Ltd was formed on [--] Oct which is indicatively The Friedkin Group's acquisition vehicle for Everton. Roundhouse is owned by Toffee Investments LLC (Houston address) and has a common director w/ The Friedkin Group International Ltd"  
[X Link](https://x.com/anyuser/status/1843078810914423179)  2024-10-07T00:00Z [----] followers, 10.9K engagements


"The 50m in owner funding into Villa on [--] October was sourced from V Sports SCS (no surprise) with paid-in capital increasing from 723.9m to 773.9m. What is interesting about the allotment is that funds were indicatively provided solely from Atairos (no Edens/Sawiris). Aston Villa owners stick another [--] million into the club in the form of new shares #AVFC https://t.co/aQfoUb9N2f Aston Villa owners stick another [--] million into the club in the form of new shares #AVFC https://t.co/aQfoUb9N2f"  
[X Link](https://x.com/anyuser/status/1843726229498978442)  2024-10-08T18:52Z [----] followers, 44.8K engagements


"Attached are tables w/ the shareholding changes for the Luxembourg-based GP (management entity) cited in the V Sports SCS filing. When 50m was issued in Aug '24 the stake held by Atairos increased from 21.3% to 26.5%. W/ this 50m the Atairos stake increased further to 31.1%"  
[X Link](https://x.com/anyuser/status/1843726232023904506)  2024-10-08T18:52Z [----] followers, 34.1K engagements


"Blueco [--] Ltd the direct wholly-owned subsidiary of [--] Holdco Ltd issued [----] shares for 190m over the same period (i.e. the 190m received by [--] Holdco was pushed down at least to Blueco 22)"  
[X Link](https://x.com/gregorypcordell/status/1845586980899528783)  2024-10-13T22:06Z [----] followers, 33.8K engagements


"Assuming A shares were issued to Blues Investment Midco LP (Clearlake) and B shares were issued to Blueco [--] Holding LP (Boehly Group) the attached figure identifies the flow of funds and slight ownership change (Clearlake: 61.5% to 61.8%; Minority: 38.5% to 38.2%) per filings. Blueco [--] Ltd the direct wholly-owned subsidiary of [--] Holdco Ltd issued [----] shares for 190m over the same period (i.e. the 190m received by [--] Holdco was pushed down at least to Blueco 22). https://t.co/mhLkKudDfc Blueco [--] Ltd the direct wholly-owned subsidiary of [--] Holdco Ltd issued [----] shares for 190m over the"  
[X Link](https://x.com/anyuser/status/1845591100368597168)  2024-10-13T22:23Z [----] followers, 32.8K engagements


"Cannae Holdings which holds an 48% interest in Black Knight Football ("BKF") issued a 3Q24 update: - AFCB exhibiting strong comm rev and MD rev growth; - View to strengthen ties (invest further in) Hibernian in coming months; - Inv of $204m to date (vs $176m as of Aug '24)"  
[X Link](https://x.com/anyuser/status/1856451562731966975)  2024-11-12T21:38Z [----] followers, 56.1K engagements


"Manchester City published 2023/24 financial accounts. This thread provides summary figures w/ a full write-up to come in next few days. P&L figures: - Revenue up 2.3m (0.3%) to 715.0m; - Adj EBITDA down 5.9m (4.8%) to 117.2m; - Pre-tax profit down 6.6m (8.2%) to 73.8m"  
[X Link](https://x.com/anyuser/status/1867519600595734724)  2024-12-13T10:39Z [----] followers, 16.3K engagements


"I deleted the prior summary on the transfer of units from Trawlers to INEOS and issue of $100m in new A and B units. The filing states beneficial ownership of 49.9m Class A units only but this is consistent w/ prior that implicitly assume conversion to A (not an actual conv)"  
[X Link](https://x.com/anyuser/status/1869738799242387968)  2024-12-19T13:37Z [----] followers, [----] engagements


"All the charges in favor of Rights and Media Funding from loans they provided Everton have been satisfied per filings that just appeared on Companies House"  
[X Link](https://x.com/anyuser/status/1869765836627718408)  2024-12-19T15:24Z [----] followers, 82.6K engagements


"The Deloitte Football Money League report (2023/24 data) has been released (link below). Liverpool revenue of 715m (comm: 343m; broad: 240m; MD: 132m) and wage/rev ratio of 63% (wage bill of 450m +/- 4m). Report indicates EUR:GBP of [----]. https://www.deloitte.com/uk/en/services/financial-advisory/analysis/deloitte-football-money-league.html https://www.deloitte.com/uk/en/services/financial-advisory/analysis/deloitte-football-money-league.html"  
[X Link](https://x.com/anyuser/status/1882220746531102879)  2025-01-23T00:16Z [----] followers, 20.7K engagements


"Here are a few figures w/ 'Big 6' club comparisons now that AFC CFC LFC and THFC data is available. For total revenue Arsenal jumped from 6th to 3rd among the cohort as revenue increased YOY by 33%. Excluding AFC the other five in aggregate saw rev decrease by 1% YOY. The Deloitte Football Money League report (2023/24 data) has been released (link below). Liverpool revenue of 715m (comm: 343m; broad: 240m; MD: 132m) and wage/rev ratio of 63% (wage bill of 450m +/- 4m). Report indicates EUR:GBP of [----]. https://t.co/ulQF0qz4Dk https://t.co/Ubq8EQ7jFh The Deloitte Football Money League report"  
[X Link](https://x.com/anyuser/status/1882297964934410275)  2025-01-23T05:23Z [----] followers, 10.6K engagements


"Each of CFC and THFC saw total wages decrease by double digits (note: not in UCL) while MUFC and AFC (return to UCL) each saw doubt digit increases. Interestingly LFC's wages increased by 4% YOY. As a cohort wages in aggregate increased by 2%"  
[X Link](https://x.com/anyuser/status/1882297973440479275)  2025-01-23T05:23Z [----] followers, 55.2K engagements


"@AnfieldSector @6times2019__ @GiveMeSport @fbref The list is also wholly inaccurate on base. To name only a few from reports: - TAA is on 200k/wk base and is among others in that bracket - Alisson (lol 150k/wk base) got a bump in [----] and is above the bracket TAA is in - VvD (lol 220k/wk base) Alisson - Diaz wage is false"  
[X Link](https://x.com/gregorypcordell/status/1891893559063654531)  2025-02-18T16:52Z [----] followers, 21.9K engagements


"Periodic reminder that Eagle Football Holdings are [--] months late in filing their first financial accounts and [---] months late in disclosing updated ownership composition. No other UK-incorporated PL-nexus entity is near (or has been near of late) these levels of delinquency"  
[X Link](https://x.com/anyuser/status/1894392457627877732)  2025-02-25T14:22Z [----] followers, 23.2K engagements


"Largest pre-tax loss of the FSG era (figure attached). Based on data in the announcement when full accounts are available I'm expecting raw EBITDA of 75m and adj EBITDA of 85m (assuming no exceptional items beyond the 10m payout to Klopp and other departing staff). Liverpool FC has filed its annual financial accounts for the year to May [--] [----] 🔴 Liverpool FC has filed its annual financial accounts for the year to May [--] [----] 🔴"  
[X Link](https://x.com/anyuser/status/1895416292007694464)  2025-02-28T10:10Z [----] followers, 20.8K engagements


"Liverpool FC's 2023/24 full accounts are available via Companies House. Detail is available on the Sep '23 Dynasty investment: the amount the club received was 127.3m via an owner loan which increased outstanding owner loans to 198.7m (no change to 71.4m o/s on MS loan)"  
[X Link](https://x.com/gregorypcordell/status/1896803122955382967)  2025-03-04T06:01Z [----] followers, 17.8K engagements


"With respect to the Dynasty investment in Sep '23 indicatively based on disclosures: - Dynasty paid $155m (127m at time) or more for an equity stake in FSG Football Group LLC. - FSG Football Group LLC then provided 127m in owner loans to the club (via UKSV). Liverpool FC's 2023/24 full accounts are available via Companies House. Detail is available on the Sep '23 Dynasty investment: the amount the club received was 127.3m via an owner loan which increased outstanding owner loans to 198.7m (no change to 71.4m o/s on MS loan). https://t.co/n44CA8GR1G Liverpool FC's 2023/24 full accounts are"  
[X Link](https://x.com/gregorypcordell/status/1896820097052033069)  2025-03-04T07:08Z [----] followers, 30K engagements


"This thread summarizes LFC's 2023/24 accts across P&L investment CF and debt. Key P&L metrics: - Rev of 614m (Year over year: +20m) - Adj EBITDA of 71m (YOY: -13m); margin: 11.5% (YOY: -2.6%) - Adj EBIT is a loss of 60m (YOY: -22m) - Pre-tax loss of 57m (YOY: -48m)"  
[X Link](https://x.com/anyuser/status/1896875731818574072)  2025-03-04T10:49Z [----] followers, 18.8K engagements


"Newcastle Utd published 2023/24 financials. This thread provides a few figures on P&L investment CF and debt. Key P&L metrics: - Rev of 320m (YOY: +70m; +28.0%) - Adj EBITDA of 34m (+9m); margin: 10.5% - Adj EBIT a loss of 69m (-1m) - Pre-tax loss of 11m (+61m)"  
[X Link](https://x.com/anyuser/status/1897542303012569575)  2025-03-06T06:58Z [----] followers, 57.2K engagements


"While there remains some distance to the revenue of Big [--] clubs the gap is reducing. In 2021/22 NUFCs revenue was a shade below half of the sixth-highest in PL. For 2023/24 it was just above two-thirds of the sixth-highest"  
[X Link](https://x.com/anyuser/status/1897542308125442187)  2025-03-06T06:58Z [----] followers, 10.3K engagements


"With respect to P&L PSR my rough estimates have NUFC just a shade above the threshold (although actual buffer may have been a little higher). The club will benefit in 2024/25 from 2021/22 falling off from the calculation"  
[X Link](https://x.com/gregorypcordell/status/1897542319580086341)  2025-03-06T06:58Z [----] followers, 23.5K engagements


"Per the report as of [--] June [----] Chelsea's squad cost was 1656m (1422m) Spurs' squad cost was 811m (696m) and Villa's squad cost was 586m (503m). The data in the ECFIL for MFCF MUFC AFC LFC and WHU fully aligns to figures in respective club accounts"  
[X Link](https://x.com/anyuser/status/1897745117903307092)  2025-03-06T20:24Z [----] followers, 13.8K engagements


"Attached is an updated squad cost figure for the 'Big 6' plus Newcastle and Villa based on data from club accounts and [----] figures from the ECFIL for Chelsea Spurs and Villa. Per the report as of [--] June [----] Chelsea's squad cost was 1656m (1422m) Spurs' squad cost was 811m (696m) and Villa's squad cost was 586m (503m). The data in the ECFIL for MFCF MUFC AFC LFC and WHU fully aligns to figures in respective club accounts. https://t.co/ijjARbjjsE Per the report as of [--] June [----] Chelsea's squad cost was 1656m (1422m) Spurs' squad cost was 811m (696m) and Villa's squad cost was 586m (503m)."  
[X Link](https://x.com/gregorypcordell/status/1897750769941856570)  2025-03-06T20:46Z [----] followers, 15.7K engagements


"An indicative flow of funds based on filings: - Clearlake injected 40.2m and minority owners injected 24.8m into [--] Holdco - That 65.0m was injected into Blueco [--] No allotments further down (yet); purpose of funding *potentially* for Blueco [--] to service / repay bank debt. BlueCos parent company [--] HoldCo also issues shares broadly in proportion to holdings of Clearlake and other major owners https://t.co/QEForf7s4T BlueCos parent company [--] HoldCo also issues shares broadly in proportion to holdings of Clearlake and other major owners https://t.co/QEForf7s4T"  
[X Link](https://x.com/gregorypcordell/status/1905633686151672028)  2025-03-28T14:50Z [----] followers, [----] engagements


"Everton's 2023/24 accounts are available for reference. https://www.evertonfc.com/news/2025/march/31/everton-publishes-/ https://www.evertonfc.com/news/2025/march/31/everton-publishes-/"  
[X Link](https://x.com/anyuser/status/1906669657605419455)  2025-03-31T11:27Z [----] followers, [----] engagements


"Chelsea's financial accounts are available on Companies House. Chelsea FC Holdings disclosed the sale of Chelsea FC Women (to an affiliate) to be 200m with a realized profit of 199m"  
[X Link](https://x.com/anyuser/status/1908309017740665206)  2025-04-05T00:01Z [----] followers, 18.4K engagements


"Bank debt for [--] Holdco (Chelsea FC / RC Strasbourg parent) stood at a shade under 1.2bn at end-Jun '24 (note: this figure was expected based on public information)"  
[X Link](https://x.com/anyuser/status/1908310034003513762)  2025-04-05T00:05Z [----] followers, 12.1K engagements


"Updated ownership diagram for CFC / RCS with holdco debt figures reflecting latest disclosures. Bank debt for [--] Holdco (Chelsea FC / RC Strasbourg parent) stood at a shade under 1.2bn at end-Jun '24 (note: this figure was expected based on public information). https://t.co/OXfV5Bm80c Bank debt for [--] Holdco (Chelsea FC / RC Strasbourg parent) stood at a shade under 1.2bn at end-Jun '24 (note: this figure was expected based on public information). https://t.co/OXfV5Bm80c"  
[X Link](https://x.com/gregorypcordell/status/1908319598161637800)  2025-04-05T00:43Z [----] followers, 10.3K engagements


"Clearlake's 62% stake in CFC is *indicatively* held by a fund that raised 14bn in commitments from of a wide array of inst investors (where equity is from). The holdco debt (used towards 1.75bn post-takeover commitment) is sourced from Clearlake's access to lenders w/ appetite.   Where does Clearlake get its money from Because I just dont see how it can possibly be anyone who wants a commercial return on their investment. Its a blackhole of cash. So is it secretly state-sponsored [--] Holdco Ltd (the https://t.co/n8aVzzJUX5   Where does Clearlake get its money from Because I just dont see how"  
[X Link](https://x.com/gregorypcordell/status/1908720892923834682)  2025-04-06T03:18Z [----] followers, 47.4K engagements


"A longer thread on CFCs 2023/24 accounts (full write-up on Substack in a week). Key P&L metrics: - Rev of 469m (YOY: -44m) - Adj EBITDA of negative 8m (YOY: -31m) - Adj EBIT a loss of 213m (YOY: -18m) - Pre-tax profit of 128m after CFC women sale (excl: loss of 70m)"  
[X Link](https://x.com/anyuser/status/1909480262582313246)  2025-04-08T05:35Z [----] followers, 15.6K engagements


"City Football Group issued 7.9m A Preference shares for 70m on [--] March. Unknown recipient - up until Jun '24 only Silver Lake held preference units but last year Newton Investment and Development (Sheikh Mansour) received all preference units that were issued"  
[X Link](https://x.com/gregorypcordell/status/1909988709677572233)  2025-04-09T15:16Z [----] followers, 26.6K engagements


"With David Ornstein reporting that VvD continues to earn 400k/wk (vs 220k/wk current cited by Capology) a periodic reminder that Capology's base wage figures are generally unreliable. The VvD figure was never accurate. Nor is the 150k/wk cited for Alisson (among others). @AnfieldSector @6times2019__ @GiveMeSport @fbref The list is also wholly inaccurate on base. To name only a few from reports: - TAA is on 200k/wk base and is among others in that bracket - Alisson (lol 150k/wk base) got a bump in [----] and is above the bracket TAA is in - VvD (lol 220k/wk base) Alisson - Diaz wage is false"  
[X Link](https://x.com/gregorypcordell/status/1912855880405487637)  2025-04-17T13:09Z [----] followers, 21.5K engagements


"Eagle Football Holdings (largest beneficial owner of CPFC; majority beneficial owner for OL Botafogo and RWDM) has reached [--] months overdue on disclosure of financial accounts (w/ no intention to submit to CH). Also approaching [--] months overdue for its confirmation statement"  
[X Link](https://x.com/anyuser/status/1917628313989767360)  2025-04-30T17:13Z [----] followers, 93.6K engagements


"A First Gazette notice for compulsory strike off is to be published for Eagle Football Holdings Limited (image attached) and subsidiary Eagle Football Holdings Bidco Limited. Eagle Football Holdings (largest beneficial owner of CPFC; majority beneficial owner for OL Botafogo and RWDM) has reached [--] months overdue on disclosure of financial accounts (w/ no intention to submit to CH). Also approaching [--] months overdue for its confirmation statement. https://t.co/G3yVBvwD6z Eagle Football Holdings (largest beneficial owner of CPFC; majority beneficial owner for OL Botafogo and RWDM) has reached"  
[X Link](https://x.com/anyuser/status/1919946873994895396)  2025-05-07T02:46Z [----] followers, 261.8K engagements


"Quite the [--] sentences: - An oversight [--] mos despite publicly recognizing the delinquency at [--] mos. - Audited accts now forthcoming after a prior press release stating EFH wouldn't file in UK. - Repeat of 'imminent' IPO line first reported in media in Aug '24 (w/ new excuse). John Textors $2bn Eagle Football Holdings IPO filing imminent https://t.co/eZVAlqbI75 John Textors $2bn Eagle Football Holdings IPO filing imminent https://t.co/eZVAlqbI75"  
[X Link](https://x.com/anyuser/status/1920874583860646271)  2025-05-09T16:12Z [----] followers, 21K engagements


"I need to double check live TV counts by club (outlined column) but rough estimates for 2024/25 PL distributions by club are attached based on current position. I've also provided estimated YOY changes. For potential movements on the final MD each position is worth 2.8m. Liverpool vs Crystal Palace and Nottingham Forest vs Chelsea will both be live on Sky Sports on Sunday 📺 https://t.co/5Rf4THzM0p Liverpool vs Crystal Palace and Nottingham Forest vs Chelsea will both be live on Sky Sports on Sunday 📺 https://t.co/5Rf4THzM0p"  
[X Link](https://x.com/gregorypcordell/status/1925542321212334211)  2025-05-22T13:20Z [----] followers, 11.8K engagements


"Its highly unlikely that there has been a change to FSGs operating model. A few key factors driving the renewals + (expected) big net transfer outlay are summarized below. If FSG provides Liverpool with Florian Wirtz Jeremie Frimpong Milos Kerkez and a striker - in addition to the extensions for Mohamed Salah and Virgil van Dijk - they have finally shown the ambition that fans have asked for. If FSG provides Liverpool with Florian Wirtz Jeremie Frimpong Milos Kerkez and a striker - in addition to the extensions for Mohamed Salah and Virgil van Dijk - they have finally shown the ambition that"  
[X Link](https://x.com/gregorypcordell/status/1926306133876047947)  2025-05-24T15:55Z [----] followers, 10.5K engagements


"Estimated PL distributions by club for 2024/25 are attached. I need to double check live TV counts by club (outlined column) but rough estimates for 2024/25 PL distributions by club are attached based on current position. I've also provided estimated YOY changes. For potential movements on the final MD each position is worth 2.8m. https://t.co/GaiEpnhPL3 I need to double check live TV counts by club (outlined column) but rough estimates for 2024/25 PL distributions by club are attached based on current position. I've also provided estimated YOY changes. For potential movements on the final MD"  
[X Link](https://x.com/anyuser/status/1926687373053640793)  2025-05-25T17:10Z [----] followers, [----] engagements


"MUFC repaid 50m on one of the RCFs subsequent to end-Mar '25 taking o/s on RCFs down to 160m (unused capacity: 140m). Net player/staff spend subsequent to end-Mar '25 was 65m reflecting registration costs of 71m less net fees from disposals of 7m (note: rounding impact)"  
[X Link](https://x.com/anyuser/status/1931102306571059530)  2025-06-06T21:34Z [----] followers, 48.9K engagements


"With LFCs 2024/25 financial period complete Ill provide some initial/rough *estimates* (w/ full write-up this weekend). Key P&L metrics estimated to improve notably vs 2023/24: - Rev of 714m (+100m; +16.3%) - Adj EBITDA of 140m (+70m) - Pre-tax profit of 48m (+105m)"  
[X Link](https://x.com/anyuser/status/1932554003419676767)  2025-06-10T21:42Z [----] followers, 32.2K engagements


"Of note Textor's beneficial interest has been under 30% for at least [--] years. As of latest conf stmts he owned 65.4% of EFH which in turn owned a 44.9% stake in CPFC (benef stake of 29.4%). W/ EFH diluted to 43% per reports Textor's current stake in CPFC would be 28%. Exclusive: John Textor does not have a controlling influence in Crystal Palace. Owns less than 30% with UEFA set to rule Palace and Lyon have no multi-club conflict.🦅 https://t.co/i8yrsA7jHN Exclusive: John Textor does not have a controlling influence in Crystal Palace. Owns less than 30% with UEFA set to rule Palace and Lyon"  
[X Link](https://x.com/anyuser/status/1932866644197671167)  2025-06-11T18:24Z [----] followers, 11.8K engagements


"A few reference points: - In excess of $200m translates to in excess of 148m at current GBP:USD. - The implicit equity value cited for CPFC if accepted is (in excess of) $465m (343m). - The Apr '25 Palace Holdco allotment issued shares at an implied eq value of 379m ($511m). Exclusive: A consortium of sport and entertainment executives which includes the NBA star Jimmy Butler is expected to make an offer in excess of $200million to purchase Eagle Footballs [--] per cent stake in Palace. #CPFC @TheAthleticFC https://t.co/92uB5GjPwU Exclusive: A consortium of sport and entertainment executives"  
[X Link](https://x.com/anyuser/status/1932916858379792768)  2025-06-11T21:44Z [----] followers, [----] engagements


"A reminder of rough initial 2024/25 financial estimates for LFC which extend beyond P&L and touch on various indicative factors providing transfer capacity such as improved operating CF lower capex modest transfer debt and improved liquidity. With LFCs 2024/25 financial period complete Ill provide some initial/rough *estimates* (w/ full write-up this weekend). Key P&L metrics estimated to improve notably vs 2023/24: - Rev of 714m (+100m; +16.3%) - Adj EBITDA of 140m (+70m) - Pre-tax profit of 48m (+105m) https://t.co/F034r55vXO With LFCs 2024/25 financial period complete Ill provide some"  
[X Link](https://x.com/gregorypcordell/status/1933506031532814357)  2025-06-13T12:45Z [----] followers, 52.8K engagements


"V Sports S.C.S. (Villa's ultimate parent) published annual financials through end-Dec '24. Owners injected 101m in cash and converted 154m of loan funding to equity during the year"  
[X Link](https://x.com/anyuser/status/1934665616100909087)  2025-06-16T17:33Z [----] followers, [----] engagements


"My full write-up for LFC's 2024/25 financial estimates is linked below. There are a few light changes to figures posted in the thread a couple weeks back but the broader themes remain the same. https://open.substack.com/pub/gregcordell/p/liverpool-fc-202425-financial-estimatesr=3bv2k&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true With LFCs 2024/25 financial period complete Ill provide some initial/rough *estimates* (w/ full write-up this weekend). Key P&L metrics estimated to improve notably vs 2023/24: - Rev of 714m (+100m; +16.3%) - Adj EBITDA of 140m (+70m) - Pre-tax profit of"  
[X Link](https://x.com/gregorypcordell/status/1937096816987668604)  2025-06-23T10:34Z [----] followers, [----] engagements


"It'll be interesting to see how much flows to OL and how much is applied to repay debt. The interest being sold is part of the collateral package for EFH's indicatively $460m+ holdco debt arranged by Ares (attached images from Charge Code [----] [----] [----] created on [--] Dec 2022). John Textor's deal to sell Crystal Palace is a terrible deal for him. Well below his asking price and a humiliating return considering how much he invested. But he needs the money - because he promised to use it to help OL out of a hole and goes before the DNCG tomorrow. John Textor's deal to sell Crystal Palace is a"  
[X Link](https://x.com/anyuser/status/1937187559911645481)  2025-06-23T16:34Z [----] followers, 11K engagements


"An ownership chart for Eagle Football Holdings is attached for general reference / visualization (note: best efforts based on public information). Investors threaten Lyon football club owner John Textor with legal action - https://t.co/YGaHRlyJLu via @FT @JoshTANoble Investors threaten Lyon football club owner John Textor with legal action - https://t.co/YGaHRlyJLu via @FT @JoshTANoble"  
[X Link](https://x.com/gregorypcordell/status/1938364836209168673)  2025-06-26T22:32Z [----] followers, 15.1K engagements


"A (pre-sale) ownership diagram is attached for reference w/ AVWFC in yellow and V Sports highlighted in. The arrow points to V Sports based on the report but the new parent may be a sub of V Sports. I'll update as more info on legal entities minority owners etc is available. 🚨 BREAKING: Aston Villa agree deal to sell womens team to holding company V Sports & a stake to prominent US-based investors. #AVFC say no issues regarding Premier League PSR rules + advanced talks with UEFA on resolution to FFP compliance @TheAthleticFC https://t.co/8KYhlRkrxT 🚨 BREAKING: Aston Villa agree deal to sell"  
[X Link](https://x.com/anyuser/status/1939708287097905345)  2025-06-30T15:31Z [----] followers, 15.7K engagements


"A good time to link my entry for 2024/25 LFC financial estimates from a few weeks ago which included some forward-looking thoughts. https://gregcordell.substack.com/p/liverpool-fc-202425-financial-estimates tears did they discover oil under anfield or something https://gregcordell.substack.com/p/liverpool-fc-202425-financial-estimates tears did they discover oil under anfield or something"  
[X Link](https://x.com/anyuser/status/1945171925677834507)  2025-07-15T17:21Z [----] followers, 20K engagements


"With respect to the Nottingham Forest debt package provided by Apollo that refinanced debt w/ RMF 25m of the TL is held by Apollo Debt Solutions BDC - which files quarterly w/ the SEC. The move by the private capital firm which is also in talks about taking a stake in Spains third-biggest football club marks a growing trend in which big US private capital groups offer high-interest loans to European football clubs in need of cash. https://t.co/pRg1SviGRm https://t.co/nrq9CCD834 The move by the private capital firm which is also in talks about taking a stake in Spains third-biggest football"  
[X Link](https://x.com/anyuser/status/1946238299254800555)  2025-07-18T15:59Z [----] followers, 33K 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. https://x.com/gregorypcordell/status/1851434656459341992 🚨ATENO John Textor monta nova empresa nas Ilhas Cayman para 'recomprar' Botafogo e Molenbeek que deixam a Eagle Holding Mais informaes em instantes https://t.co/2nRHON8Cfj https://x.com/gregorypcordell/status/1851434656459341992 🚨ATENO John Textor monta nova empresa nas Ilhas Cayman para 'recomprar' Botafogo e"  
[X Link](https://x.com/anyuser/status/1946343696326132088)  2025-07-18T22:57Z [----] followers, 33.3K engagements


"Textor has subsequently renamed the holdco incorporated in Cayman Islands on [--] Sep [----] from Eagle Football Group to Eagle Football Holdings. The first attached image captures details as of [--] Oct [----] and the second as of [--] Jul [----] for the company (registration #414321). 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. https://t.co/QcJHdctGjb A quick note that the Eagle Football Group entity formed in Cayman"  
[X Link](https://x.com/anyuser/status/1946348228556751134)  2025-07-18T23:15Z [----] followers, [----] 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)"  
[X Link](https://x.com/anyuser/status/1947173642749497834)  2025-07-21T05:55Z [----] followers, 24.4K engagements


"John Textor filed for a temporary restraining order and preliminary injunction in the FLSD case after Iconic sent a letter to the EFH Ltd board of directors on [--] July instructing the board to transfer Textor's shares to Iconic"  
[X Link](https://x.com/gregorypcordell/status/1948226876373184525)  2025-07-24T03:40Z [----] followers, 117.5K engagements


"The status report in the Textor v Iconic case in SDFL was filed. The 3-page report is provided in this thread w/ high level summary notes. Parties unable to reach an agreement w/ Textor and Iconic each maintaining that they control Eagle Football Holdings"  
[X Link](https://x.com/gregorypcordell/status/1948616141301317796)  2025-07-25T05:27Z [----] followers, 40.7K engagements


"Chelsea FC Holdings issued [----] shares for 339m on [--] June [----] (final day of financial year)"  
[X Link](https://x.com/anyuser/status/1948809824415666591)  2025-07-25T18:17Z [----] followers, 235.5K engagements


"I published the full write-up on Substack providing 2024/25 financial estimates for Manchester United (no paywall; link below). Note that I made revisions to various estimates after drafting the quoted thread with revisions reflected in the linked entry. https://open.substack.com/pub/gregcordell/p/manchester-united-202425-financialr=3bv2k&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true 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%) -"  
[X Link](https://x.com/anyuser/status/1949728445593792873)  2025-07-28T07:07Z [----] followers, [----] engagements


"A version of the EFC ownership diagram with arrows highlighting the mechanics of the transfer(s) of Everton Football Club Women Ltd and Goodison Park Stadium Ltd is attached. CH filings indicate this was a two-step transfer/sale process for each legal entity"  
[X Link](https://x.com/anyuser/status/1949907045949530177)  2025-07-28T18:57Z [----] followers, 16K engagements


"Ares Capital Corp published 2Q25 accounts which provide basic details on its Eagle Football Holdings position. No change to rates vs 1Q25 for senior subordinated loans (Series A: 12.2% PIK; Series B1: 19.0% PIK). Small common equity position marked down to zero (1Q25: $1.4m)"  
[X Link](https://x.com/anyuser/status/1950158551923507348)  2025-07-29T11:36Z [----] followers, [----] engagements


"Textor's emergency motion for a temporary restraining order and preliminary injunction in FLSD was denied"  
[X Link](https://x.com/gregorypcordell/status/1950176932504502735)  2025-07-29T12:49Z [----] followers, 32.9K engagements


"OL announce a transfer fee structure of 10m fixed + 5m variable for Tyler Morton (with 20% sell-on clause as reported). #LFC have confirmed Tyler Morton has joined Lyon in a deal that is worth 15million. The Reds have also negotiated a 20% sell-on clause for the 22-year-old midfielder 🔴 #LFC have confirmed Tyler Morton has joined Lyon in a deal that is worth 15million. The Reds have also negotiated a 20% sell-on clause for the 22-year-old midfielder 🔴"  
[X Link](https://x.com/anyuser/status/1952813273641804143)  2025-08-05T19:25Z [----] followers, 688.2K engagements


"To follow-up on this high-level summary I plan to publish a more in-depth overview / write-up on Substack early next week. I said the same last year and didnt follow through (apologies for that) but I will publish a full write-up this year"  
[X Link](https://x.com/gregorypcordell/status/1897545612708503560)  2025-03-06T07:11Z [----] followers, [----] engagements


"A visual representation of the ownership outlay based on filings is attached for reference. The diagram doesn't capture slight shifts to Palace Holdco UK Ltd ownership from a shareholding changes in Jan '25 and Apr '25 that reportedly reduced EFH's shareholding from 45% to 43%"  
[X Link](https://x.com/anyuser/status/1932883711680524668)  2025-06-11T19:32Z [----] followers, 46.9K engagements


"A new director was appointed at Eagle Football Holdings Bidco last month. - EFH Bidco is EFH's acquisition vehicle for stakes in clubs - The new director Chris Mallon appears to be a Partner at Fulcrum Partners that formerly led the Skadden Arps European restructuring practice"  
[X Link](https://x.com/anyuser/status/1935700220459032878)  2025-06-19T14:04Z [----] followers, 71.1K engagements

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