Exclusive: Friedkin lands £2.9bn windfall as Everton takeover update emerges
Everton prospective owner Dan Friedkin has seen his fortune grow by £2.89billion as he closes in on a takeover at Goodison Park, sources have told Football Insider.
The Merseyside giants confirmed in September The Friedkin Group (TFG) has reached an agreement to purchase owner Farhad Moshiri’s 94.1 per cent stake in the club.
It comes after Friedkin previously pulled out of talks to buy Everton in July due to risks associated with the £200million loan provided to the club by former prospective owner 777 Partners.
But those concerns have since been resolved, allowing the American billionaire to reignite his interest and agree terms with Moshiri on a deal believed to be worth in excess of £400million.
Bloomberg’s Billionaire Index has now revealed Friedkin’s net worth has risen by £2.89billion over the past year to £9.95billion, making him the 199th richest person in the world.
The 59-year-old is the chairman and CEO of Texas-based TFG, which owns Gulf States Toyota, Serie A giants Roma and other entertainment and hospitality businesses.
Dan Friedkin waits on court approval to complete Everton takeover
Friedkin is currently waiting to receive regulatory approval from the Premier League, the FA and the Financial Conduct Authority before he can finalise the takeover.
Football Insider revealed on 12 November the American was on course to complete the deal before the end of December.
Sources have told Football Insider it’s still only a matter of time before the takeover is concluded, but the ongoing court case in New York involving Leadenhall, A-Cap and the 777 debt is threatening to delay matters.
A-Cap has assumed 777’s share in Everton but has been prevented from selling it following Leadenhall’s legal challenge, with court approval needed before the debt can be settled.
Friedkin previously supplied the Merseysiders with a £200million loan to pay off a debt owed to MSP Sports Capital and provide working capital to complete the new stadium development.
Everton are understood to be in around £660million worth of external debt after Moshiri has struggled to keep on top of their financial situation in recent years.
But Football Insider revealed on 20 November Friedkin has held positive talks with the club’s existing lenders as he looks to ease their financial concerns moving forward.
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