Everton takeover: £200m update after latest deal collapses – sources
Everton will not be forced to immediately pay back the debt owed to The Friedkin Group despite the collapse of its takeover deal, sources have told Football Insider.
The Merseyside giants confirmed in a statement on 19 July negotiations with the Texas-based company have now come to an end.
The Friedkin Group – spearheaded by Dan Friedkin – was handed exclusivity in June after agreeing a deal in principle with owner Farhad Moshiri to take on his 94.1-per-cent stake at Goodison Park.
But risks associated to the £200million loan provided to Everton by former prospective owner 777 Partners to pay the operating costs are believed to be behind the breakdown in talks.
Friedkin also supplied the Premier League side with a £200million loan to pay off lender MSP Sports Capital – another firm that previously tried to buy Everton – as well as working capital to complete the new stadium development.
Sources have told Football Insider the Friedkin debt will not need to be paid until the end of the upcoming season, with the club hoping the ownership problems will be resolved by then, allowing them to pay the money back in time.
Kevin Malone could look to buy Everton after deal collapse
Everton announced in their statement The Friedkin Group will remain a lender to the club and is “proud to have played a key role in enabling the new stadium to be built”.
The £200million loan the US firm provided is secured against the new stadium on Bramley-Moore Dock and the equity of Blue Heaven Holdings – the company that owns the Merseysiders.
Former Everton CEO Keith Wyness told Football Insider he blames Moshiri for the collapse of the Friedkin deal, suggesting the Iranian businessman should have heeded warnings about 777 earlier.
Everton’s finances have been a concern for some time, with the club now owing more than £600million to three external lenders.
Moshiri has been forced to go back to the drawing board as he looks to secure a new takeover deal ahead of the club’s final campaign at Goodison.
Sky Sports journalist Alan Myers reported on 22 July Kevin Malone is set to make a new bid to buy Everton in the coming weeks.
The former LA Dodgers General Manager was one of several interested parties looking to strike a deal for the club before Friedkin agreed terms with Moshiri last month.
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