Everton Takeover Exclusive: Big Dan Friedkin update today
Everton want to ensure their next owner doesn’t have any profit and sustainability (PSR) concerns after backing Manchester City in their recent legal battle, sources have told Football Insider.
Man City took action against the governing body regarding the associated party transactions (APT) rules currently in place at an arbitration hearing in June.
Both sides have claimed a victory in the case after the arbitration panel’s decision was published on 7 October, where two aspects of the rules were deemed to be unlawful.
Everton were joined by Chelsea and Newcastle United in acting as witnesses for Man City in the case, while Manchester United, Liverpool, Arsenal, Tottenham, Brighton and West Ham provided evidence for the Premier League.
The Merseyside giants have faced their own legal issues with the governing body after they were charged with two PSR breaches last season, resulting in them being deducted eight points overall.
Sources have told Football Insider Everton will want the APT rules to be as open as possible to allow their next owners more flexibility to fund the club without worrying about the PSR regulations.
Dan Friedkin could agree new Everton sponsorship deals
Everton confirmed in a statement on 23 September The Friedkin Group – spearheaded by Dan Friedkin – has reached an agreement to purchase owner Farhad Moshiri’s 94.1 per cent stake in the club.
The deal, which is believed to be worth in excess of £400million, is now subject to regulatory approval from the Premier League, the FA and the Financial Conduct Authority.
Football Insider revealed on 25 September there should be no issues in receiving the necessary approval and the process could be completed by early November.
Friedkin, who also owns Italian giants Roma, is believed to have a net worth of around £5.7billion.
Sources have told Football Insider any significant changes to the APT rules could allow the American businessman more flexibility to agree new sponsorship deals if he gets his Everton takeover over the line.
The Premier League had scheduled a meeting of the 20 top-flight clubs for Thursday to decide how to respond to the independent panel’s ruling, but it has since been postponed and is now expected to take place next week.
Football Insider revealed on 16 October more clubs are likely to join Everton, Chelsea and Newcastle in backing Man City as they look to make the APT rules less extreme moving forward.
In other news, Everton set sights on Bundesliga star.
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