Everton Takeover Exclusive: Friedkin wants complete reset after £600m reveal
Dan Friedkin’s proposed Everton takeover will provide a complete reset of the club’s financial situation following their recent struggles under Farhad Moshiri, sources have told Football Insider.
Everton confirmed last month The Friedkin Group has reached an agreement to purchase Moshiri’s 94.1 per cent stake in the club.
It comes after Friedkin previously pulled out of talks to buy the Merseyside giants 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.
The 59-year-old is already a lender to Everton after previously supplying a £200million loan to pay off a debt owed to MSP Sports Capital and provide working capital to complete the new stadium development.
The Merseysiders are currently in more than £600million worth of debt after Moshiri has struggled to keep on top of the financial situation at Goodison Park in recent years.
But sources have told Football Insider Friedkin’s takeover will help tidy up the balance sheet and provide a complete reset, ensuring he owns pretty much the whole club.
Dan Friedkin could secure new Everton lenders
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 25 September there should be no issues in receiving the necessary approval and the process could be completed by early November.
The deal could, however, be held up by the Leadenhall case after the London-based company has insisted the New York court overseeing its legal battle against 777 needs to approve the settlement of the £200million loan provided to Everton by the US investment firm.
But finance expert Stefan Borson told Football Insider the US court will approve Friedkin’s offer and allow him to push forward with the takeover.
Friedkin, who also owns Italian giants Roma, is believed to have a net worth of around £5.7billion.
Sources have told Football Insider the American’s deep pockets will allow him to bring in new lenders while he looks to get on top of Everton’s financial situation.
Friedkin would be able to provide more clarity than Moshiri to any potential creditors after the club’s debt level has soared in recent years.
In other news, Everton plot January raid for Serie A star.
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