Everton takeover: John Textor facing new delays after Palace twist – sources
John Textor will face further delays in his Everton takeover bid if a potential buyer of his Crystal Palace shares is required to pass the Premier League’s owners’ and directors’ test, sources have told Football Insider.
Textor was granted a period of exclusivity on 15 August to buy owner Farhad Moshiri’s 94.1-per-cent stake at Goodison Park.
But one complication is the 58-year-old’s 45-per-cent stake in Palace, with Premier League rules forbidding ownership of two clubs in the same division.
The Guardian reported on 21 August the American billionaire had jetted in to Liverpool to hold further talks with Moshiri and a deal was expected to be agreed by the end of that week.
But there has been no official update on where the takeover deal is currently at, raising questions about how much progress has been made between the two parties.
Sources have told Football Insider any buyer of Textor’s Palace shares would need to go through the Premier League’s owners’ and directors’ test due to the size of the stake, adding a further element of uncertainty to his bid to take over Everton.
The test outlines the requirements that would prohibit an individual from becoming an owner or director of a top-flight club.
John Textor must provide answers about Everton takeover delay
The process would likely be expedited if Textor could strike a deal with any of the existing Palace owners to take on his shares.
Josh Harris and David Blitzer, who own 18-per-cent stakes in the south London club, are believed to have seen an offer of around £100million turned down by their compatriot.
But finance expert Stefan Borson told Football Insider Textor likely has an agreement in place with his fellow Palace shareholders for them to purchase or match the price he’s offered by a third party.
Question marks still remain, however, about how long Everton can continue without a takeover deal in place due to the difficult financial situation at Goodison.
The Guardian report suggested Textor is confident that arranging a financing deal for the Merseysiders’ new stadium at Bramley-Moore Dock could allow him to delay completing the takeover until as late as January.
But former Everton CEO Keith Wyness told Football Insider the American must provide immediate answers about how the takeover is going to be structured if there is a potential delay.
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