Everton takeover: Stefan Borson shares big update today
Everton prospective owner Dan Friedkin is unlikely to receive the necessary approval from the Leadenhall case before the new year as he looks to complete his takeover at Goodison Park.
That is the view of finance expert Stefan Borson, who exclusively told Football Insider the case is likely to be the key issue holding up the deal rather than any potential concerns over the fit and proper tests.
Friedkin agreed a deal in September to buy Everton owner Farhad Moshiri’s 94.1 per cent stake in the club and is currently undergoing the regulatory processes before he can take control.
The takeover is also being held up by the Leadenhall case as the New York court overseeing the legal battle involving 777 Partners needs to approve the settlement of the £200million loan provided to the Merseysiders by the US investment firm.
But Football Insider revealed on 12 November Friedkin is still on course to complete the takeover before the end of December after no unforeseen issues have emerged.
Dan Friedkin to receive Everton takeover approval soon
Although Borson believes the Leadenhall case is a complicated issue, he expects Friedkin to receive regulatory approval from the Premier League, Financial Conduct Authority (FCA) and the FA soon.
He told Football Insider: “If you look at Sir Jim Ratcliffe’s owners’ and directors’ approval at Man United, that took about six weeks and that had Christmas in the middle of it.
“We are now in that six-week zone for a credible owner to get the owners’ and directors’ test approval, assuming they put their application in six weeks ago.
“You would have thought it was a relatively straightforward approval on those tests.
“I don’t know if they were true, but there were some rumours that the FCA and FA approvals that were required have come through to Everton.
“Although if the FCA one had come through, then I do believe we would have seen an announcement by the FCA of that approval, so I’m not 100 per cent sure whether those rumours are true.
“But there shouldn’t be any wrinkles for the owners’ and directors’ test or from the FCA and FA perspective.
“I don’t think that would be the key issue that they face.
“I think the Leadenhall case going on in the US is slightly more complicated. Whether that can be resolved in the timescale, I think is now looking unlikely.
“But I assume given the work that seems to be going on in terms of looking for the new management team and chief executive, I would assume they have got their heads around how that’s going to play out and that they are generally relaxed about it, such that they think they are going to take over imminently.”
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