Farhad Moshiri to find new lender after Everton takeover twist – sources
Everton will look to secure a new lender for the debt owed to The Friedkin Group if a takeover isn’t completed before the end of the upcoming season, sources have told Football Insider.
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 deal collapsing.
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.
The Texas-based firm’s loan is secured against the new stadium on Bramley-Moore Dock and the equity of Blue Heaven Holdings – the company that owns the Merseysiders.
Under the terms of the loan agreement, Friedkin could take control of those assets if the debt isn’t paid before the end of the upcoming season.
But sources have told Football Insider it’s “highly unlikely” Moshiri won’t have sold the club or found a new lender to take on the debt over the next nine months.
New Everton takeover bid to be made after latest deal collapse
The relationship with Friedkin is still believed to be intact after Everton announced in their statement confirming the takeover talks had ended that the US firm will remain a lender to the club and is “proud to have played a key role in enabling the new stadium to be built”.
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.
The Miami-based company agreed a deal in principle with Moshiri last September, but it was unable to complete the takeover due to financing issues.
The collapse of two deals has left Everton in a difficult position, with the club now owing more than £600million to three external lenders.
Moshiri has now been forced back to the drawing board as he looks to secure a new deal just weeks before the Premier League season gets underway.
Sky Sports reported on 22 July a consortium headed by 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.
In other news, Everton plot two key signings after new twist.
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