Dan Friedkin Everton takeover back ON as John Textor position outlined
American billionaire Dan Friedkin is working again towards a deal to acquire Everton. The AS Roma owner’s Friedkin Group had stepped away from negotiations with Farhad Moshiri back in July.
That was due to concerns the group had around the £200m-plus debt that existed on the balance sheet from 777 Partners, the crisis-hit investment firm whose bid for the Toffees failed at the end of March.
But Bloomberg first reported on Monday morning that the Friedkin Group had returned to the table in a serious way and that talks were progressing towards reaching a positive conclusion.
READ MORE: Everton takeover LIVE - Friedkin Group deal back on, John Textor stance, Farhad Moshiri talks
READ MORE: Jarrad Branthwaite makes big step towards full return as Everton handed injury boosts
Sources the ECHO has since spoken to have corroborated the Bloomberg claims.
The Friedkin Group remained a key part of the takeover talks even after initially deciding to walk away, with the firm having acquired £200m in debt from MSP Sports Capital during the initial exclusivity period earlier in the summer.
Another US billionaire, John Textor, had been public in his desire to acquire Everton, but had to sell his shareholding in Crystal Palace to pursue any deal.
Textor, whose public display of intent for the Toffees was understood not to have been welcomed, according to sources close to Moshiri’s camp, would have also had to negotiate with the Friedkin Group over repayment of the £200m debt, something that had to be satisfied upon any takeover deal happening.
Textor, the ECHO understands, is not part of the Friedkin Group’s rekindled interest in acquiring Everton.
Earlier in the summer, sources close to the Friedkin Group had said the club remained ‘very investible’ with it's new stadium a huge positive. However, the concerns at the time were too great in relation to the 777 Partners debt, something that appears to have been eased in recent weeks.
One of the legal cases against 777 Partners in the US involves allegations of ‘fraudulent’ behaviour after a suit was filed by London-based Leadenhall Capital Partners earlier this year. That case is still yet to reach a resolution in a New York civil court.
A Friedkin Group takeover of Everton could happen quickly. Dan Friedkin is highly unlikely to have any problems in passing the Premier League’s Owners' and Directors' tests, the FA’s test, or in achieving the green light from the Financial Conduct Authority. The Friedkin Group have also conducted extensive due diligence into the club through their previous period of exclusivity.
Representatives of the Friedkin Group declined to comment when approached by the ECHO.