Dan Friedkin pumps £200m into Everton as MSP update drops
Prospective Everton owner Dan Friedkin has paid of a £160million loan Farhad Moshiri owed to MSP Sports Capital and Andy Bell and George Downing, the Independent has said.
The newspaper reported online (22 June) that the American businessman – who also owns Roma – has injected £200million into the Toffees to repay the loan and provide working capital.
The repayment of the loan was one of the conditions the Premier League had set out to 777 Partners in their now doomed attempt to take ownership of the club.
It was added in the report that if Friedkin, who Everton confirmed on Friday (21 June) has entered a period of exclusivity with Moshiri to strike a deal, sees his attempt fall through then £200m would be owed to him instead but for now “debts to outsiders – principally Rights and Media Funding and 777 now – are reduced.”
Huge Everton hurdle cleared with Premier League
This feels like a big moment in the prospective takeover of Friedkin at Everton and is news that will be welcomed by all supporters.
Repayment of the MSP loan was one of the criteria set out by the Premier League when 777 Partners were attempting to get the green light to get the keys at Goodison Park.
The Miami-based firm’s failure to do so was reportedly one of the reasons why they were unable to strike a deal with Moshiri during their own period of exclusivity.
Friedkin paying this loan feels like a major hurdle will be cleared with the Premier League and hopefully make his own attempt to buy Everton a little more straightforward.
Moreover, the Independent report states that further funds have been provided to help with the short-term running of the club and towards the construction of the club’s new stadium at Bramley-Moore Dock.
All in all, this feels like a hugely significant turning point for Everton.
In other Everton news, one Toffees ace is set to depart Goodison Park this summer.
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