Dan Friedkin solves £200m 777 Partners loan issue as Everton takeover now 99 per cent done
Dan Friedkin’s Everton takeover is now “99 per cent” done and only requires Premier League approval, Giulia Bould reports.
According to the BBC journalist via X on 23 September the crucial concerns relating to loans from 777 Partners have been resolved.
Uncertainty surrounding the £200million owed to the former buyers saw The Friedkin Group abandon their previous bid for the Toffees in July [The Athletic, 19 July], but that hurdle has reportedly been cleared.
An agreement between the American and Farhad Moshiri has been signed and now announced, and Bould reports finances are in place and the due diligence process was already completed in the summer.
John Textor bypassed for Everton deal
Friedkin returning to the frame has been hinted at for a few weeks [Paul Brown, 29 August] and after the disappointment of his previous bid collapsing in July the latest developments will be exactly what plenty of fans had hoped for.
John Textor had moved into what appeared to be pole position in recent weeks but there was never any confirmation from the club of exclusivity and his 45 per cent holding at Crystal Palace has complicated matters.
Friedkin Group sources had played down Bloomberg‘s 16 September report that the Roma chief was back at the negotiating table for Everton [i News, 17 September], but it appears that was part of their style to give little away, in stark contrast to Textor.
Friedkin has remained closely linked to the club since abandoning his previous bid due to the £200million he also loaned, which would have been due immediate repayment if Textor another buyer had completed a deal [The Athletic, 13 September].
In terms of the amount lent by 777, the chaos surrounding the Miami-based firm has seen their own lenders, A-Cap, take charge of that debt while they have both been accused of fraud in a US legal case, although both have denied wrongdoing.
The potential to become involved in a Proceeds of Crime criminal case down the line related to that case [The Athletic, 20 July] was part of the complications which Friedkin previously deemed “unresolvable” [The Esk, 20 September].
So it remains to be seen whether he has offered up the full £200m to pay off the debt and cut ties with it altogether, or has negotiated a reduced sum that the embattled 777 and A-Cap have accepted.
It looks to be a huge step forward if that matter has been resolved and seemingly leaves no obvious barrier to an Everton takeover finally being completed.
In other Everton news, a table-topping manager could “absolutely” now be courted by the Toffees to replace Sean Dyche.
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