Everton debt update emerges in small print after new takeover announcement
Dan Friedkin won’t be “in a hurry” to pay back the debts owed to 777 Partners after his takeover agreement at Everton, Kieran Maguire has said.
Speaking on BBC Radio 4 (24 September, 7:33am), the football finance expert said that while a portion of the club’s debts are already owed to the Friedkin Group, others will require a look at the small print.
Friedkin agreed a deal with Farhad Moshiri to buy the beleaguered club on 23 September, having previously pulled out of takeover talks in July with 777’s debts proving to be a stumbling block.
Asked about the club’s debts, Maguire said: “£200m of that debt is actually owed to Friedkin itself, so that won’t have to be repaid.
“With regards to the external debt, I think we’d have to take a look very much at the small print.
“One is to 777 Partners who are former bidders for Everton – they’ve got some complications with regards to their finances, so I don’t think they’ll be in a hurry to repay that particular debt.”
Dan Friedkin to rebalance complicated finances at Everton
Friedkin finally agreeing to complete a takeover at Goodison Park will leave the Toffees fanbase breathing a sigh of relief – least of all because it leaves one fewer third party to whom the club owes money.
Having paid off a £160m loan to MSP Sports Capital and injecting a further £40m in the form of working capital [The Independent, 22 June], Friedkin’s first share purchase agreement with Moshiri intertwined him with the club’s finances.
With a further £200m owed to 777 – who prolonged the club’s takeover saga with their own failed bid between September 2023 and May 2024 – it remains to be seen how Friedkin will tackle this issue.
The Toffees’ new home on Bramley-Moore Dock is set to generate revenues beyond anything possible at Goodison Park [Maguire, 8 July], and this will surely play a key role in helping the club to make up for their current losses.
The Miami-based investment group have their issues to deal with at present, and with Friedkin’s immediate priority being to steady the ship, there can be no timeline applied to the repayment period.
In other Everton news, Troy Deeney has said which player the Blues cannot survive without in a Premier League relegation battle.
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