Everton takeover problems mooted amid Premier League deadline
The Friedkin Group could encounter problems with the Premier League if the Everton takeover is not complete by 11 January, the Liverpool Echo reports.
According to the Merseyside news outlet’s website [24 November], the impending takeover will not be affected by the changes to Premier League financial rules if completed by said date, but existing shareholder loans could prove problematic.
Everton voted in favour of the Premier League for amendments to Associated Party Transactions – the Toffees have benefited from approximately £450 million of loans courtesy of Farhad Moshiri and need such loans not to be applicable in the takeover bid.
The Friedkin Group are facing a race against time to secure Everton takeover
In layman’s terms, there is no clarity regarding how shareholder loans would be classified under the new regulations and with so much at stake for Everton, this is not something Dan Friedkin will want lingering over his head on Merseyside.
The 11 January deadline was set on Sunday [24 November]; if the takeover is still in progress, the detailed amount of money owed would need to be submitted to the Premier League to be assessed for whether the loans represent fair market value.
Therefore, the money obtained from Moshiri and other investors to fund the Bramley-Moore Dock Stadium will come under scrutiny and could, once again, bring the Blues under the microscope of the Profit and Sustainability rules – the supporters know all too well how that turned out last time.
Two points deductions last season almost cost the Toffees their top-flight status had it not been for the miraculous job performed by Sean Dyche, but doubts will linger whether the boss could replicate the same feat, should it be necessary.
All Everton supporters wish for is for the takeover fiasco to be resolved once and for all, and the ATP ruling could help accelerate proceedings to avoid TFG cleaning up yet another financial mess at Goodison Park.
In other Everton news, Sir Alex Ferguson has singled out one thing Sean Dyche does well for the Toffees.
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