Everton unrest as £233.4m Friedkin decision questioned, meeting summoned
Everton fans fear the value of their shares has collapsed after The Friedkin Group’s takeover, according to The Times.
This comes after the new owners issued 1,336,537 new ordinary shares worth £174.66 each, marking a significant drop from £3,400 – the price at which shares were auctioned as recently as November.
The newspaper reported via their website on 23 January that the Friedkins’ takeover, coupled with the aforementioned decision, has seen the minority stake of 1,500 Toffees supporters drop from five per cent to less than 0.5 per cent (7696 shares).
Therefore, the Everton Shareholder Association, formed of around 300 of those fans, is set to meet with the club’s directors next week to demand clarification regarding TFG’s intentions.
They have already raised several questions, including one asking if the owners intend to buy them out.
Everton owners The Friedkin Group questioned at Goodison Park
It is safe to say that the majority of Everton fans have welcomed The Friedkin Group at the club after they bought the Goodison Park outfit from Farhad Moshiri.
The American owners have been quick to find solutions for the Merseyside-based club’s financial issues, including the issuing of 1,336,537 new shares.
Although those shares were issued for debt reduction and working capital, the minority shareholders have had to pay a heavy price for it.
On the flip side, Dan Friedkin and Co converted Moshiri’s shareholder loans into shares for £3,000 each.
It, therefore, remains to be seen if TFG will offer to buy the rest of the shares from the remaining shareholders for a fair price.
Even then, it is not a guarantee that everyone would be willing to accept that offer as some of the supporters are keen to pass their shares down to their children.
The Friedkin Group, therefore, need to come up with a fair solution for the situation they have found themselves in.
In other Everton news, the Toffees are tipped to complete a deal for this Premier League ace.
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