Everton set for ‘£200m windfall’ as Friedkin Group investment plans revealed
Everton could be set for a major financial boost with the Friedkin Group planning to pump in new investment.
Led by chairman Dan Friedkin, the group completed their takeover of Everton in December after a deal for 99.5 per cent of the club was agreed with previous owner Farhad Moshiri.
The Toffees had fallen to the bottom of the Premier League in the years under the businessman, and faced huge financial issues beneath the surface.
But the takeover saw action put into place straight away, with Sean Dyche replaced by David Moyes – a decision which saw Everton comfortably retain their Premier League status.
Friedkin inform shareholders of new investment plan
In January, it emerged that Everton had issued 1,336,537 new shares worth £174.66 each and totalling £233.44million, with the Friedkin Group’s acquisition company, Roundhouse Capital Holdings Ltd, acquiring them.
And the club now appear to be planning a similar action. In a post made to social media, Paul Quinn revealed a letter that has been sent to shareholders.
The letter states that, due to changes in the Premier League’s Associated Party Transaction (APT) rules, additional investment into the club by Roundhouse Capital Holdings Ltd will be made through equity subscription.
Shareholders are asked to vote on written resolutions that would see the club issue 1,142,857 ordinary shares, and disapply “statutory pre-emption rights”.
Said solutions will aid Roundhouse Capital Holdings Ltd in making “significant investment over the coming seasons to support squad development and other projects,” the letter states.
Everton set for £200m investment
Everton fans will be pleased to hear that the Friedkin Group are determined to equip the club with the tools required to continue their development.
In simpler terms, the letter asks shareholders to allow the owners to buy over 1.1 million new shares from the club, with the waiving of statutory pre-emption rights denying existing shareholders from buying the new shares themselves.
This would allow the Friedkins to invest in the club while bypassing ATP rules, which largely pertain to loans and sponsorships, among other types of deals.
It is difficult to know exactly how much money this would see pumped into Everton, but if January’s £174.66 share price is sustained, the total investment would fall just short of £200m – a figure fans will be pleased to see.
Sign up for the Goodison News WhatsApp channel and turn on notifications to have all the latest, breaking Everton news sent straight to your phone.