Everton’s £800m Friedkin Group takeover OFF plunging club back into crisis and facing administration
EVERTON have suffered a fresh blow in their hopes of finding a new owner after the Friedkin Group’s proposed takeover of the club fell apart.
A statement said that following a period of exclusivity for talks between the parties, the group would not be progressing with a purchase.
GettyEverton’s discussions over a takeover from the Friedkin Group have fell through[/caption]
The statement read: “Following a period of exclusivity, discussions between Blue Heaven Holdings and The Friedkin Group over a potential sale of a majority stake in Everton have ended and The Friedkin Group will not be progressing with a purchase of the Club.
“Both Blue Heaven Holdings and The Friedkin Group entered discussions in good faith to explore whether a sale could be agreed.
“Those discussions have concluded. The parties agree it is in both their interests for Everton to explore alternative options.”
The breakdown came after four weeks of negotiations over an £800million deal.
The Friedkin Group (TFG), who also own Italian side AS Roma, pulled out of a deal on Thursday over concerns about the club’s debt to 777, an investment firm based in Miami.
According to The Athletic, that debt comes from a series of loans taken out by the club from the firm last season and is worth £200m.
The concerns are said to be related to the fact that 777 are now in the hands of insolvency experts after it’s companies began to unravel earlier this year following lawsuits with unpaid bills and fraud allegations, which are denied by the firm.
Everton also saw a takeover deal with 777 collapse earlier this year.
This second failed takeover has now left the Goodison Park outfit in a precarious situation as they stare down administration.
The statement added: “The Friedkin Group will remain a lender to the Club and is proud to have played a key role in enabling the new stadium to be built, which will help ensure a bright future for both Everton and the City of Liverpool.
“Blue Heaven Holdings maintains a positive relationship with The Friedkin Group and would like to thank them for the time and effort they have put into this process.
“When there is further news to share, it will be provided via the Club’s official communication channels.”
The owner of TFG, Dan Friedkin has an estimated worth of £4.8bn.
SunSport reported last month how Friedkin was believed to have agreed to majority owner Farhad Moshiri’s demand for £200m up front to be given the rights to examine the club’s finances before moving ahead with the deal.
More to follow.
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