Gareth Southgate could replace Sean Dyche as Everton boss with takeover set to make club debt-free
09/23/2024 10:55 AM
Everton's takeover by Roma owner Dan Friedkin will allow them to move into their new stadium debt free, talkSPORT understands.
Meanwhile, talkSPORT’s Ben Jacobs reports that Freidkin could look to hire Gareth Southgate to replace Sean Dyche as Toffees manager.
Southgate has been out of work since resigning as England boss in July after their defeat to Spain in the Euro 2024 final.
Current owner Farhad Moshiri accepted a lower offer from Friedkin than John Textor was willing to pay to ensure a smoother and quicker sale of the club.
Moshiri will walk away having made a significant loss on his £700m investment after agreeing to sell his 94.1 per cent stake in the Merseysiders to the Friedkin Group, fronted by Friedkin.
Sources close to Moshiri say the takeover is worth between £400m and £500m, the majority of which will be used to convert debts into equity.
These include the £200m pumped into the Toffees by 777 Sports during their ill-fated takeover attempt, with Friedkin negotiating a settlement directly with American insurance firm A-Cap, who funded the 777 bid.
This part of the deal will need to be ratified by a court in New York after A-Cap seized 777's assets.
Moshiri decided to sell to Friedkin after growing tired of waiting for the outspoken Textor to sell his shares in Crystal Palace in order to purchase the Toffees.
It is hoped the deal, subject to approval by the Premier League and the Financial Conduct Authority, will be completed by the end of the year.
Everton are due to take up residence in their brand new 52,888-seater home at Bramley-Moore Dock for the start of next season.
Friedkin has also agreed to pump in additional funds to finance day-to-day running costs including wages and the final financing of the stadium move while the takeover is waiting to go through.
More to follow…
