Everton takeover update as official paperwork filed, two new Dan Friedkin hires confirmed
Today at 12:30 PM
New documents filed with Companies House indicate that Dan Friedkin’s takeover of Everton from Farhad Moshiri is now a formality.
Everton have been in purgatory for almost two years, with The Friedkin Group one of five parties to have held exclusive talks with Moshiri in that time.
Friedkin returned to the table in September having initially pulled out of negotiations with Moshiri because of legal complications with a debt Everton owe to another former takeover suitor, 777 Partners.
However, it appears that all parties are now satisfied that a resolution can be reached with regards to that that loan, which has been passed on to the financial institution A-Cap following 777’s liquidation.
An American billionaire who is a major investor in both the sports and media, Friedkin also owns Italian giants AS Roma, where his stock has fallen in recent months.
After his decision to sack club legend Daniele De Rossi as manager, supporters have largely turned against Friedkin despite the club having reached two European finals under his watch, winning one.
Friedkin’s Roma are also potentially facing a £28m fine for alleged financial offences, according to media in Italy.
Some have even suggested that Friedkin could sell Roma, with Liverpool University football finance lecturer telling TBR Football that he would likely recoup the £465m he paid for the club back in 2020.
Now, it appears that two members of Roma’s top brass are set to join Everton alongside Friedkin, who insists that he is committed to the three-time Serie A champions despite the takeover on Merseyside.
Everton takeover one step closer as updates made at Companies House
Moshiri has agreed a deal in principle to buy Everton and the procedural checks are now believed to be in motion, subject to the adequate resolution of the A-Cap/777 case.
A new company has been created at Companies House which, as finance expert and writer of the Vanity, Sanity and Reality newsletter Gregg Cordell suggests, appears to act as Everton’s new parent company.
Roundhouse Capital Holdings is owned by Toffee Investments LLC and lists Analaura Moreira-Dunkel, who is a director at The Friedkin Group, as a member of its board.
The other new board member is Marc Watts, who, like Moreira-Dunkel, sits on the board at Roma.
It is also believed, although not confirmed, that Dan Friedkin’s son, Ryan Friedkin, will also join Everton in some capacity.
Ryan Friedkin is currently acting CEO at Roma following the decision to relieve Lina Souloukou of her duties in September.
PSR, debt, and Bramley Moore Dock: Friedkin’s priorities at Everton
If and when Friedkin finally takes the wheel at Everton, it will represent a significant relief in terms of their cash flow position.
Moshiri is believed to have lost around £700m in Everton and his cash appears to have dried up completely, which had led to anxieties about paying wages.
Friedkin’s arrival will also significantly lessen Everton’s debt burden.
As well as potentially converting the £200m owed to him by the club into equity, he has also agreed to pay of a significant chunk of third-party debt.
Under PSR, losses of £105m over a rolling three-year period are permitted as long as the bulk are covered by an owner, which Friedkin can now guarantee.
Friedkin has also committed to paying the final costs associated with the move to Bramley Moore Dock, which promises to be Everton’s salvation after a period of immense financial turbulence.
