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Everton face a new wave of uncertainty following the collapse of US billionaire Dan Friedkin’s takeover attempt.
Friedkin’s withdrawal came after a month of exclusive talks, driven by concerns about the club’s mounting debt. This development has plunged the Merseyside club back into turmoil, exacerbating an already turbulent period.
Friedkin’s decision to end the takeover talks followed a due diligence process that revealed the significant financial exposure at Everton.
The group deemed the cost of completing the deal too high; particularly after the complications arising from a failed takeover attempt by American investment firm 777 Partners.
During their six-month negotiation period with Everton, 777 Partners invested approximately $258 million to cover operational costs, anticipating a successful acquisition.
However, issues with 777’s other financial assets led to the deal’s expiration without agreement.
Friedkin’s potential acquisition was seen as a beacon of stability for Everton. His management of Roma in Serie A had garnered praise for its success and strategic foresight.
His withdrawal, therefore, represents a significant setback for Everton, which has been eagerly seeking financial stability and visionary leadership.
The future ownership of Everton is currently unclear.
Club looking at other parties to avoid administration
A statement from the Friedkin Group and Everton confirmed the end of their negotiations, emphasizing that both parties had entered discussions in good faith.
Despite the disappointment, the Toffees officials maintain that there are other interested parties ready to revive talks to purchase some or all of Farhad Moshiri’s stake in the club, Sky Sports say.
Despite the recent developments, they assert that the club’s financial position remains manageable.
However, sources close to another potential consortium, led by…
Source link : https://worldsoccertalk.com/news/textor-to-reenter-everton-takeover-talks-after-friedkin-blow/
Author : Martina Alcheva
Publish date : 2024-07-21 21:12:35
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