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Everton Takeover Bid Fails

The takeover of Everton Football Club has been called off after the Merseyside club failed to finalize an agreement with the Friedkin group.

What Happened With the Everton Takeover?

The Friedkin Group, who also own Italian giants Roma, were given exclusivity in talks after a deal to sell the club to 777 partners broke down, and had a deal in principle with Everton back in June.

However, in a joint statement released today by the Friedkin Group and Everton’s current owners Blue heaven Holdings, both parties agreed that: “it is in both their interests for Everton to explore alternative options.”

Joint Statement - Blue Heaven Holdings and The Friedkin Group.https://t.co/LQPvOGEGz2 pic.twitter.com/moeboDkzs7
— Everton (@Everton) July 19, 2024

According to BBC Sport, it appears that the primary factor that put off the Friedkin group was due to a previous situation with prospective buyers 777 Partners. Allegedly, 777 Partners loaned Everton £200 million in their attempt to complete the takeover, and this sum was financially backed by A-Cap financial insurers.

However, the issue is not related to the repayment of the loan, but instead due to the fact that 777 faces legal action in the USA. The Friedkin Group pulled out of the deal immediately as a result, instead of waiting for the issue to be resolved which could take some time.

In their statement, the Friedkin group asserted that they “took the view that it was getting too complex and too risky from their point of view.”

“They were going to inherit huge amounts of debt and if they couldn’t guarantee that some of the existing lenders couldn’t cut back on what was owed to them, they felt it wasn’t a worthwhile deal to go ahead with.”

However, Friedkin have granted Everton a “stable” £200 million loan, one which they will not be looking to call in immediately, and those at the club say that in terms of as a business, Everton “is absolutely not in a precarious position”.

Everton now desperate for Manchester United to sign Jarrad Branthwaite, otherwise there might not be an Everton Football Club.

In other words Manchester United can save Everton.
— Suhail Chowdhary (@SuhailChowdhary) July 19, 2024

With the withdrawal of the Friedkin Group, Farhad Moshiri remains the majority owner of the club. He bought a 49.9% stake of Everton back in 2016, but that has risen to a 94% stake today.