Everton are not in a precarious position despite their latest takeover setback, as per BBC journalist Shamoon Hafez.
The Toffees have confirmed on 19 July that the The Friedkin Group (TFG) have pulled out of the race to buy Everton.
Friedkin was granted an exclusivity last month and they were in talks for the past month in an effort to conclude a deal. The US-based owners were confident of completing the takeover before the start of the new season.
However, they decided to quit after learning of debt accrued by previous prospective owners – 777 – and US insurer A Cap.
The news will come as a hammer blow to the Everton fans who were hoping that the Texas owners would finally bring the much-needed stability to the club after years of turbulence under Farhad Moshiri.
There is also a genuine fear that the Toffees could go into administration, and if that happens, they will be deducted nine points in the Premier League.
The Friedkin group have already lent Everton £200 million to become the secured lender on the stadium development at Bramley-Moore Dock.
According to journalist Dave Powell, TFG will not seek a quick return after paying off the MSP loan and is ready to work closely with any new potential owners.
He wrote on X: “Sources tell me 777 financing issue the sole reason for TFG deal collapse.
“Won’t be seeking quick return after paying off MSP loan, will work with whoever is next potential owner to find best solution for all parties. Risk deemed too great over 777 due to ongoing litigation.”
The fraudulent charges made against 777 and A Cap group by Leadenhall Capital Partners, a specialist in the insurance industry, will make prospective owners think twice about getting involved in the takeover process.
The worst part is that there is no quick-fix solution. Both 777 and A-Cap deny the allegations, but A-Cap is struggling to survive.
TGF examined the situation and decided it would be too risky to get on with the deal. Everton owes more than £600 million to various stakeholders, and the future does not look bright at the moment.
