Everton takeover hope as British investment firm ready to rescue crisis-club from threat of administration
A BRITISH investment firm are ready to rescue Everton from the threat of administration.
This comes after a second American takeover at Goodison Park collapsed on Thursday evening.
The Friedkin Group, who also own Italian club Roma, stunned Everton by withdrawing from a proposed £600million deal just four weeks after entering exclusive negotiations.
Everton owner Farhad Moshiri is understood to have agreed to sell to three different groups last month after previous bidders 777Partners missed the final deadline to complete their purchase following a tortuous nine-month process.
An earlier takeover bid from one of Everton’s lenders, MSP Capital, had previously collapsed last summer.
SunSport has learned that London-based investment firm Vici Private Finance are preparing to revive their bid and are confident of completing a takeover in a matter of weeks.
While local businessman and Everton fans Andy Bell and George Downing could also return to the negotiating table.
Crystal Palace part-owner John Textor is unlikely to make another bid.
However, as the American is yet to sell his 46 per cent stake at Selhurst Park despite considerable interest in his shares.
Vici Private Finance are being advised by former Everton director Keith Harris, who was appointed to the Board by Moshiri after he bought the club in 2016 before leaving three years later.
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Harris has been involved in numerous Premier League purchases over the last two decades.
Including Roman Abramovich buying Chelsea, Randy Lerner’s aquisition of Aston Villa and the deal that saw current owner Shahid Khan take control Fulham.
VPF are understood to have already provided proof of funds to Moshiri and do not anticipate any problems passing the Premier League’s Owner’s and Director’s Test – which 777 failed to do after nine months.
The Friedkin Group invested £200m in Everton, but are not planning to call in the loans immediately.
Most of that money has been used to pay off £158m in debt to MSP Sports Capital and Downing and Bell.
With the rest spent to complete the building of the club’s new stadium at Bramley Moore Dock, which has now been largely paid for.
Premier League sides deducted points and others at risk
Nottingham Forest
Deducted four points during the 2023-24 season for breaching Premier League spending limit by £34.563m. Failed in their appeal with decision upheld.
Everton
Initial 10-point deduction for 2021-22 Premier League breaches reduced to six points on appeal. Were deducted a further two points later in the 2023-24 season. Appealed, but since withdrawn following Prem survival.
Sheffield United
Hit with a two-point deduction for their finances during the 2022-23 EFL season. Will begin the 2024-25 Championship season on -2 points following their relegation from the Prem.
OTHERS WHO COULD FACE PUNISHMENT…
Manchester City
Etihad club emphatically denies the 115 allegations laid against them in February 2023. The lengthy Commission case has been scheduled to start in October or November but a final decision is not expected until March or April 2025.
Chelsea
Blues chiefs flagged up illicit payments made to agents and others during the Roman Abramovich era. Fined £8.6m by Uefa but still to be formally charged by the Prem despite an ongoing investigation.
Leicester
Foxes breached Prem PSR loss limits last season but did not have to report their 2022-23 accounts until this month because of their relegation. That puts the timetable back and means that they will probably face a Prem points deduction for the 2024-25 season following their return to the top flight.
Everton (again)
The Toffees are again at risk of breaking PSR rules and are in a race against time to raise funds and balance the books. Not only could that lead to another charge but also administration. That would lead to an automatic nine-point deduction for the 2024/25 season.
Amongst several concerns that caused the Friedkin Group to walk away was the legal action being faced in America by 777, who would have had to repay £200m.
As well as fears that Everton are facing another PSR charge after being docked points by the Premier League last season.
“The parties agree it is in both their interests for Everton to explore alternative options,” the club and the Friedkin Group said in a joint statement.
“The Friedkin Group will remain a lender to the club and is proud to have played a key role in enabling the new stadium to be built, which will help ensure a bright future for both Everton and the City of Liverpool.”
It has left Everton dancing with fire once again under Premier League Profit and Sustainability rules.
This comes following losses of £133m over the last two years, putting them £2m beyond the league’s PSR limit of £105m going into the year of the regulation cycle.
The club also need a further £200m to complete the construction of their new stadium.
Everton were hit by two point deductions that added up to ten points last season, but managed to survive the drop under Sean Dyche.
Their massive debts, estimated to be worth £600m overall, also mean Everton continue to flirt with administration – which would bring an automatic nine-point deduction.