The prospective new Everton owners are currently awaiting regulatory approval to complete
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TIRANA - AS Roma owner Thomas Daniel Friedkin with the Conference League cup, Conference League cup, Conference League trophy during the UEFA Conference League final match between AS Roma and Feyenoord at Arena Kombetare on May 25, 2022 in Tirana, Albania. ANP PIETER STAM DE YOUNG (Photo by ANP via Getty Images)
AS Roma owner Dan Friedkin has agreed a deal to buy Everton
(Image: ANP via Getty Images)
Everton remain on course to have new owners by Christmas. The Friedkin Group (TFG) are on track with their initial mid-December timeframe to acquire the club.
After the chastening 4-0 defeat to Manchester United at Old Trafford at the weekend, the Toffees’ struggles in the Premier League continue, and with a limited window in January to aid competitive performance, TFG remain confident that they will be the new custodians of the club in time to be impactful this season.
Back in September, wantaway Everton owner Farhad Moshiri agreed to sell his 94.1% majority shareholding in the football club to TFG after they returned to the table for talks having been put at ease over the £200m debt on the balance sheet that had been racked up during the failed takeover by the now-collapsed 777 Partners.
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But Houston-based TFG, who also own Italian side AS Roma, have had to bide their time to take over due to having to gain the required regulatory approval from the Premier League, the Football Association, and the Financial Conduct Authority.
The necessary approval is believed to be close and the group, as anticipated from the start, are not likely to have encountered any issues that would be a roadblock to them completing on a deal. Major things such as proof of funds will not be an issue, and given his status as a member of the executive board of the European Clubs Association, there is little concern over the credibility of TFG chief, US billionaire Dan Friedkin.
The hope has long been to get the deal done before Christmas, and that remains the goal, with the process having been anticipated to take around 12 weeks in all from the moment that dialogue started with the relevant organisations.
While the wheels of business keep turning during the festive period, it can slow down matters, and the drive is to now ensure that this doesn’t tick over into the New Year and take away some time from TFG where they could be bringing about addressing some issues at the football club that would aid the aim of ensuring that they begin next season at their newly-built 52,888-seater stadium at Bramley-Moore Dock as a Premier League team.
TFG have already committed to provide ‘tens of millions’ in working capital while the takeover process awaits completion, with that funding used for completing the fit-out of the new stadium as well as ensuring the club had enough money at hand during what is a traditionally low period of cash for football clubs heading into the New Year, with the season ticket money and central funding having been received months earlier.