**The story surrounding fresh investment at Everton has taken an interesting turn, with further detail emerging over just how substantial the process could become.**
The Financial Times reported this week that The Friedkin Group are working with advisers to bring new investors into the club, less than two years after completing their takeover.
That much we already knew.
The more interesting detail is the potential scale of what comes next.
According to the FT, the process could result in new investors acquiring a significant stake in Everton.
There is no guarantee that will happen. The process remains in its early stages, and TFG and Everton declined to comment when approached by the newspaper.
But the wording is worth noting.
This does not necessarily sound like somebody being invited to buy a tiny piece of the club and sit quietly in the background.
Everton’s own shareholder information currently lists Roundhouse Capital Holdings Limited as owning 99.5 per cent of the club.
The Friedkins have already brought another investor into that structure. The FT reports that Christopher Sarofim acquired equity in Roundhouse Capital Holdings last year.
What happens next could be on a different scale.
There is nothing particularly unusual about wealthy Premier League clubs having several major investors.
The costs involved have become enormous, and TFG have already done much of the difficult financial work at Everton, reducing debt and securing long-term financing for the Hill Dickinson Stadium.
Bringing in another substantial investor could give Everton more financial firepower for the next stage.
But there is an important distinction between selling a significant stake and giving up control.
There is currently no evidence that TFG intend to do the latter.
Equally, until the size and structure of any eventual deal becomes clearer, it is impossible to know how much influence a new investor might have.
That is where this story now becomes more interesting.
Yesterday, the obvious question was why Everton needed fresh investment at all.
Today, we know a little more.
If a deal does materialise, it may involve considerably more than somebody buying a token piece of Everton.
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