Everton FC’s sale takes another twist after The Friedkin Group announced it will no longer pursue the acquisition of the club ahead of the 2024/25 season.
The announcement comes after The Friedkin Group, which had reached a preliminary agreement with the Premier League club and entered an exclusivity period in June, decided to halt the sale.
Everton has stated that both parties agree it is best for the club to explore other options. The club highlighted its positive relationship with The Friedkin Group and expressed gratitude for their time and effort throughout the process.
Despite deciding to not progress with the acquisition, the 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 it believes will help ensure a bright future for both Everton and the City of Liverpool.
The Liverpool Echo has reported that the deal fell through due to concerns about the £200m in funding provided to Everton by 777 Partners through junior debt.
Sources have told the Echo that the collapse occurred after 777 Partners missed a deadline to repay a £153m loan to MSP Sports Capital, which was a key condition for its takeover of the club.
A deal with 777 Partners collapsed in May after the company became involved in several legal disputes and faced allegations of fraudulent behaviour.
While Everton supporters were relieved by the club’s decision to seek other options, it appears that the lengthy process with the company is not quite finished.
The potential Friedkin deal generated significant excitement among fans because of Chairman Dan Friedkin‘s impressive track record and substantial net worth of £4.81bn.
He has owned Italian club AS Roma since 2020, buying the Serie A team for £552m. Under his leadership, the club won the UEFA Europa Conference League in 2022 and was a runner-up in the UEFA Europa League final the following year.
Despite the current separation, there is still a possibility for future negotiations. However, any potential deal seems unlikely while the club is burdened by existing debt.
Undoubtedly, fans were hoping for a resolution before the season began and are now concerned that any new deal could disrupt the season.
A statement from Everton to its fans read: “When there is further news to share, it will be provided via the club’s official communication channels.”
