In a surprising turn of events, the Friedkin Group, known for their ownership of AS Roma, have withdrawn from their potential takeover of Everton.
This dramatic decision has sent shockwaves through the football community, as it was widely believed that the deal was close to completion.
For four weeks, The Friedkin Group had been in exclusive talks to acquire Everton, only to abruptly pull out, citing concerns over the club’s £200 million debt to 777 Partners, now managed by A-Cap.
The withdrawal was triggered by 777 Partners’ financial instability, with the firm embroiled in lawsuits over unpaid bills and fraud allegations.
The failed negotiations have left Everton seeking alternative solutions amidst a looming financial crisis.
Joint Statement – Blue Heaven Holdings and The Friedkin Group.https://t.co/LQPvOGEGz2 pic.twitter.com/moeboDkzs7
— Everton (@Everton) July 19, 2024
The club owes over £600 million to external lenders and an additional £450 million in shareholder loans to current owner Farhad Moshiri, who has been unable to fund the club for over a year.
Despite the setback, The Friedkin Group will continue as a lender for Everton’s new stadium at Bramley-Moore Dock, ensuring its construction remains unaffected for now.
This is the third failed takeover attempt in two years, following unsuccessful bids by KAM Sports LLC and MSP Sports Capital.
Everton narrowly avoided relegation last season, and this financial uncertainty adds to the pressure on the club to find a stable footing.
