Everton Supporters Desperate for Certainty Amid Takeover Turmoil
Everton supporters are longing for some stability as their club’s future remains uncertain following two failed takeover attempts. Earlier this year, 777 Partners withdrew from talks to buy the club, leaving fans hopeful that Roma owner Dan Friedkin would succeed. However, Friedkin has now backed out, citing potential legal issues related to Everton’s £200 million debt with 777 Partners as too risky to shoulder.
While several more buyers are interested, the complexity of the situation means a resolution is not expected soon.
To shed light on the latest developments, TBR spoke exclusively with Kieran Maguire, a football finance lecturer at Liverpool University and author of The Price of Football.
Strained Relations Between Premier League and Everton
The relationship between Everton and the Premier League has deteriorated significantly over governance issues. Alongside the long-running Profitability and Sustainability Regulations (PSR) drama, which will see Everton face another hearing later this year, the Premier League will also play a role in ratifying any eventual takeover.
The strained relationship is exemplified by Everton voting against a £37 million pay package for the league’s employees.
Could this sour relationship affect the takeover process for Everton?
“It is a bit like a divorce when you both have to go to the solicitors together,” Maguire said. “You know you have to be there, but they are the last people on the planet you want to see.
“The consensus at Everton is that the PSR punishment was disproportionate to the extent of the offence. They feel unfairly singled out by the Premier League.
“Ultimately, the decisions in terms of how they are going to vote are coming from [Farhad] Moshiri. He is unpredictable. He is a loose cannon in so many ways. He has betrayed Everton fans with his poor ownership of the club.
“If you talk to Evertonians, they don’t like the Premier League but see Moshiri as a far bigger issue in terms of the club’s financial challenges.”
Moshiri’s £50 Million Demand: A Stumbling Block
Current owner Farhad Moshiri’s demand for £50 million for his 94% stake in Everton, despite the club’s enormous debts exceeding £600 million, is a significant hurdle. Maguire explains that this valuation could deter potential buyers.
“My perception of the club’s value is that it’s close to zero, given the outstanding debt. There isn’t much interest at the price Moshiri is asking. He needs £25 million to £50 million for himself, which is proving to be a stumbling block. Additionally, there’s the overhang from the 777 Partners debt.”
Unrealistic Takeover Deadline
Reports suggest Moshiri has set an eight-week deadline for completing a takeover deal. However, Maguire believes this is unrealistic given the current situation.
“Getting a deal over the line in eight weeks is unrealistic since we don’t even have a preferred bidder at the moment. I am concerned about Everton’s cash flow challenges as we get into late autumn.
“To date, both 777 and the Friedkin Group have lent substantial sums of money to the club, confident of sealing a deal, only to fail. Any potential owner will be cautious after these failures.
“Moshiri’s second deadline is just him shouting into the void. He has nothing to back it up.”
As Everton fans continue to navigate this period of uncertainty, the hope for a clear resolution remains distant.
