The Friedkin Group have agreed to complete an Everton takeover.
Former Crystal Palace chairman Simon Jordan believes Everton prospective owner Dan Friedkin is a ‘very substantial individual’.
The American, through his company the Friedkin Group, has agreed to purchase Toffees majority shareholder Farhad Moshiri’s 94.1 per cent stake. Friedkin came back to the table last week, having pulled the plug on a purchase in July, and gazumped John Textor to a purchase.
When Friedkin originally walked away from a deal, he took over £158 million of debt. That had been provided by MSP Sports Capital along with local businessmen George Downing and Andy Bell to help with costs for the club’s new stadium at Bramley-Moore Dock.
And Jordan, speaking on talkSPORT, reckons that Friedkin’s deal is a positive one for Everton. The ex-Palace chairman said: “My friend was in this deal. I’m pretty sure George Downing that the financing he leant Everton predominantly to facilitate the continuation of the contract of the stadium so there weren’t penalties that were put in place because they couldn’t afford it.
I’m pretty sure the Friedkin Group took him out economically, replaced the loan. There was always going to be scenario where Friedkin was back in the mix. My understanding is he is very substantial and they have proper wealth.
“Yes, you can point to some of the travails of the current Roma side but I get the impression he’s a very substantial individual clear-thinking person. He’s an American owner, so you can flip that about where the sport might be going to have these sort of ownership models in the Premier League.
“But it is a better deal. I personally believe you put an end to Moshiri, the better it is for Everton. They’ve got to get this deal done, I don’t think he’s got the money to support Everton and it’s a case that Friedkin is a significant option and I’d be surprised if it doesn’t go through.
I get the impression it might be a cash deal so it’s not going to be debt-laden. I’m not sure of Textor’s situation, there might have been some debt and that’s not going to help Everton because their cash flow means they can’t really support it. Cash means there’s no borrowing. Whoever they are paying, they are not using other people’s money. Textor, I think, might have been leveraging some money.
“Without dragging George into it too much, this is no fool. This is someone who knows how football clubs work, knows the business of sport and has got the money to turn out people’s lights. He might not have Middle Eastern money but he’s got significant money.
