Crystal Palace co-owner John Textor has declared he wants to buy Everton. A potential Everton takeover has made little progress despite John Textor’s declaration to buy the club, it has been claimed. Textor gained exclusivity to purchase Farhad Moshiri’s 94.1% majority stake after two failed takeovers of the club earlier this year. Moshiri pulled the plug on 777 Partners’ deal at the end of May, with the Miami-based firm failing to get ratification from the Premier League.
Meanwhile, the Friedkin Group opted against pursuing a transaction following a period of exclusivity. But the company, who already own AS Roma and are headed by Texan billionaire Dan Friedkin, did take on a £200 million loan that was initially provided by MSP Sports Capital and local businessmen Andy Bell and George Downing.
At the moment, Textor owns 45% of Crystal Palace, a Premier League competitor. Since he only has 25% of the boardroom’s voting rights, he wants to sell his shares. Nevertheless, before Textor can buy Everton, he must give up his interest.
The Toffees are in a challenging financial position, with £200 million owed to 777/ A-Cap as well as a £225 million loan to Cheshire-based company Rights and Media Funding Limited.
The Athletic reporter Matt Slater has suggested that the Friedkin Group will want to be paid back as soon as any takeover is completed – and that is the biggest problem for Textor or another prospective owner. Speaking on The Athletic FC podcast,Slater said: “The takeover… nothing is happening at the moment. I can stop there. I felt that nothing was going on, so I looked. I checked every single house, but there was nothing. For the £200 million that they are due, no credible or genuine offer has been made to the Friedkin Group.
As per the terms of their loan agreement, they would like repayment upon taking control. That has been made extremely apparent by them. Most large loans have that attached. For John Textor or anybody else looking to purchase Everton, that is the biggest obstacle.
“There has been no development in the ongoing legal dispute between 777 and A-Cap. The American insurance business has been essentially funding 777 for a number of years, and it now has all of its assets, including a £200 million debt to Everton.
“A-Cap/777 must take the matter to court if someone plans to purchase Everton or make any other arrangements involving that loan, as all of their assets are currently on hold while they handle this other company.”
The two most important things are those. In addition, I ran it by Farhad Moshiri and the club. Nothing has taken place. All we’ve received is a barrage of rumors regarding John Textor’s plans for Everton. His ambition is to purchase and take over an English football team. He genuinely believes in the multi-club concept.
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