Friedkin Group has agreed with Farhad Moshiri to take over Everton.   Now the focus is on what happens next.
  After Bloomberg first published this story on Monday morning, sources the ECHO spoke to confirmed the Friedkin Group were in talks with Toffees owner Moshiri about a deal, just two months after they ended talks amid concerns over the club’s debt of more than £200m with 777 Partners, the investment firm that failed in a protracted bid to buy the club in May.
  Confirmation came at 2pm on Monday afternoon that an agreement had been reached between The Limited.
  Last week marked a year since Moshiri and 777 Partners struck a deal to take over Miami-based Everton.
  In the months that followed, the 777 struggled to gain proper Premier League approval through its ownership and board trials, although Financial Conduct Authority approval was achieved relatively quickly.
  Concerns began to grow over how the deal would be financed, and as 777 Partners became the subject of numerous legal proceedings in the US, questions arose about their suitability as owners of some of the other football clubs in which they already held trusteeship.   Moshiri’s final “show me the money” ultimatum came and went, nothing happened, and the deal was dead.
  A number of suitors then arrived on the scene and flirted with interest, before AS Roma owner and American billionaire Dan Friedkin and his Friedkin Group companies broke away from the pack and became the frontrunners, entering a period of exclusivity to push for a deal.
  But the Friedkin group didn’t like the debt 777 Partners carried on its balance sheet.   In the months that 777 Partners have been trying to complete their takeover of Everton, the company has loaned the club money for working capital purposes to allow things such as the construction of a new stadium at Bramley-Moore Dock to continue unabated, while wage demands have also been a requirement. as Moshiri was unwilling to continue financing the club he expected to sell.
The 777 deal may have collapsed, but the club remained tied to the company due to debt. 777 gained access to much of Everton’s capital expenditure through a relationship they had with another Miami company, A-CAP.
Earlier this year, London-based Leadenhall Capital Partners filed a lawsuit against 777 partners in New York civil court, alleging the firm engaged in “fraudulent” activity when it pledged about $350 million in collateral that either did not exist or was not owned by entities controlled by co-founders Josh Wander and Steven Pasko to receive funds.
777 Partners denies the allegations and the case is ongoing, with the company filing its own lawsuit against Leadenhall through a Florida court.
It’s a legal matter that shows no signs of reaching a conclusion yet, but despite the Friedkin Group’s initial reservations about the case and the debt, it doesn’t appear to be a major hurdle now. until the execution of the takeover.
Of course, in the intervening weeks between Friedkin Group’s resignation and his return to the table, Moshiri held talks with another American billionaire, John Textor, owner of Olympique Lyonnais, Botofoga and Molenbeek and a 45% shareholder in Everton’s Premier League. League-rival Crystal Palace.
Now, while Friedkin’s offer was modest from the outset, Textor has been on something of a charm offensive, speaking publicly about his plans for the Blues should the takeover bid be successful and the opportunity the club presented in terms of investment.
While his candor and public persona may have appealed to some, the ECHO understands from sources close to Moshiri’s camp that it was not something the Everton owner welcomed, having seen the 777 debacle very publicly.
Textor was backed by American firm Aliya Capital Partners in his bid to buy the Blues, but he still held a significant stake in Palace, meaning nothing could happen until he shed his stake in the club.
Reports that he could sell his shares to fellow Palace shareholders David Blitzer and Josh Harris have made the rounds, as has potential interest from others in acquiring his stake. But with the valuations of clubs like the Eagles, hampered by the lack of a new arena, not rising as much as the ‘big six’ clubs in recent years, a good return seemed to be a challenge.
It also presented a timing problem for Everton. Moshiri wants to leave, that’s for sure, and while the club has no short-term cash flow problems at the moment, there are big bills ahead and another chunk of building costs to find.
With the Blues also currently struggling on the pitch, and with huge pressure on them to retain their lucrative Premier League status so they can start a new chapter as a Premier League club at their new 52,888-seater stadium, there is a sense of urgency . get things done.
So what does the Friedkin Group have to offer?
Well, firstly they have the ability to deliver immediate results in terms of funding to complete and a legitimate operation that will pass the tests of the Premier League, the FA and the FCA.
While there may be some anger from fans of AS Roma, the Serie A club owned by the Friedkin Group, over the recent sacking of popular head coach Daniele De Rossi, the relevant authorities won’t care; they will focus on making sure the club’s trustees can be held accountable as a business and have the money to run it.
What the Friedkin group’s approach to the football side will be remains unknown, although Dan Friedkin’s son Ryan is likely to play a significant role on the board.
It’s not even known what the long-term grand plan is. But Everton need operational expertise to navigate the troubled waters and ensure they have as long as possible to make the most of the new stadium opportunity and ensure they remain in the Premier League.
Currently, Friedkin Group’s greatest strength is feasibility and financial strength to complete and invest.
They have been quiet so far on the trip and that should be instructive. Evertons have heard too much about what’s going on off the pitch, they need owners who can manage possession well and focus on football again. We hope that this can bring some positivity to the new dawn.