Dan Friedkin set to pay millions to rival Everton buyers in takeover exclusivity update

Dan Friedkin has to come up with £200million towards loans and working capital at Everton before he is granted exclusivity for his takeover deal, according to Paul Joyce.

The Times journalist reported via the paper’s website on 14 June that the American, who owns AS Roma in Serie A, is now Farhad Moshiri’s preferred choice as the next Toffees owners.

But before he is given exclusivity by the club’s majority shareholder next Tuesday (18 June) the nine-figure payment, which is scheduled to be made a day earlier on Monday, needs to clear.

The £200m will go towards paying off the £158m loan which proved impossible for previous buyers 777 Partners, with £30m reportedly going towards the club’s running costs.

And according to Joyce, the loan figure includes a £50m repayment to Andy Bell and George Downing, and £80m to pay back MSP Sports Capital, both groups being rival takeover bidders.

Andy Bell, George Downing and MSP Sports Capital set for Everton repayment as Farhad Moshiri agrees takeover deal

The infamous £158m figure proved to be emblematic of the suspicion around 777’s finances as they failed to come up with that money by the original deadline on 15 April, only for Moshiri to broker an extension himself. Given both MSP and the duo of Bell and Downing, who until very recently looked like they were the most likely winners of the takeover race, both subsequently put their own takeover bids in it is unclear whether getting their money repaid would constitute a positive outcome for each respectively.

Friedkin, who is estimated by Forbes to be worth $6.2bn [£4.89bn], would appear to have the financial might that 777 didn’t, and is seen to have the expertise and experience to make a success of running the club [The Esk, 14 June].

That is clearly a positive picture for Everton and the fanbase as a whole, and since Bell and Downing count themselves among that number it likely would be for them as well.

MSP had an option in their original loan agreement with Moshiri to take over a controlling majority of his shares if it wasn’t repaid on time, and since they chose not to do so on those terms their willingness to be owners, especially beyond the short time, was perhaps in doubt

Friedkin didn’t appear to be leading the race to buy the club, with bids headed up by Vatche Manoukian and Vici Private Finance also having been put in, but clearly that’s all changed after the Roma chief convinced Moshiri.

There is in theory scope for that to change again still if he doesn’t come up with the payment over the weekend, but there would seem to be far fewer doubts about that at this stage as there were the last time around.