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Post by rugbytoffee on Jul 19, 2024 10:41:34 GMT
Following a period of exclusivity, discussions between Blue Heaven Holdings and The Friedkin Group over a potential sale of a majority stake in Everton have ended and The Friedkin Group will not be progressing with a purchase of the Club.
Both Blue Heaven Holdings and The Friedkin Group entered discussions in good faith to explore whether a sale could be agreed. Those discussions have concluded. The parties agree it is in both their interests for Everton to explore alternative options.
The Friedkin Group will remain a lender to the Club and is proud to have played a key role in enabling the new stadium to be built, which will help ensure a bright future for both Everton and the City of Liverpool.
Blue Heaven Holdings maintains a positive relationship with The Friedkin Group and would like to thank them for the time and effort they have put into this process.
When there is further news to share, it will be provided via the Club’s official communication channels.
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Post by Avinalaff on Jul 19, 2024 13:13:23 GMT
Everton ...
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Post by rugbytoffee on Jul 20, 2024 10:07:39 GMT
Roma owner Dan Friedkin has decided to pull out of the €600m takeover of Premier League side Everton, having grown concerned after some in-depth analysis.
The American businessman had agreed to purchase 94% of shares of the club from Farhad Moshiri, entering a period of exclusivity in late June. The Giallorossi owners also injected over €200m into the club and paid off a hefty loan, entering as minority shareholders.
On Friday, news broke that the Friedkin group had decided to pull out of the deal for Everton, deciding not to acquire a majority share following a month of talks with owner Moshiri. The news came as a nice surprise to some concerned Roma fans.
Why Friedkin gave up on Everton deal
Page six of today’s Corriere dello Sport details how the Friedkins were left concerned after carrying out further due diligence, revealing some critical issues in the analysis that weren’t uncovered in the initial survey.
One of the problems was the debt suffered by Everton’s holding company Blue Heaven Holdings. They were leant around €200m by US group 777 Partners, who are in a state of financial chaos, and this credit has now been turned over to a third party.
Roma owner Friedkin felt the deal for Everton was too risky as a result and decided to pull out of talks with Moshiri.
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Post by rugbytoffee on Jul 20, 2024 14:24:56 GMT
Everton buyers will have to be warned by their lawyers over the risk posed to their takeover by a potential Proceeds of Crime Act (POCA) issue down the line, according to Matt Slater.
The Athletic journalist reported via the outlet’s website on 20 July that Dan Friedkin had walked away from his own deal with Farhad Moshiri due to uncertainty related to more than £200million of debt initially owed to former buyers 777 Partners.
The original source of that money, A-Cap, has now taken over the debt amid 777’s insolvency issues but both have been accused of fraud in a “blistering” US lawsuit by yet another investment firm Leadenhall Capital Partners – both A-Cap and 777 deny any wrongdoing.
Even if that civil suit is settled Slater reports there is a “very real possibility” the US Justice Department could then file criminal charges, meaning “any self-respecting corporate lawyer” would have to raise the POCA risk if their client tries to buy the Toffees.
The Friedkin Group were apparently concerned enough to speak to Moshiri’s lawyers about indemnity insurance over the matter which he wasn’t minded to agree to, so they pulled out.
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Post by jimmy on Jul 21, 2024 19:24:48 GMT
Is there any more on this? Dan Friedkin’s potential takeover at Everton will probably take a few more days to sort out before an announcement can be made. That’s according to Gazzetta dello Sport, who say there are final ‘technicalities’ and the ‘very last stages of due diligence’ to overcome before an announcement can be made. The outline of the deal for the American to buy Everton from Moshiri is in place, though, with him set to buy 45% of the club and 94% of Blue Heaven Holdings Limited. The total valuation of the purchase should be around €650m, with around €400m of that to cover the debts currently at the club. Friedkin’s offer is the front runner after Vatche Manoukian pulled out of the race, practically admitting defeat and leaving the path open for the Roma owners. They’re now pushing ahead and an announcement on that front is expected in the coming days, with a minor delay in proceedings as his team overcome final technicalities in the deal and do their due diligence. There is no hint that will bring any problems, though, and it’s expected Friedkin will be the new owner at Everton in the near future. The circus is back in town.  |
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