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News
Official Everton Dan Friedkin takeover update due in next 24 hours amid £171m blow
The next stage of Dan Friedkin’s Everton takeover will be completed within the next 24 hours, but it is taking place against a worrying financial backdrop.
Friedkin has signed an agreement to conduct exclusive talks wiꦯth Farhad Moshiri, which is expected to result in the𝐆 US billionaire taking control of the club.
Although Friedki♉n’s ownership of AS Roma could cause complications at Everton, the 59-ye⛦ar-old is considered a far more credible investor than the likes of 777 Partners.
But he will have his work cut out for him on Merseyside, where the Toffees have been hamstrung by Profit and Sustainওabi✃lity and cash flow issues in recent years.
The latest financial data emerging from Goodison Park is emblematic of the size of the task at hand for Fried💛kin.
Everton hold two unwanted Premier League records
In thei🃏r , leading international accountancy firm Deloitte revealed howꦐ Everton’s finances stack up against the rest of the Premier League.
It does not make for good reading for Everton ꧃fans, who will see that they are the only club whose revenue and wage bill shrank in 2022-23, the last campaign for which financial data is available.
Their turnover fell from £181m in 2021-22 to £172m the following season, while the wage bill fell from £172m to ꦿ£166m over the same period. Those are reductions of five and four per cent respectively.
Of cour🌃se, the reduction in the wage bill reflects Everton’s efforts to get costs under control, but it is emblematic꧑ of the tough situation in which Everton find themselves.
- READ MORE FOOTBALL FINANCE NEWS: Liverpool and Everton going head to head as £49m off-pitch🎶 contest escalates
Official Everton takeover update expected soon
Meanwhile, prominent football finance writer and Everton supporter ෴The Esk has forecasted that the next step signalꦫling Friedkin’s impending takeover will be completed soon.
On , The Esk claimed that a charge from Blythe would soon disappear from the subsidiary company through which finance is provided for Everton’s stadium construction pr🦄oject at Braꦚmley Moore Dock.
Blythe are in turn the company representing MSP Sports Capital, the private equity group who loaned Everton over £150m prior to their failed bid to take over the club.
In layman’s terms, the disappearance of the Blythe char🎃ge and the presence of a new one on the Companies House register indicates that Friedkin has taken over the loan from MSP.
That is a big step꧟ forward in a protracted takeover saga that has now r🍸un for well over a year.
Once Friedkin has agreed the final terms of a deal with Moshiri, the concluding stage of the process will be Premier League ratification, which is expected to pass without issueܫ.