“I checked…” – Journalist provides update on Everton takeover as Friedkin’s deal with A-Cap likely requires changes.

The Athletic journalist reported on Toffee TV on 10 October that the deal involving Everton’s takeover will likely need additional negotiations to satisfy all parties, including the judge overseeing a dispute between A-Cap and Leadenhall.

This comes after The Friedkin Group (TFG) agreed with A-Cap to take over £200 million of Everton’s debt, previously owed to 777 Partners.

The agreement involves £66 million being repaid upfront, with the remainder being converted into a more flexible debt that could potentially be transformed into shares in the club.

However, Slater believes that Leadenhall may demand more cash in the deal and pointed out that when the Friedkin takeover agreement with Farhad Moshiri was announced on 23 September, no one had yet checked with Leadenhall to see if they were satisfied with the A-Cap arrangement.

He said, “I checked that, and it was true, no one had.”

Despite this, he anticipates the Everton takeover will still go ahead smoothly once Leadenhall and the judge are brought up to speed, though the A-Cap agreement may need some adjustments.

This means the deal isn’t fully finalized yet.

Complications with Everton’s Debt to 777 Partners

While TFG appeared to have most of the details in place before agreeing to buy out Moshiri, they hadn’t clarified the situation with all parties involved.

The judge’s review of the current A-Cap agreement might delay the takeover slightly, but it’s not expected to derail the deal altogether (Liverpool Echo, 3 October).

The involvement of 777 Partners has complicated matters for Everton, as Leadenhall has accused both 777 and A-Cap of fraud, although both companies deny the allegations.

Given 777’s collapse, which has left their other football clubs in turmoil, Everton may be fortunate to avoid becoming further entangled with them.

If Dan Friedkin steps in instead, it could be a significant boost for the club.

Slater also pointed out a potential issue with A-Cap’s opportunity to acquire shares in Everton, which might not sit well with the Premier League.

However, there are no expected issues with Premier League approval for TFG itself (Ben Jacobs, 23 September).

Considering TFG’s financial strength, they could theoretically pay off the entire £200 million debt to avoid complications involving A-Cap, 777, and Leadenhall, should the situation become too complex.

If any new problems arise for Everton fans, it will likely stem from this issue, which has been a source of difficulty. This was the same reason why TFG initially walked away from the deal in July.

However, it now seems far less of an “unresolvable” issue than it appeared three months ago (Talking The Blues, 20 July), offering hope that the takeover can proceed without major setbacks.