Dan Friedkin’s invesment group is reconsidering a takeover bid for Everton, according to breaking reports from Bloomberg.
While a long way from completion, the leading business publication says Friedkin, who loaned Everton £200m this summer despite ending a period of exclusivity with owner Farhad Moshiri, is reexamining the opportunity to take over the club with investors.
There are clear obstacles; the exclusivity period previously offered to the group ended in July over concerns about the loans made to Everton by 777 and their lenders A-Cap, who are subject to legal issues in the US and accusations of fraud by investors. The issues mean a renegotiation of the loan to 777 from any prospective new buyer could be impossible until legal proceedings end.
Despite mounting debt Everton remain an enticing proposition for investors. John Textor of Eagle Football has already confirmed his interest in buying the club despite still owning a 45% share of Premier League rivals Crystal Palace. However, his words of caution last week will have a new resonance today.
Last week Textor said: “Of course, there’s the curveball that could come at any moment as it’s a really attractive club, it’s an attractive community and economically it’s a great opportunity because of the investment that’s been made by others before us.
“Let’s be frank, the failure of others has been the blessing that we get to walk in to – which means that anybody could outbid me at any time. I have a qualified period of exclusivity, but exclusives don’t matter if Farhad gets an offer tomorrow that is supremely better than mine.”
It seems an offer may be on the horizon, although Bloomberg reports were quick to suggest it was still some way off. The Houston-based Friedkin Group is a privately held consortium of businesses including Imperative Entertainment film studio, as well as 30WEST and NEON, which distributed the Oscar-winning film Parasite. The Group also owns Gulf States Toyota, one of the world’s largest independent distributors of Toyota vehicles and parts.
Bloomberg says: “The owner of Italian football team AS Roma is in discussions with stakeholders about the feasibility of an offer and how it would be structured, according to the people, who asked not to be identified discussing confidential information.”
If Dan Friedkin, who owns and flies heritage aircraft, does take over at Everton fans can expect a markedly different ownership style to Textor, which we explored here. When Friedkin Group took over at Roma he released a statement about his plans for the club and the content of that statement should get Evertonians excited.
He said: “We are delighted to join the AS Roma family– as one fan wrote recently, ‘take our iconic club and make it one of the greatest names in world football’. We intend to do just that.”
The parallels with Everton speak for themselves and Friedkin also promised to be visible and commited to the city itself.
“Our commitment to Roma is total. We will be very present in Rome, a city that holds a special place in our hearts, as we embark on this exciting journey. We recognize we are entrusted with a team that is a vital part of the soul of Rome, and this is a responsibility that we find humbling and will always take very seriously.”
While Textor would likely strip out the existing football structure and manager – something he has already spoken about – Friedkin favours a more flexible, patient approach.
He says: “As business owners, we look to identify and back strong management teams and leadership. Guido Fienga has proven to be a great CEO of Roma, and together we have developed an ambitious and disciplined business plan. We will give him the support, guidance and means to deliver on this plan and, to help maintain focus over these crucial weeks ahead, it will be primarily his voice that will speak for AS Roma. Our shared vision for the club and the team is to favor a sustained, long-term investment approach rather than quick fixes of questionable durability.”
The final sentence could be music to the ears of Everton fans who have been hit with disastrous quick fixes from Farhad Moshiri’s appalling management of this grand old club.
Friedkin adds: “Finally, no comments would be complete without acknowledging the incredible strength, passion and loyalty of the fans and the Curva Sud. We will stand shoulder to shoulder with you as we develop this club and challenge for trophies in the future. We can’t wait to get to work and for our new season to start.”
Unlike Textor, Friedkin seems more likely to give people a chance under the new regime. Despite investment in the playing squad Friedkin did stick with Paula Fonseca for an entire season before replacing him with Jose Mourinho in the summer of 2021. Mourinho, despite European success in the Europa League, was sacked after two and a half years at the club and was replaced by club legend Daniele De Rossi.
It could mean a reprieve for Everton Director of Football Kevin Thelwell and manager Sean Dyche, although the latter will need to turn results around to secure his future regardless of who ends up taking charge as the club moves towards a new future at Bramley Moore Stadium.
Pic: Falcon_33