Everton are one step closer to seeing the end of Farhad Moshiri’s reign of incompetence after potential new owners, the Friedkin Group, passed FA and FCA tests.
According to club insider El Bobble the prospective owners have passed the first two tests and now just face the more stringent Premier League Owner and Director Test before they can finalise their takeover of Moshiri’s 94% stake in Everton.
Everton fans should be able to relax slightly about the final hurdle given Moshiri himself passed the test despite disastrous management of the club and accusations of links to Russian Oligarch Alisher Usmanov.
There are a number of reasons why the Premier League may choose to fail a potential director of a club. It says: “These include criminal convictions for a wide range of offences, a ban by a sporting or professional body, or breaches of certain key football regulations, such as match-fixing.”
The Premier League famously failed to approve Everton’s potential takeover by 777 Partners and the decision to delay approval has proved to be a good one after the company collapsed with a number of debts this year.
The rules state the Friedkins could in theory fail the test if they: “failed to provide all relevant information (including, without limitation, information relating to any other Person who would qualify as a Director but has not been disclosed, including where they are acting as a proxy, agent or nominee for another.”
Or: “Provided false, misleading or inaccurate information (including, without limitation, any such information provided in any Declaration, Form or Certificate or in any supporting materials provided with or for any Declaration, Form or Certificate prescribed by the Rules).”
The rules also ban directors who directly or indirectly influence decisions at another Premier League or EFL club – major stumbling block in John Textor’s proposed takeover as his Eagle Football Group owns shares in Crystal Palace. However, this would not extend to clubs in other countries such as Roma.
The rules bans people who have been disqualified as a director, or has a criminal conviction in a UK or foreign court and those who have been involved in insolvency at football clubs previously.
The Owner and Director’s Test has to be applied to anybody who owns at least 25% of a club and owners will also need to show they actually have funds and a plan for the football club.
The Friedkins are expected to pass the test as most owners do meet the criteria. The group should easily be able to provide proof of funds given their access to a number of successful businesses including Gulf Toyota, while the group has already passed Italian Serie A, French and European owner tests and criteria due to their takeover of Roma and Cannes in France.