'I checked...' - Journalist shares Everton takeover update as Friedkin's A-Cap deal likely has to change

Dan Friedkin’s deal with A-Cap is likely to need changing before the Everton takeover can be completed, suspects Matt Slater.

The Athletic journalist told Toffee TV on 10 October he believes the deal, which requires clearance from the judge overseeing a dispute between A-Cap and Leadenhall, will probably require further negotiating to reach a stage where it is satisfactory for all involved.

The Friedkin Group [TFG] reached an agreement with A-Cap, who have taken over the £200million debt Everton owed to previous buyers 777 Partners, where £66m of the money owed will be repaid up front and the rest will be converted into a more manoeuvrable debt and the future potential to convert it into shares in the club.

But Slater expects Leadenhall will likely want more cash included, and reports that when the Friedkins’ takeover agreement with Farhad Moshiri was announced on 23 September nobody had yet asked Leadenhall if they were happy with the A-Cap element, saying: “I checked that and it was true, no-one had”.

Ultimately he expects the Everton takeover to still be “fine” once Leadenhall and the judge are all brought up to speed, but since the A-Cap agreement may require some tweaking, it is not quite the same as already being a done deal.

Everton complications attached to 777 Partners debt

TFG seemingly got most of their ducks in a row before agreeing to buy out Moshiri but hadn’t clarified with everybody before hand.

But all accounts the judge’s assessment of the current agreement with A-Cap has the potential to slightly delay the takeover but isn’t likely to derail it [Liverpool Echo, 3 October].

It is a sign of how unsuitable 777 were as owners that Leadenhall’s accusation of fraud against them and A-Cap, which they both deny, is continuing to complicate the picture for the Toffees.

The American firm has now collapsed to leave their other clubs in disarray, so if Everton have managed to dodge that bullet to get Dan Friedkin instead it will end up being a huge boost.

As Slater alluded to, there is also the potential complication to offering A-Cap a route to gain shares in the club, that it may be something the Premier League aren’t as comfortable with.

Approval for The Friedkin Group itself is thought not to be any issue on that front [Ben Jacobs, 23 September], and judging by their wealth they could probably pay up the full £200m to rid themselves of the headache with A-Cap, 777, Leadenhall and the whole episode if it becomes too intricate.

If there is potential anywhere for there to be a latest unwelcome surprise for Toffees supporters it looks like it is probably attached to that issue, which is little surprise when it was a big reason why Friedkin walked away in July, but it now appears to be far from the “unresolvable” situation they felt it was three months ago [Talking The Blues, 20 July].

In other Everton news, a pundit has been left “absolutely in shock” by what he has seen at the club.

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