'Nobody can think of a good reason' - Matt Slater issues Everton takeover update amid Leadenhall issue

Leadenhall are expected to give their agreement to The Friedkin Group’s deal as part of their Everton takeover, according to The Athletic.

Matt Slater reported via the outlet’s website on 25 October that the British company, which sued both 777 Partners and A-Cap for fraud, which they both deny, are keeping their cards close to their chest.

However, he said “nobody can think of a good reason why it would say no” so the situation remains positive.

777 Partners leant £200million to Everton through last season during their own ill-fated attempt at a takeover, but the firm is now on the verge of liquidation and the debt has been taken over by the original lenders A-Cap.

The Friedkin Group has agreed a deal for how the money will be paid off, but due to A-Cap’s involvement in the legal dispute in New York and an injunction preventing them from selling off assets it requires the judge and Leadenhall’s assent too.

Everton owe £200m to 777 Partners and A-Cap

Everton’s ownership situation has thrown up more unwelcome surprises than might have been predicted so there are no guarantees.

But it has to be good news for this issue, which looks like the largest remaining hurdle to the takeover getting completed, is viewed so positively.

Paul Brown reported via X earlier on 25 October that Friedkin’s agreement with A-Cap, which includes partial cash repayment, conversion to a different form of debt, and potential options for the company to gain some shares at a later date [The Athletic, 23 September], does fall under the injunction in the legal case.

Therefore, it is crucial that Leadenhall play ball in order for the takeover not to get bogged down, especially when it was this matter which was key to Friedkin abandoning his original takeover attempt in the summer.

Slater recently predicted to Toffee TV on 10 October some slight tweaking of the agreement might be required to get Leadenhall and the judge’s agreement, but there isn’t thought to be any threat of the Toffees buyout being fully derailed this time.

Having got to such an advanced stage of the takeover process that Friedkin Group staff have been holding meetings on site at Everton to get plans in place for work to commence once they are in [i News, 22 October], it would be a major surprise for the Roma chiefs to let something like this throw too much of a spanner in the works.

If all else failed Friedkin has the financial ability to pay off the debt in full, although he would surely avoid that if he can possibly help it and the general consensus appears to be that he won’t have to do so.

In other Everton news, a Premier League club is “very interested” in completing a bargain signing from the Toffees.

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