'Not True' - Journalist: 'Surprise' after Moshiri & Friedkin allowed false Everton takeover narrative

Farhad Moshiri and Dan Friedkin did not object to the view that Leadenhall had blocked their Everton takeover deal even though “it is not true”, says Matt Slater.

The Athletic journalist wrote for the outlet’s website on 31 July that the “complicated” situation which saw The Friedkin Group withdraw from the process was simplified by some commentators, when the reality is “far more concerning” for the club’s future.

Slater says the Leadenhall angle allowed both sides to act as if they were “collateral damage to somebody else’s quibble”, since the firm has accused club creditors 777 Partners and A-Cap of fraud in a civil case in the US – both deny any wrongdoing.

The Toffees are connected to that mess thanks to the £200million-plus loan put in via the two embattled firms last season, uncertainty over which saw Friedkin back out earlier this month amid the risk of further legal issues down the line [The Athletic, 20 July].

But Slater reports an Everton sale is allowed despite the legal dispute as Judge John G Koeltl has made clear that if it can be “justified” and is not part of an “asset-stripping transaction” that is no barrier, so the idea that Leadenhall has blocked the move has come as a “surprise” to the firm.

The question is raised as to whether it is more likely 777 and A-Cap who want the £200m-plus debt to sit on their balance sheet in tact thanks to their financial worries and therefore “cannot get into everyday business conversations about settling a bad debt”.

777 Partners’ failed takeover continues to cause Everton issues

The intricacies of a legal dispute between three investment firms on either side of the Atlantic is not what Toffees supporters want to worry themselves with when the club needs to move forward.

But that is the reality of the club’s situation if they are to find a way out from Moshiri’s ownership into a new era.

Although there are thought to be alternative buyers emerging already [Kieran Maguire, 23 July] to replace Friedkin it won’t raise hopes that any can move ahead where he balked at if there is an unwillingness from all parties to negotiate.

A positive view of the relationship with 777 through the months of their failed takeover attempt may be that it bankrolled Everton through a season of significant financial peril.

The negative perspective is likely that nothing good has come of the connection and it looks set to continue causing difficulties for months, and perhaps years, down the line.

In theory it should be possible for a buyer with extremely deep pockets to come forward and put a huge amount of cash on the table for A-Cap and Leadenhall to debate over while the club wash their hands of the situation.

But that could only work if everyone involved was on board so there will be doubts that any deal is possible while the situation is the way it is, with The Friedkin Group telling The Esk (20 July) it is “unresolvable”.

The Toffees have been lurching along for two years with temporary arrangements as four-straight attempts to buy the club or invest in it have failed, and they could be set for a lot longer on the same basis.

In other Everton news, an England striker has made a Toffees transfer decision after the club made an approach to sign him.

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