Stefan Borson: Everton have avoided 'Complete Disaster' after stunning twist

Everton prospective owner Dan Friedkin is unlikely to see his takeover deal affected by the latest news surrounding A-Cap.

That is the view of finance expert Stefan Borson, who exclusively told Football Insider the Merseyside giants avoided a “complete disaster” after the 777 Partners takeover collapsed at Goodison Park.

Everton confirmed in September The Friedkin Group has reached an agreement to purchase owner Farhad Moshiri’s 94.1 per cent stake in the club.

Bloomberg reported on 5 December the American firm is in talks with JP Morgan Chase & Co. about raising debt to help restructure the club’s current loans of more than £660million.

One of the reasons holding up the takeover is the ongoing court case in New York involving Leadenhall, A-Cap and the £200million 777 debt.

A-Cap has assumed 777’s share in Everton but has been prevented from selling it following Leadenhall’s legal challenge, with court approval needed before the debt can be settled.

The Utah State Insurance Department has now also issued an order stating three of A-Cap’s five insurance companies must stop writing new business by the end of this year.

Everton had ‘lucky escape’ after 777 Partners deal collapsed

“I don’t think it will impact the Everton takeover,” Borson told Football Insider.

“I think it just reinforces that it would have been a completely disastrous situation had 777 taken over.

“If 777 had taken over and Everton had been in the mix of all of this going on, it just would have been a complete disaster.

“It’s a very lucky escape. But I don’t think that part of it is going to have any impact.

“The Friedkin’s if you look at the Bloomberg article, it seems to be working on the basis that part of the reason for raising the money from JP Morgan is to repay in full the A-Cap debt, which will get them out of the equation in respect of that.

“I think the only extent of their issue is that they are wrapped up in the legal detail on that case until they repay the debt.

“As far as I can tell, they are not completely able to repay the debt at their own behest.

“They have to have the approval of the court, so they are wrapped up in it to an extent.

“But I don’t think that stopping A-Cap doing business going forward would have any impact on Everton.”

In other news, Everton ready to accept Dominic Calvert-Lewin offer – transfer guru.

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