Why Dan Friedkin is facing a £28m fine amid Everton takeover latest
More drama at Everton. ????
Dan Friedkin appears set to bring some much needed stability to Everton once his takeover is complete, but the American billionaire is facing some regulatory issues of his own.
Friedkin‘s new club are no strangers to navigating the football’s financial rulebook having suffered two points deductions for Premier League Profit and Sustainability Rules (PSR) breaches last season.
What’s more, Everton are facing another PSR hearing later this years relating to their capitalisation of interest payments which could theoretically see them hit with another sporting sanction.
The scattergun approach to recruitment that the club saw under Farhad Moshiri led to mammoth financial losses in recent seasons from which Everton are still yet to fully recover.
Moshiri has also loaded the club with hundreds of millions of pounds worth of debt, some for operating costs and more for the construction costs at Bramley Moore Dock.
CEO Colin Chong now says that the costs of the new stadium are now fully covered, with Friedkin believed to have fronted several million to finance the final fit out.
Friedkin is well versed in capital expenditure projects given that his other club, AS Roma, are also looking to move away from the Stadio Olimpico to a brand new stadium.
However, things have soured at Roma in recent weeks – and in more ways than one, as the latest news from the financial sphere shows.
Friedkin braced for financial penalties
Until relatively recently, Friedkin was one of the most highly regarded owners in Serie A, but the club’s famously fanatical supporters have now turned on the sport and media investor.
Friedkin made the decision to sack club legend Daniele De Rossi just four matches into the season, sparking fury among fans who are now calling for Friedkin to leave.
In another piece of bad news, Italian media are now reporting that Roma are facing fines of up to £28m for allegedly misreporting their financial declarations.
The complex case involves several player transfers between 2016 and 2021, as well as their tax account.
Notably, the timeframe falls mostly outside Friedkin’s time at the club, which began in 2020.
But it would be the investor-turned-Hollywood-producer’s responsibility to underwrite any costs associated with the case.
Could Friedkin sell Roma?
Following news that they were set to buy Everton, The Friedkin Group released a statement reemphasising their commitment to Roma and the multi-club model.
But there has been speculation in the historic city that Friedkin may be looking to sell Roma to a Saudi investor.
Roma signed a relatively unknown defender from the Saudi Pro League in the summer and also sport Riyadh Season’s logo on their shirts, adding fuel to the speculation.
Speaking exclusively to TBR Football, Liverpool University football finance lecturer Kieran Maguire forecasts that Friedkin would recoup the £465m he paid for Roma if indeed he is looking for an exit route.
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