The Everton takeover plan still has a long way to go, despite the Friedkin Group’s visit

American billionaire Dan Friedkin’s proposed takeover of Everton still has a significant amount of work to do despite the exclusivity period ending with the club’s current owner, Farhad Moshiri.

Earlier this week, representatives of the Friedkin Group arrived in Liverpool to visit the club’s offices and the new stadium under construction at Bramley-Moore Dock, although neither Dan Friedkin nor his son Ryan were part of the delegation.

The visit was a normal part of the due diligence process the Friedkin Group is now undertaking after going exclusive with Moshiri last week.

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The exclusivity period, which usually lasts 30 or 60 days but can be extended if both parties agree, allows the buying party to take a deeper, forensic look at the football club’s financial condition, with Moshiri unable to negotiate with any other bidders or solicit interest in the club from other parties.

Given the financial turmoil that has unfolded at the Blues in recent years, the due diligence process is expected to be extremely thorough and while there is a willingness on both sides to reach a deal, this is not a cut and dry deal. and dry. , progressing only if the Friedkin Group is satisfied after reviewing all aspects of the business.

Last week a charge was filed against Everton Stadium Development Company Limited with TDF Capital Management LLC, a Friedkin Group company, as security agent. That fee was linked to the stadium being used as collateral for a loan to replace the £158m MSP Sports Capital offered last year, with that loan due to come due last month with former bidders doomed long time 777 Partners. they were given extra time to pay it back, only to see their bid crumble as the company lurched from one crisis to another.

While it is a step forward, it does not change the fact that a settlement would not be pursued on the Friedkin Group’s end if there were significant problems during due diligence and after access to the club’s data room.

The goal remains to reach a deal, but nothing is imminent and the process will not be rushed, and there is still considerable distance to go before a takeover can be completed.

Everton’s history, passionate fan base and global stature in the game are some of the main reasons why the Friedkin Group is looking to acquire the club, with a new stadium on the horizon that will be a 365-day-a-year venue, providing new flow of income a major advantage.

Having had numerous false visions with takeover bids, there is some hope among supporters that a Friedkin takeover would get the club back on track heading into the new stadium. While the desire exists on both sides, expectations are likely to be tempered until the due diligence is satisfactorily completed, and that could take some time.