John Textor has resumed talks with Everton’s current owner about buying the club. The American billionaire had already thrown his hat in the ring earlier this summer to potentially take over the Toffees. However, Everton owner Farhad Moshiri decided instead to hold direct talks with the Friedkin Group. The investment group, also an American, bought the Italian club Roma in 2020.
Although the Friedkin Group was considered the new owner of Everton, the proposed agreement ultimately faced a major obstacle. In July, the club announced that the American group was pulling out of the deal to buy the Toffees. The Friedkin Group apparently had the money to finance the purchase, but was deterred by the club’s huge debt.
Much of that debt relates to 777 Partners, the group that first struck a deal with Moshiri almost a year ago. The conglomerate had previously made a series of massive loans to the Toffees. With 777 and the Friedkin Group failing to take over Everton, it seems that Textor could now strike.
John Textor and Everton: They are finding it difficult to sell Palace shares at the right price
Accordingly The GuardianTextor has again made a bid to buy Everton. However, the offer is the same amount that the American Moshiri originally made before June 1. Although Textor is interested in Everton, he must first resolve a separate matter with another club under his auspices.
The American businessman currently owns several soccer clubs around the world. One of these teams happens to be Premier League club Crystal Palace. Textor initially acquired a 40 percent stake in the Eagles in 2021. Nevertheless, he increased his investment in the team to 45 percent the following year.
Currently, the rules state that multiple top teams cannot be owned by the same person/group. This means that Textor will have to sell his stake in Palace to officially buy Everton. Nevertheless, this does not seem to be a problem for the businessman. Textor had previously stated that he was willing to sell his shares in the South London side to gain majority control of another club.
The American also wants to make a profit from his investment in Palace. However, he has not yet received an offer to that effect. The current Palace co-owners Josh Harris and David Blitzer have proposed paying Textor exactly what he paid for his shares. Unsurprisingly, this does not go down well with the American. However, at least three other external investors are also said to be interested in buying Textor’s Palace shares.
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Everton must solve an eternal ownership problem
Moshiri and Everton fans hope that Textor can soon offload his stake in Palace to finally end the Merseyside club’s misery. Everton have been in an ongoing financial crisis for at least two years. These problems came to a head with two separate point deductions for breaches of profit and sustainability rules (PSR) in the 2023/24 season. In total, the Toffees were deducted eight points this year. Despite this, they managed to avoid relegation.
However, the problems with point deductions seem to have subsided. Everton recently decided to sell Amadou Onana, Ben Godfrey and Lewis Dobbin this summer for a total sum of around $90 million. These deals practically guarantee the club that it will not have another PSR problem in the 2024/25 season.
Photo: IMAGO / PanoramiC
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