GOODISON NEWS 🔵 Everton takeover twist as action may be taken on £200m deal
Dan Friedkin has returned to buy Everton [credit: TIFF Originals on YouTube]
Wed 2 October 2024 15:10, UK
Leadenhall Capital Partners may take adversarial measures to protect their position amid their concerns over the ÂŁ200m loan made to Everton, according to Ben Jacobs.
The Give Me Sport journalist reported on 2 October that Leadenhall have written to a New York judge raising concerns A-Cap’s agreement with The Friedkin Group.
Despite this, The Friedkin Group are confident that the New York court will approve their agreement with A-Cap and there’s a firm belief that the takeover will go ahead as planned.
Jacobs explained the situation in detail on X and wrote: “Leadenhall Capital Partners has written to a New York judge raising concerns A-Cap’s agreement with The Friedkin Group to deal with a £200m loan, made originally by 777 to Everton, constitutes asset-stripping.
“Leadenhall are embroiled in a wide-ranging suit alleging collateral fraud. The Friedkin Group remain confident the New York court will approve their agreement with A-Cap.
“The debt in question is just one asset in a much larger legal dispute between A-Cap and Leadenhall. At this stage, Leadenhall are simply writing to request more information on the terms of the agreement.
“Leadenhall expected to take thorough and potentially even adversarial measures to protect their position. This is partly why The Friedkin Group anticipate completion may take 2+ months. But still a firm belief the takeover will go through as planned.”
Everton fans will not rest easy until The Friedkin Group have completed the takeover
Leadenhall’s concerns over potential asset-stripping and their legal actions against A-Cap, which agreed terms with The Friedkin Group, undoubtedly have injected uncertainty into the process.
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This legal entanglement could delay the takeover, as evidenced by the expectation that completion might take over two months, due to the adversarial measures Leadenhall might employ to safeguard their interests.
However, despite these complications, there remains a confident expectation from The Friedkin Group that the New York court will approve their arrangement with A-Cap – which is good news for the Toffees and their fans.
This optimism stems from the belief that the broader legal dispute between Leadenhall and A-Cap won’t ultimately derail the takeover, suggesting a messy but ultimately navigable path towards Everton changing ownership.
The road before the takeover is greenlit is certainly set to be rocky but it’s not going to be anything that gives the reason for the Premier League to not approve the takeover.
Hopefully, the New York court rules in favour of the Friedkins so that this matter can quickly be put to bed.
In other Everton news, Sean Dyche has no choice but to axe his star player against Newcastle who registered a woeful 36% pass accuracy v Crystal Palace.
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