Everton’s New Ownership: Optimism Under Friedkin Group

The potential sale of Everton Football Club to Dan Friedkin’s Friedkin Group has stirred hope among Everton supporters, signalling a much-needed financial reset for the club. In a recent talkSPORT show, Stefan Borson, along with hosts Jim White and Simon Jordan, discussed the implications of this takeover. The conversation offered insight into Friedkin’s intentions and the dire financial situation Everton currently faces.

Securing Everton’s Solvency

Stefan Borson laid out the grim reality that Everton was inching closer to insolvency, citing concerns about the club’s cash flow during the winter months. Borson noted, “Friedkin is going to put in some additional working capital,” which is vital to stabilising Everton’s financial health. This immediate cash injection is viewed as a significant lifeline for the club.

As Borson explained, “It will secure the immediate solvency of the club. It will put it in the hands of a buyer who… is the best they could possibly have hoped for.” Given the challenges Everton has faced in recent years, including managerial instability and a series of poor financial decisions, the prospect of new ownership brings a breath of fresh air.

Friedkin’s Financial Capabilities

Unlike previous suitors, Friedkin has demonstrated both the financial capability and experience in football club ownership, as they owns AS Roma. As Borson pointed out, “This is a deliverable deal, and for me, that’s the key here.” The ability to close the transaction, coupled with Friedkin’s track record, suggests that the sale is a step in the right direction for Everton.

Jim White questioned whether the previously interested bidder, John Textor, had ever been a realistic option for Everton, to which Borson responded bluntly, “He was never really in a position to buy Everton,” citing issues with Textor’s financial backing and his other commitments, such as his ownership of Crystal Palace.

The Challenges Ahead for Friedkin

Despite the optimism surrounding Friedkin’s potential takeover, there are still several challenges ahead. As Simon Jordan pointed out during the podcast, “There’s debt in this situation, which I don’t think is great for Everton.” This comment reflects the precarious financial position the club finds itself in and highlights the need for careful financial management moving forward.

Friedkin’s takeover is expected to involve writing off significant debt, ensuring that the club can focus on its long-term future, including the completion of the new stadium. Borson acknowledged this, saying, “It’s going to be a reset of the balance sheet.” This financial restructuring is critical for the club to stabilize both on and off the pitch.

Long-term Ambitions for Everton

While the immediate focus is on keeping Everton financially afloat, the Friedkin Group likely has more ambitious plans for the club in the long run. Friedkin’s previous experience with AS Roma could indicate a desire to turn Everton into a competitive force in European football. However, as Simon Jordan pointed out, Friedkin may have to sell AS Roma if he wants to fully commit to Everton, as owning two European clubs could create conflicts.

Stefan Borson echoed these sentiments, suggesting that Friedkin may eventually sell Roma to focus on Everton. “Roma is not going well…financial fair play problems of their own,” Borson said, suggesting that the sale of Roma could allow Friedkin to dedicate more resources to Everton.