Everton’s Takeover Dilemma: Can John Textor Solve the Club’s Problems?

The ongoing uncertainty surrounding the takeover of Everton Football Club has left fans and analysts wondering when a resolution will come. Recent developments suggest that John Textor, co-owner of Crystal Palace, may be a potential buyer. However, as discussed by Matt Slater on The Athletic FC Podcast, this situation is far from straightforward.

John Textor’s Ambition for a Multi-Club Model

Textor has made no secret of his desire to expand his portfolio of football clubs under a multi-club ownership model, a concept he firmly believes in. According to Slater, Textor is a “sincere believer in the multi-club model.” He currently has stakes in several clubs, including Olympique Lyonnais and Botafogo, but he is looking for a Premier League club to sit at the apex of his empire. Everton could be the perfect addition to his portfolio, especially with its Premier League status and a new stadium in the works.

Slater noted that Textor is “desperate to buy an English football team,” and Everton’s situation presents an opportunity. But there are significant hurdles to overcome before any deal can be finalized. Textor, despite his enthusiasm, faces considerable financial and legal challenges that make this potential takeover complex.

The Legal and Financial Challenges

Everton’s financial situation is precarious. The club is reportedly saddled with around £600 million in debt spread across three different groups. Slater emphasized that “no one has made a serious or credible offer to the Freedman group for the £200 million they are owed.” This loan is a critical stumbling block for anyone considering a takeover, including Textor. As Slater points out, “Most big loans come with strings attached,” meaning this debt will have to be settled before any new owner can assume control.

Additionally, Everton is still grappling with losses amounting to approximately £450 million over the past few years. According to Slater, these losses have “not got better, they’ve got worse from 2022 to 2023.” A new owner would not only need to address the club’s existing debt but also invest heavily in the team to keep it competitive in the Premier League.

Textor’s Crystal Palace Problem

Before making a move for Everton, Textor must resolve his situation at Crystal Palace. He holds a 45% stake in the club, but as Slater noted, “he gets outvoted on every key issue time and time again.” This limited control has frustrated Textor, and he is actively seeking to sell his stake. However, as Slater explained, he has been trying to sell for over a year, and the only offers have come from other shareholders willing to buy it for what he originally paid—a price far below what Textor wants.

Textor’s ambitious plan is to sell his Crystal Palace stake, use the proceeds to buy Everton, and then float his multi-club model on the stock exchange. However, as Slater aptly pointed out, “If someone does come along and says, ‘I will pay you, John, for your stake in Palace,’ he has a chance of doing this deal. He has a chance of buying Everton. But there are still legal complexities and financial burdens to address.”

Everton’s Future Under Textor: A Long Shot?

Even if Textor can navigate his Crystal Palace exit and secure the funds necessary to buy Everton, the road ahead remains uncertain. Slater was clear in his assessment: “Everton are a long way from being bought.” Textor’s financial situation is fragile, and Everton’s legal and financial issues present significant barriers. The Premier League club’s debts, combined with its poor financial performance in recent years, make any takeover a daunting proposition.

Textor’s desire to own a Premier League club like Everton aligns with his vision for a global football empire. But as Slater emphasized, “It’s a small chance,” given the challenges on both sides of the deal.

For now, Everton fans can only wait and hope that a resolution to the takeover saga arrives sooner rather than later. With the club’s future hanging in the balance, the next few months could prove crucial for Everton’s fortunes both on and off the pitch.