Everton Facing Qatari Sheikh takeover delay as legal twist emerges

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ByBadboyMusty
October 28, 2024

Sun 27 October 2024 11:02, UK

Everton prospective owner Dan Friedkin could be facing a delay in his takeover bid following the latest update in the Leadenhall case.

That is the view of finance expert Stefan Borson, who exclusively told Football Insider there could now be timetable issues as the American billionaire waits for a decision from the US court.

A-Cap has assumed 777 Partners’ share in the Merseyside giants but has been prevented from selling it by a court case brought by Leadenhall in New York, with court approval needed before a deal can be completed.

A-Cap’s counsel filed a letter to the court noting that the New York-headquartered company and Leadenhall have been unable to agree on a non-disclosure agreement (NDA) under which the Everton transaction terms would be shared.

Friedkin agreed a deal to buy Farhad Moshiri’s 94.1 per cent stake in the club last month and is now undergoing the regulatory processes before he can take control.

The 59-year-old returned to agree the takeover after initially pulling out of a deal in July over headaches surrounding the 777 situation.

Everton facing cash issues as takeover delay on the cards

“I suspect they will get there with the takeover, but they do have an issue because I think the court has said that it does need to be put to the court for approval effectively,” Borson told Football Insider.

“What that would mean is that they are going to have to deal with the NDA and they are going to have to share the information, and they are going to need to get the court to approve it.

“But all of that in any event sounds to me like it’s going to have timetable issues and that’s the best case.

“Even if it is approved ultimately, which I’m sure it will be, it’s going to delay things.

“I think it is a bit of an issue actually just from a timing perspective.

“We know Everton will be burning cash at this time of the year.”

In other news, Everton plot January raid for Serie A star.

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