Everton still face significant challenges due to the £200 million debt owed to 777 Partners, even as Dan Friedkin looks to secure a takeover at Goodison Park.
Finance expert Stefan Borson told Football Insider that paying off the £158 million debt to MSP Sports Capital was a crucial step forward, despite the remaining debt to 777 Partners.
The US investment firm had loaned Everton more than £200 million to cover operational costs after agreeing to buy the club last September, but the deal was not completed.
The Friedkin Group is now the latest party to have the opportunity to take over Farhad Moshiri’s 94.1 per cent stake in Everton, having agreed in principle with the club’s owner.
The takeover process advanced as the Texan company paid off the club’s £158 million loan to MSP.
Despite this progress, Borson cautioned that Everton still faces considerable financial challenges. He told Football Insider, “Although Friedkin has paid off the £158 million that was a key concern of the Premier League, there is the £200 million debt owed to 777 that needs to be dealt with. Everton are not out of the woods yet in terms of their levels of debt.”
Borson added, “We don’t actually know what the deal is that Friedkin’s agreed with Moshiri. It’s not done yet, and there are still big issues with Everton from a balance sheet perspective. But paying off the £158 million was an important step forward and at least removes one of the elements of debt and obstruction in terms of the progress of a new buyer.”
In other news, Everton is “confident” of securing a deal for a midfielder as Tottenham shows interest.
