Season › 2024-25 › News Takeover update Michael Kenrick 27/10/2024 21comments | Jump to last While the takeover of majority ownership in Everton Football Club by The Friedkin Group is believed to be on track for approval from the various regulators sometime in December, the legacy loans from 777 Partners may cause some delay. With 777 Partners now on the verge of liquidation, that debt has been claimed by its main creditor, an American insurance firm called A-CAP. But A-CAP is being sued by British investment company Leadenhall Capital Partner in a New York district court that has granted an injunction which stops A-CAP selling assets or doing deals without Leadenhall’s approval. Recent reports by Matt Slater in The Athletic reveal that Leadenhall are expected to give the green light to the deal Friedkin have struck for repayment of the 777 loans with A-CAP, suggesting that “nobody can think of a good reason why it would say no”. And Alan Nixon has reported that Dan Friedkin is looking to incorporate former bidders Andy Bell and George Downing onto the Everton board. The boyhood Evertonians were suggested in early June to be frontrunners to acquire Moshiri’s controlling stake, backed by US computing giant Michael Dell. Article continues below video content It is hoped they would bring local knowledge, accomplished business acumen and financial discipline to a place where it has been sorely lacking. The extended period of Kenwight's deeply flawed Chairmanship saw the self-serving appointment of weak directors who were little more than puppets doing the Chairman's bidding, which included the eradication of Annual General Meetings and virtually complete erosion of previous rights and privileges for minor shareholders. Slatter also reports whispers that TFG might want to increase the new stadium’s capacity at some point, which will not be easy given the tight constraints of the Bramley-Moore Dock site and the design of the £750M structure. There is perhaps some scope to expand the stadium’s east side but only if there is genuine demand for it, as it would not be cheap. Extending to the south would require filling in Nelson Dock and seems unlikely to be on the cards for many years yet. Reader Comments (21) Note: the following content is not moderated or vetted by the site owners at the time of submission. Comments are the responsibility of the poster. Disclaimer () Les Moorcroft 1 Posted 27/10/2024 at 14:11:16 All sounds promising. But we are Everton. ⁸ John Raftery 2 Posted 27/10/2024 at 15:55:55 It will be interesting to see if the new board restore the previous rights and privileges for minor shareholders. I don't know what they were exactly but I somehow doubt the new owners will countenance any changes which do not contribute to the bottom line. Jerome Shields 3 Posted 27/10/2024 at 22:58:15 It is interesting that all the anti growth issues that have been raised by posters over the years, in this report have been mirrored.It looks like Evertonians had more insight into running the Club than those actually were running it.Of course Evertonians motivation was never self serving, which makes a big difference. Kirk McArdle 4 Posted 28/10/2024 at 05:59:17 I thought the new stadium was easily upgradable from 52,888 to 62,000 seats as this had been incorporated into the design for future requirements and demand? Danny O'Neill 5 Posted 28/10/2024 at 06:11:31 Whenever it happens, out with the old, in with the new as they say. A long over due fresh start.With regards to capacity, as mentioned, this would be a challenge. Maybe, as in other countries, safe standing could be an option. Jerome Shields 6 Posted 28/10/2024 at 06:29:14 Kirk #4,That's with the new safe-standing terraces. The Friedkin Group probably would have difficulty getting their head round that, with what is available as standard in the States. Joe McMahon 7 Posted 28/10/2024 at 07:19:59 Kirk, many of us were hoping for a 60k capacity in the first place. I'm still thinking it will be difficult to obtain tickets for occasional match goers like myself. More fans will want to go the new stadium with much better facilities and no restricted views. Ray Roche 8 Posted 28/10/2024 at 07:48:11 Jerome @6,Safe standing? In the Gwladys Street, we seem to have been standing during the match for a couple of seasons! As the recipient of a new knee recently it's been a bit….awkward! 😁 Danny O'Neill 9 Posted 28/10/2024 at 08:19:10 Apologies in advance for repeating something I said on a few occasions.But the German club I follow, Schalke have a stadium that holds over 54,000 for international matches when all seating is implemented.But for League games, when they can have safe standing, the capacity goes up to nearly 64,000.Don't ask me how it works. Above my head. Colin Glassar 10 Posted 28/10/2024 at 08:29:58 A few years ago, in the city centre, I took the virtual tour of BMD. Dan Meiss was there and I asked him about the possibility of increasing the crowd size. He said a future expansion of around 6.000 extra seats had been factored in, meaning we could fit in 58,000 (max) in the future. Brian Williams 11 Posted 28/10/2024 at 08:34:59 If safe standing is implemented, the capacity can be increased to 62k. Bill Fairfield 12 Posted 28/10/2024 at 09:23:09 Don't think there's too much room for extra capacity. Dan Meis use to have sleepless nights worrying wether the stadium would fit the space it's in as it is. Les Callan 13 Posted 28/10/2024 at 10:12:40 Good news if Bell and Downing come on board, isn't it? Brian Williams 14 Posted 28/10/2024 at 10:24:30 Yes it is, Les, and a very shrewd move by Friedkin if it comes off! John Raftery 15 Posted 28/10/2024 at 11:40:03 Meanwhile, it's not going so well at Roma, beaten 5-1 by Fiorentina yesterday. According to the gossip, the current manager Ivan Juric could be sacked. His replacement might be Daniele de Rossi who was sacked last month. De Rossi replaced Mourinho who was sacked in January. It has been said Friedkin will bring stable if boring governance. Things look anything but stable or boring at Roma. Brian Harrison 16 Posted 28/10/2024 at 15:39:20 John @15,Let's hope that we don't end up with another owner who has a revolving door for his managers. Juric is the 3rd manager of Roma in 2024 and, after being beaten 5-1 at the weekend, rumour is that Friedkin may make yet another change at managerial level. Bobby Mallon 17 Posted 28/10/2024 at 15:57:51 What's going on with the takeover and this Leadenhall case? Mike Gaynes 18 Posted 28/10/2024 at 15:59:58 John #15, from a governance perspective, Roma is fine. Financially it's a stable club, a sharp contrast from the bankruptcy-endangered enterprise Friedkin purchased in 2020. That's what's meant by stable and boring.The football side is something else again. The previous president's decision to sack De Rossi inflamed the ultras, and she left under death threats. That the new interim president -- Friedkin's son -- might recall De Rossi would be no surprise. Incidentally, the chief instigator of that 5-1 Roma loss at Fiorentina was Moise Kean, who scored two first-half goals. Michael Kenrick 19 Posted 28/10/2024 at 18:18:58 Hi, Bobby @17.What's going on with the takeover and this Leadenhall case?I tried to set out what we know currently in the first three paragraphs up top. Please let me know if that is unclear or you have further questions and I'll try to answer them. Robert Tressell 20 Posted 29/10/2024 at 09:30:02 Mike, it's hard to know what the Friedkins will do with the football manager position since it's all been very unpredictable at Roma after getting rid of Mourinho for underperforming the level of investment. Some of the options will become clearer after Man Utd fill their vacancy.But for Roma, the brief seems to be to hold Roma in the top 6 ish on a shoestring budget - which possibly works because other clubs in Serie A are very weak financially. They don't need to spend to stay ahead (or avoid falling behind). It's different for us. I can see why they would like Dyche since he'll do a reliable job with a tiny budget relative to his peers. That buys them time while sorting out a financial mess.Buy does a different sort of manager and a different style of football help generate more commercial revenue? Possibly yes. But only if it succeeds. A few years ago we'd have viewed Ten Hag as an excellent managerial option. Now… not so much. John Wilson 21 Posted 29/10/2024 at 12:28:35 Friedkin is master tactician in how he conducts business. When Matt Slater and Paul Quinn had the "unresolvable" script concerning the Friedkin decision to back away from Everton, I said it was tactical. I said all he needs to do is make a representation to the judge and raise the issue. Friedkin got several deals done before the money to take Everton under Textor. I predicted it was Thursday and then Slater confirmed what I was thinking. The loan owed to 777 Partners is now A-CAP's as they are principal to the 777 Partners agreement. I provided my opinion on all risks based on points of law for all remedies by A-CAP, 777 (including bankrupt remedy if bankrupt, on trust), and Leadenhall against Everton, even potentially criminal liability (criminal proceeds). All these issues were raised by Slater and Quinn. My view was and is, in all probability there is very little chance of Friedkin being liable and thus he could have sealed ownership of Everton. This was all before Friedkin come back to the table. Add Your Comments In order to post a comment, you need to be logged in as a registered user of the site. » Log in now Or Sign up as a ToffeeWeb Member — it's free, takes just a few minutes and will allow you to post your comments on articles and Talking Points submissions across the site. How to get rid of these ads and support TW © ToffeeWeb