Roma owner Dan Friedkin has decided to pull out of the €600m takeover of Premier League side Everton, having grown concerned after some in-depth analysis.
The American businessman had agreed to purchase 94% of shares of the club from Farhad Moshiri, entering a period of exclusivity in late June. The Giallorossi owners also injected over €200m into the club and paid off a hefty loan, entering as minority shareholders.
On Friday, news broke that the Friedkin group had decided to pull out of the deal for Everton, deciding not to acquire a majority share following a month of talks with owner Moshiri. The news came as a nice surprise to some concerned Roma fans.
Why Friedkin gave up on Everton deal
Page six of today’s Corriere dello Sport details how the Friedkins were left concerned after carrying out further due diligence, revealing some critical issues in the analysis that weren’t uncovered in the initial survey.
One of the problems was the debt suffered by Everton’s holding company Blue Heaven Holdings. They were leant around €200m by US group 777 Partners, who are in a state of financial chaos, and this credit has now been turned over to a third party.
Roma owner Friedkin felt the deal for Everton was too risky as a result and decided to pull out of talks with Moshiri.