The American billionaire, who is the owner and CEO of the Friedkin Group, is set to acquire Farhad Moshiri's 94.1 per cent stake in the clubin July because of concerns over debt owed to 777 Partners but talks accelerated over the weekend and a deal has now been agreed subject to regulatory approval.
The deal will now go to the Premier League, Football Association and Financial Conduct Authority for ratification but sources toldthe buyout is set for completion “well before the end of the year”. The tests can take between six and eight weeks. Despite their public withdrawal a few months ago, the return of the Friedkin Group to the table is not a huge surprise, given how invested they were in buying the club over the summer.
The biggest problem for Textor, who insisted he had funding in place to complete the deal and recapitalise the club, was that he could not proceed on Everton until he had sold his Palace stake. That would take months and has allowed the Friedkins to return the table.They have deep pockets and will need them – there is a debt burden in excess of £600m which would need to be managed before further investment and a restructure is made.
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