Manager expected to remain in charge for now but long-term future is uncertain as new owners plan 'rebuild of the decade' next summer. The Texan billionaire's acquisition of Everton through Roundhouse Capital Hotels, the Friedkin Group (TFG) entity which now owns 98 per cent of the club, was three times what he has spent to acquire Everton. Make no mistake, until this deal was concluded the Toffees were heading straight for a financial iceberg.
While sources say work remains “ongoing” on restructuring some of those debts, the £225m debt owed to Rights and Media Funding has now been paid off in full while the A-Cap loan, a hangover from the ill-fated 777 Partners, has also been “boxed off”. Everton's financial woes have disappeared completely and the Friedkins are on the verge of “reverse engineering” the stadium financing – with a deal lined up with a blue chip lender that was unavailable to Everton when the project was launched because of their perilous financial position. And what that means for the club itself is that things are only going to get brighter in the immediate future, with the Friedkins’ “deal of the century” to buy the club allowing “substantial headroom” to invest in Everton moving forward. If the club was being sustained on payday loans they now have a “sensible mortgage” – along with a gleaming new stadium which will increase matchday revenue by three times and help them navigate the Premier League’s Profitability and Sustainability Rules (PSR). The big spending will have to wait – they hope to recruit in January but there are PSR challenges that may limit ambition – but from the summer that “virtually disappears”, one insider says. Sean Dyche and Kevin Thelwell are being backed too, for now, with first proper meetings planned on Friday with the key football figures