The Friedkin Group will continue to provide Everton funds to cover working capital requirements and the ongoing fit-out of the new stadium at Bramley-Moore Dock while they await approval of their takeover.
The American company and Farhad Moshiri struck an agreement last week for the American to purchase his controlling position in the Club. They are still seeking approval from the Premier League, the Football Association, and the Financial Conduct Authority, and they anticipate having this process completed by mid-December.
The signs point to TFG looking to either restructure or pay off the majority of Everton’s outstanding debts with Rights & Media Funding and 777 Partners/A-CAP, having already paid off the £158 million owed to MSP Sports Capital earlier this year. However, that process cannot start until their buyout has been approved.
While waiting for Everton Stadium to be completed, the Club is still required to pay interest that is close to half a million pounds every week.
Colin Chong, the Stadium Development Director and acting Club CEO, made the suggestion over the summer that Everton could finance the stadium fit-out on their own if necessary, but that having TFG’s support—which the Liverpool Echo reported to be in the “tens of millions”—will allow them to devote funds to other areas.
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