With the Premier League and Financial Conduct Authority finishing up their last inspections, billionaire film producer and AS Roma owner Dan Friedkin is ready to take over Everton. Friedkin is a reliable buyer who should easily pass regulatory review and take over at Goodison Park as Farhad Moshiri’s replacement before the year ends.
Supporters of Everton hope that his presence will signal the start of the end of a troubled period on Merseyside during which the team has struggled with Premier League spending regulations and administration concerns.
However, the situation will take time and discipline to turn around, even with the major financial boost that is the move to the new stadium at Bramley Moore Dock now coming into sharper focus. Speaking exclusively to TBR Football, Liverpool University football finance lecturer and Price of Football author Kieran Maguire offered his insight on the landscape that Friedkin is set to enter.
Dan Friedkin to sell AS Roma shares?
Friedkin has controlled AS Roma, a Serie A powerhouse, since 2020. Up until recently, the 59-year-old was well respected in the Italian city. However, after club legend Daniele De Rossi was fired as manager, supporters demanded that he resign. Although it appears that Lina Souloukou, the CEO of Roma, may be moving to Everton to take on a similar position, she was ejected from the Stadio Olimpico.
According to Italian media, Friedkin may now sell 30% of his stakes in Roma. Given that Roma is worth about £500 million, Friedkin would have a lot of cash on hand when he joined Everton. Although Maguire does not think the Toffees will receive the capital infusion, he does speculate that Friedkin’s selling out might be an indication of his priorities within his network of clubs. Given Friedkin’s resources, I believe this is a separate matter from Everton.
I once heard from a banker that when someone calls him and requests £1 billion, they give it to them without asking why. Their excellent credit rating is the reason for this. Friedkin almost belongs in that category. “In the long run, this may suggest that Friedkin has done the maths and determined that Everton offers more promise than Roma. “He might believe that Everton is the superior choice and should begin selling his shares right away if both clubs wind up in the same European competition and he has to make a decision.
Additionally, it would imply that Everton would be the most successful club in the multi-team scenario.
Friedkin’s reaction to football regulator news
The imminence of an independent English football regulator is another element that Friedkin has been keeping a careful eye on. The goal of the project, which is opposed by almost all Premier League clubs but has widespread fan support, is to protect fans’ interests and promote the game’s financial stability. The government Department for Digital, Culture, Media, and Sport introduced a new version of the regulator this week, giving it more authority to carry out a “New Deal” for the EFL.
As a league shareholder, Everton would have been required to invest £900 million to the remaining pyramid, which was the final option on the table. The government is thought to have granted the regulator the authority to establish its own financial system as a result of that proposal’s rejection. According to Maguire, Friedkin’s reaction to the news may have been alarming because to Lisa Nandy’s [Secretary of State for DCMS] remarks.
An insider in the field, Maguire has actively participated in the establishment of the regulator by serving as a consultant and advisor to decision-makers. He described the independent regulator’s mood music and the steps involved in reaching a new agreement for the EFL.
“From what I understand, that is essentially the backstop position,” he stated. “Under the previous regulations, it appeared that the regulator would use game theory, in which you submit a sealed proposal, the EFL submits a sealed proposal, and the regulator selects one. What that does is encourage both parties to stay out of the spotlight and focus on the middle ground.”
However, given the current ideas, it’s possible that the regulator would consider both offers to be garbage and enforce a new agreement. People like Friedkin won’t be overly pleased with it, in my opinion. It’s an intriguing shift. Both the Premier League and the EFL may claim it has nothing to do with them, so in a way, it is a get-out clause for both.
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