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Everton’s takeover by Roma owner Dan Friedkin will allow them to move into their new stadium debt free, talk SPORT understands. Current owner Farhad Moshiri accepted a lower offer from Dan Friedkin than John Textor was willing to pay to ensure a smoother and quicker sale of the club. Moshiri will walk away having made a significant loss on his £700m investment after agreeing to sell his 94. 1 per cent stake in the Merseysiders to the Friedkin Group, fronted by Friedkin. Sources close to Moshiri say the takeover is worth between £400m and £500m, the majority of which will be used to convert debts into equity. These include the £200m pumped into the Toffees by 777 Sports during their ill-fated takeover attempt, with Friedkin negotiating a settlement directly with American insurance firm A-Cap, who funded the 777 bid. This part of the deal will need to be ratified by a court in New York after A-Cap seized 777’s assets. Moshiri decided to sell to Friedkin after growing tired of waiting for the outspoken Textor to sell his shares in Crystal Palace in order to purchase the Toffees. It is hoped the deal, subject to approval by the Premier League and the Financial Conduct Authority, will be completed by the end of the year. Everton are due to take up residence in their brand new 52, 888-seater home at Bramley-Moore Dock for the start of next season. Friedkin has also agreed to pump in additional funds to finance day-to-day running costs including wages and the final financing of the stadium move while the takeover is waiting to go through. Forbes estimates that the Friedkin Group is worth £5. 3billion, making Dan Friedkin the 363rd richest person in the world. Marc Watts, incoming Executive Chairman of Everton Football Club, said: “Today marks a momentous and proud occasion for The Friedkin Group as we become custodians of this iconic football club.   “We are committed to leading Everton into an exciting new era both on and off the pitch. Providing immediate financial stability to the club has been a key priority, and we are delighted to have achieved this.   “While restoring Everton to its rightful place in the Premier League table will take time, today is the first step in that journey. ” Farhad Moshiri, the outgoing majority shareholder, said: “I truly believe that the transaction with The Friedkin Group is the best outcome for the Club and its future success.   “There has been a huge team effort in getting to this stage and I would like to personally thank my Board colleagues John Spellman and Colin Chong and all the senior management team including Katie, James, Richard and of course Kevin and Sean for their huge commitment to the club.   “Despite a challenging geopolitical backdrop, a significant amount has been achieved over the last couple of years including the delivery of a new sporting department, the stabilisation of our finances and the delivery of our iconic new stadium.   “I now hand over to new owners confident in the outlook for the club and that our incredible fans will see the success on the pitch that they so thoroughly deserve. ” The Friedkin Group have outlined their ambitions with a six-point plan. Key priorities include: Former Crystal Palace owner and talk SPORT host gives his verdict on the takeover. Moshiri's legacy will be a challenging period. The most important thing for Everton is that he delivered a stadium or delivered the principles of a stadium and the funding was often done by other people, hence a large proportion of the debt.   I don't think Moshiri gets very much money, some would suggest that perhaps he shouldn't. The fact of the matter is he bankrolled a football club whether he did or Usmanov did or whoever else's money it was. It's the end of an era, it's a difficult era, it's been a difficult time for them. He's made lots of mistakes, everybody makes mistakes, every owner makes mistakes.   But one thing you can't deny is he or those around him put an inordinate amount of money into Everton. Lots of it was wasted, lots of mistakes were made and the Friedkins pick up a brilliant football club. Like any ownership model, I can promise them what awaits them is a hero's welcome and then very shortly down the line some judgment and some strong opinions about what they do and don't do right.   That's the nature of being an owner in English football because it's fueled by division and tribalism and an inherent entitlement. They've got, I think, a decent owner. I think a better owner than Moshiri, but only time will tell. © 2024 talk SPORT Limited

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