Textor tries to sell Palace shares after new bid to buy Everton

John Textor has reentered talks with Everton’s current ownership to purchase the club. The American billionaire previously threw his hat into the ring to potentially take over the Toffees earlier this summer. Everton owner Farhad Moshiri, however, opted instead to hold direct discussions with the Friedkin Group. The fellow American investment conglomerate recently purchased the Italian club Roma in 2020.

While the Friedkin Group seemed set to become Everton’s new owners, the proposed agreement eventually hit a significant snag. The club announced in July that the American group was backing out of a deal to buy the Toffees. The Friedkin Group apparently had the money to fund the purchase, but were put off by the club’s incredible debt.

A majority of this debt involves 777 Partners, the group that initially had a deal in place with Moshiri nearly a year ago. The conglomerate previously supplied the Toffees with a series of massive loans. As 777 and the Friedkin Group, both failed to take over Everton, it seems as if Textor could now pounce.

John Textor and Everton: Finding it difficult to offload Palace shares at the right price

According to The Guardian, Textor has once again made a bid to buy Everton. The proposal, however, is the same fee that the American initially submitted to Moshiri ahead of June 1st. Although Textor is interested in Everton, he first has to handle a separate issue involving another club under his umbrella.

The American businessman currently owns multiple soccer clubs around the world. One of these teams happens to be fellow Premier League side Crystal Palace. Textor initially acquired a 40% stake in the Eagles back in 2021. Nevertheless, he increased his investment in the team to 45% the following year.

Rules currently state that multiple top-flight teams cannot be owned by the same person/group. This means that Textor will have to sell his stake in Palace to officially buy Everton. Nevertheless, this does not…

Source link : https://worldsoccertalk.com/news/textor-tries-to-sell-palace-shares-after-new-bid-to-buy-everton/

Author : Chris Moore

Publish date : 2024-08-09 18:55:57

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