August 13 – Eagle Holdings owner John Textor has reconfirmed his interest in Premier League Everton, describing the club as a “great, authentic English club”.
Having originally expressed interest when the 777 Partners deal for the club fell through, he said that he doubted he would have enough to complete a deal as to do that he would need to dispose of his 45% share in Crystal Palace to meet Premier League ownership rules.
However, the longer the Everton sales saga goes on, the greater the chance that he could come into the picture.
In July the Friedkin Group pulled out of a £400 million deal agreed in principle in June.
The US investors, who also own Serie A club Roma, had entered a period of exclusivity with Everton owner Farhad Moshiri, but became increasingly concerned over the complications of Everton’s debt.
Friedkin had injected £200 million into the club that included paying off a £158 million loan to MSP Sports Capital and two local businessmen. That money was not repaid but turned Friedkin into a lender to the club.
The stumbling block for Friedkin is a further £200 million owned to previous prospective buyer 777 Partners who failed to compete their deal. It is a problem that has not been overcome.
777 Partners’ takeover had been backed by financial insurers A-Cap. A-Cap is facing legal action in the US by Leadenhall Capital Partners, a London-based investment firm. Leadenhall has accused 777 and A-Cap of fraud arguing that 777 borrowed hundreds of millions of dollars from Leadenhall secured on assets it had already used as security on other loans.
Leadenhall says 777 also used collateral it did not own to secure loans.
The result is that Everton is contingent on another party’s lawsuit unless a buyer is prepared to take the risk of being caught in any legal fallout or claim from that suit.
All of this plays into Textor’s hands if he is to mount a realistic bid, rather than just talk about one.
Textor already owns Lyon in France, Botafogo in Brazil and Molenbeek in Belgium and is seeking a club in Portugal. All of his clubs have variously struggled with cash flow. Textor is also reportedly interested in English Championship club QPR.
Textor has not been slow to sell off assets when needed.
Lyon reported record revenue of €368.3 million ($399 million) for the 2023-24 financial year, marking a 27% increase from the previous year’s €289.7 million. OL’s surge in revenue is primarily attributed to the sale of Lyon’s OL Feminin women’s team and a significant rise in events hosted at the team’s Groupama Stadium.
A majority stake in OL Féminin was sold to Michelle Kang, the owner of the NWSL’s Washington Spirit, to focus resources on the men’s team. The transaction was valued at €26.9 million.
EFG also sold the Seattle Reign NWSL team for approximately $58 million and the LDLC Arena to former Lyon chairman Jean-Michel Aulas’s company Holnest for €70 million.
Speaking to the Daily Mirror newspaper Textor said: “I am still an owner in Palace – I would have to clear out of that before I could buy anything else.
“We have made clear our interest in having a majority interest in a UK club, whether it is Championship or Premier League.
“Yes, we are looking at Everton along with everybody else. I would have to rationalise my interest in Palace before I could close anything.
“I am an Anglophile when it comes to football. When I see these legendary teams come along, some in the Premier League, some in the Championship, clubs that I grew up with, they have an appeal.”
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