Dan Friedkin’s proposed takeover of Everton FC has hit a potential snag, as remarkable official documents reveal a lack of paperwork associated with 777 Partners’ and A-Cap’s loans to the club. The Esk, a Toffees analyst, has raised concerns about the absence of documentation regarding the loans provided by Josh Wander and company through last season, which have since been taken over by A-Cap.
The issue came to light when administrators of 777’s Australian airline, Bonza, produced a Report to Creditors, showing a lack of paperwork related to the loan provided by 777 Partners. This has raised questions about the due diligence process for Friedkin’s takeover, as he may face difficulties in verifying the loans provided by 777 Partners and A-Cap.
The report also flags several concerns regarding the running of Bonza and the management/ownership by 777 Partners, which has led to questions about the suitability of 777 Partners to fund Everton FC. The lack of paperwork and executed documents has sparked concerns about the transparency of the loans and the potential risks involved.
Friedkin, who has been granted exclusivity to purchase the club from Farhad Moshiri, will need to carefully consider these issues as he carries out his due diligence. The potential lack of paperwork and transparency may complicate the takeover process, and Friedkin will need to ensure that he has a clear understanding of the loans and their terms before proceeding with the purchase.
The situation has sparked concerns among Everton fans, who are eager to see the club move forward under new ownership. While Friedkin’s takeover has brought a sense of normality and positivity to the club, the ghost of takeovers past still lingers, and fans will be hoping that this issue can be resolved quickly and efficiently.
In conclusion, Dan Friedkin’s proposed takeover of Everton FC has hit a potential snag, as remarkable official documents reveal a lack of paperwork associated with 777 Partners’ and A-Cap’s loans to the club. The issue has raised concerns about the due diligence process and the potential risks involved, and Friedkin will need to carefully consider these issues as he moves forward with the purchase.