Everton takeover: Rights and Media Funding issue statement on Dan Friedkin deal amid £225 million debt

Rights and Media Funding, who have lent Everton hundreds of millions of pounds, have expressed their satisfaction towards The Friedkin Group’s takeover of the club.

The American firm have agreed a deal to purchase Toffees majority owner Farhad Moshiri’s 94.1 per cent stake. TFG, headed by Texan billionaire Dan Friedkin, came back to the table after pulling out of a purchase in July.

TFG were already owed £200 million of debt but must pay back money lent by other parties. The stumbling block to their takeover initially collapsing was because of a £200 million loan from previous prospective owners 777 Partners, which has now been taken on by the Miami-based company’s principle backers A-CAP.

In addition, £225 million was provided by Rights and Media Funding at a reported interest rate of 10.25 per cent. However, a deal to pay off some or all of the loan to the Cheshire-based company has been agreed by the Friedkin Group.

A statement through Rights and Media Funding’s law firm Bryan Cave Leighton Paisner said: “Rights and Media Funding Limited has been the senior debt at Everton Football Club for more than a decade. The deal announced today is the first stage of completion for The Friedkin Group, Inc. to purchase the overwhelming majority control of Everton Football Club and it’s new stadium. The final sale is expected to be completed by the end of 2024 or early 2025, subject to Premier League, Football Association and Financial Conduct Authority approval. We were extensively involved in a wide range of issues related to this transaction, acting in conjunction with the buyer, the seller, the club and their respective counsel.

“Rights and Media Funding director David McKnight said: ‘Graham, Marc and the BCLP team did an extraordinary job representing our interests in this very high-profile transaction. We have worked with Graham and the BCLP team for a long time and have developed a very strong working relationship. The combination of their legal and sports sector knowledge is truly unique’.”