Everton takeover: Simon Jordan makes fresh George Downing and Andy Bell claim after previous interest
Simon Jordan has insisted that Everton are under no threat of administration as their takeover search continues - because the club is secured by the ‘brilliant’ new stadium.
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Hide AdThe Friedkin Group pulled the plug on a potential purchase of the Toffees last month, having been granted a period of exclusivity. A host of parties were keen on buying Everton after previous prospective owners 777 Partners’ deal collapsed at the end of May.
The Friedkin Group were selected by majority owner Farhad Moshiri ahead of a consortium that involved local businessmen George Downing and Andy Bell. The pair had previously loaned money to Everton, along with MSP Sports Capital, to provide funding to construct the club’s new stadium at Bramley-Moore Dock. The Friedkin Group subsequently took over the debt.
Speaking on talkSPORT, former Crystal Palace owner Jordan admitted he’s unsure if his friend Downing will look to revive his interest in the Blues. But despite the club being in a difficult financial situation, with the club losing almost £400 million in the past four years, he believes there is no major issue for fans to worry about.
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Hide AdJordan said: “Given the fact they have an owner who doesn't want to be there and probably hasn't got any money left, and they need continuity, probably yes they have a degree of concern. “Should that concern be crystallised into a frenzy of anxiety? Probably not.
“You've got a big debt at the football club. Do you know what you've got in return for it? A brilliant stadium. You've got an asset for underpins it. As you know, George Downing and Andy Bell, more so George Downing, is a very good friend of mine. The money they put in there is not aggressive money.
I haven't spoken to George for a bit and I don't know whether Friedkin took out the debt as part of the discussions and subsequently put himself in there with some of the debt. What I can tell you is that George and Andy were good alternatives and they've lost their lustre and perhaps are not looking to get back into the mix.
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Hide Ad“But I don't see Everton being in any immediate danger of administration. What's the danger of administration? The only people that stick it to administration are HMRC or an aggressive creditor. Everton have no benefit. You stick this football club into administration and those guys aren't going to get paid. The reality is the debt that's in that football club, no matter how big it is, is there for a reason.
“It's not because of playing trading now. The bulk of the debt is because they have built a new stadium. They've got something in exchange for it. Moshiri is going to have to take a haircut and walk out with nothing because that's what he deserves.”
Jordan added: “They are a side that will probably do 12th or 13th in the league. That’s not instability, that’s just reality. The most important thing is what George and Andy did, which was secure the development of the stadium. Without that money, the stadium would have been going through a renegotiation of its contract, which means the cost of building would have gone through the ceiling - which is the primary reason, I think, why George and Andy lent the club some money to protect that asset and not have to renegotiate that contract which would have cost hundreds of millions of pounds more to build that stadium.”
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