Friedkin shows 'great faith' as group provide critical funds for Everton

Ex Blues CEO Keith Wyness has been hugely encouraged by the moves from Dan Friedkin's Group to pay off debt and give the club important funds in recent days.
AS Roma v US Sassuolo - Serie A TIM
AS Roma v US Sassuolo - Serie A TIM / Silvia Lore/GettyImages

The proposed takeover of Everton by The Friedkin Group led by the US billionaire Dan Friedkin, has been moving relatively smoothly so far with a period of exclusivity already agreed with Farhad Moshiri.

With a sound financial position and a background of having already successfully run a major football club in Roma, Friedkin had emerged as front-runner from the various interested parties after the collapse of 777 Partners attempted takeover, with good reason.

Of course, things could still go wrong and given the Toffees recent history, almost always do, but there is hope that just maybe this situation might finally represent a positive turning point.

While there is certainly still a long road to go before this process can be completed, the Group have already shown their determination to secure a takeover of the Blues, with some major financial commitments.

First of all the Group have paid off a £158 million loan from previous creditors MSP Capital - who had been one of the previous investors who were once potentially considering a minority share - or even a full takeover.

Then additionally, the Group have provided Everton with another £40 million or so to help meet short-term costs while a takeover is progressing, which was precisely the reason why MSP Capital had been loaning the Toffees money in the first place.

As all this happens, Wyness says this shows a real degree of 'great faith' from the American investors as to their genuine commitment to successfully completing their takeover.

The former Everton executive claims it underlines the business-like approach of the billionaire's group who prefer to do, rather than just say what they intend.

I hope that this takeover situation - if indeed it proves to be right for Everton - can be completed before the end of the summer transfer window but that is probably being a little too optimistic.