Friday, June 14, 2024

Everton: Consortium with Saudi royal makes £400m takeover bid

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A consortium of international investors, which involves a member of the Saudi royal family, has made a £400m offer to buy Premier League club Everton.

Farhad Moshiri agreed to sell his 94% stake to 777 Partners in September, but the investment firm could not complete the deal, opening the way for others to make a takeover bid.

Local businessmen Andy Bell and George Downing, as well as MSP Sports Capital – who have lent the Toffees around £158m – are also in the running for a period of exclusivity after lodging bids.

London-based businessman and lawyer Vatche Manoukian is leading a bid alongside an unnamed Saudi royal and families with a high-net worth from the United States.

Manoukian and his consortium have proposed an all-equity offer which would not take on additional debt and would aim to create a sustainable, long-term strategy.

They see Everton as a “sleeping giant” of English football with potential to secure a place “at the top of world football again” through the new stadium being built on Bramley-Moore Dock.

Manoukian, 45, is a partner at tech investment firm IMS Digital Ventures and is backed by Australia’s Myer family.

Roma owner Dan Friedkin, Michael Dell of Dell Technologies and Kenneth King of investment firm A-Cap are understood to be interested too.

Saudi Arabia’s Public Investment Fund, which lists the country’s Crown Prince Mohammed bin Salman as chair, completed a £305m takeover of Newcastle in October 2021.

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