Sean Dyche is solving a £50m potential problem for Everton’s prospective owners the Friedkin Group, whose takeover remains on track for completion before the turn of the year.
i understands that representatives from the group have been on the ground in Merseyside over the last fortnight for meetings with club staff.
It is a sign that the deal – which is currently going through the Premier League’s expanded Owners and Directors (OADT) Tests, as well as seeking approval from the Financial Conduct Authority (FCA) – is progressing as planned.
Billionaire Dan Friedkin and son Ryan have no plans to turn up at Goodison Park or Finch Farm themselves until the takeover is complete. That is already a marked contrast to 777 Partners’ visible presence while their buy-out was struggling in the background. However, the group have given the green light to meetings so they can “hit the ground running”.
These involve “fact-finding” missions. One source tells i the focus is on “finding out the day-to-day stuff like working out flow charts, how things practically work and get done at the club”, as the Friedkins consider structural changes and where to target resources in their first 100 days when they buy Everton.
It has been described as a form of deeper due diligence, having scrutinised the books and finances in the summer during their first, aborted attempt at buying the club.
All of this matters but what may end up being the biggest “win” for the prospective new owners is the run of form Everton are on.
Saturday’s fine win at Ipswich Town was their fourth straight game unbeaten in the Premier League and they enjoyed a second successive clean sheet. Dyche seems to have addressed the defensive problems which undermined some decent performances earlier in the season.
With the prospective new owners favouring a more methodical approach to making changes, a healthier league position buys them both time and space to assess Everton’s situation rather than feeling pressurised into any big calls.
And there is also the financial cost of inheriting a team in a relegation battle: industry sources told i that changing manager and finding money to support the team could cost up to £50m.
If the team are mid-table and ticking along nicely, it seems inconceivable that they will want to upset the apple cart in January. It also gives Dyche a chance to stake his claim for a new deal given his contract expires at the end of the season.
The run of form appears to have come at the best possible time. The future suddenly looks an awful lot brighter than it has for most of 2024.
Where does the takeover currently stand?
While sources shy away from calling anything imminent – they remain at the mercy of external forces in terms of the timeline – the word is that things remain “on track” and there is a measure of optimism that the Friedkins will have control by Christmas.
No one will offer any guarantees on that and the ongoing court case involving Leadenhall Capital and A-Cap, who have taken over the club debt owed to 777 Partners, will need to be resolved. It may be that further work on that agreement is required – although there remains “confidence” that hurdle can be overcome.
No one foresees any problem with the Premier League’s enhanced OADTs, which require proof of funds, a short and medium term business plan and names of directors, or getting FCA approval. That process can take a couple of months, which would take us to December.
What is Everton’s stance on the January window?
Caution will be necessary and no matter what their situation is in the Premier League they will have to be savvy once more.
Even if the Friedkins do have their feet under the table – which the group hope will be the case – a big cash injection to buy new players is unlikely given the club’s Profitability and Sustainability Regulations (PSR) situation.
Football finance expert Kieran Maguire says July 2025 is the first time that Everton will probably be free to spend more significantly. The only way the club could realistically make a significant signing in January would be to countenance a big sale either in that window or before the June “soft” deadline, such is their lack of PSR headroom.
“In 2023-24 PSR was challenging for Everton but I suspect the club feel that they, along with half a dozen other clubs who were in a similar position in the summer, have stayed the right side of the line,” Maguire told i.
“Even with new owners coming in, January is going to be tight because the problem with a big overspend over two successive accounting periods is that it creates a big hangover, which has been the problem at Everton. There are signs that is passing but not yet.
“So I think they have got to be careful when it comes to spending rather than going big and they will know that. There are some outstanding debt issues and really it is about getting through the next period and getting to Bramley-Moore Dock as a Premier League club where commercial revenue can be significantly increased and things look brighter.”
What does the future hold for Dyche?
Nobody from the Friedkin Group or close to it is giving any indication of what changes or plans they have for Everton’s footballing department, which is probably the right approach given previous bidder John Textor’s ill-advised and premature comments about Dyche’s future.
The feeling is that while there are important games to play he should be left to get on with it. Ditto Kevin Thelwell, the club’s highly rated director of football, who continues to restructure and improve behind-the-scenes operations and recently gave the green light to the appointment of Nathan Fisher in a key role as head of emerging talent.
But it feels highly unlikely with the team in decent form and pulling away from the relegation zone that there will be any changes on that front until the end of the season at the earliest.
Now that Dyche’s faith in Michael Keane and Ashley Young has started to bear fruit, things feel more stable. They have a decent run of games to continue progress and Jarrad Branthwaite and loan striker Armando Broja to return.
A source who has worked with the Friedkins told i: “Knowing how they operate, the chances are they will want to see how things work on the field before making a really big decision like that.
“There is no bigger job than the manager. It isn’t something you rush.”
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