Manchester City will take on Premier League in a hearing regarding their transaction rules. The hearing started on Monday and is expected to be of two weeks duration. Everton will support City as they have their own benefits from the hearing. City could help Everton in speeding up their takeover situation which is becoming very critical.
City have challenged their associated party transaction (APT) rules and will take on Premier League. They believe that this rules make it hard to achieve deals with parties that are linked to club’s ownership. City want to dismiss these rules and want the companies linked to club ownership spend freely. The current rules state that the club, players, managers and the senior officials should inform about any deals with associated parties. Premier League will then review each deal to check whether the club has reported fair market value or not. City believe that these rules are pulling them backwards when compared to other teams. If City manage to win this case, it would strengthen them when defending 115 charges filed against them. However if they lose the case, their relationship with Premier League will be seriously bad.
How could this case help Everton in their takeover
Everton are desperately in search of new owners. Last month the longterm ongoing deal between Farhad Moshiri and 777 partners finally collapsed. City’s former financial advisor Stefan Borson believes that City’s case will make Everton more attractive and possibly attract new owners.
While speaking to Football Insider, Borson said the most important thing for Everton is that they are up for sale. He continued that the clubs who are up for sale want very little or no regulations as the new owners want to make an impact as soon as possible. If a club is bound by regulations it is certain that no new owner will be interested to take the charge as he will not be able to operate freely.
“I think Everton will be quite pleased if City are able to put some of the extended APT rules in the bin” – Stefan Borson about Everton’s takeover scenario.
Borson said that the new owner must be extremely smart to manage the club with the available budget. Therefore, they may not be able to achieve the results they desire. This leads to decrease the interest of new buyer. Hence, Everton will support City with a hope to have some freedom and finally get their new owner.
London based businessman Vatche Manoukian interested in Everton
London based businessman Vatche Manoukian has been reported interested in taking charge of Everton. He owns a consortium which has reported to have made a £400 million offer in Everton takeover race. Manoukian is a partner at tech investment firm called IMS Digital Ventures. He is also a lawyer. Manoukian has expressed his desire to buy the club along with owners from United States and Gulf. Manoukian has also been reported to have already met Everton’s existing debtholders.
Other parties interested in takeover
There are some other big names connected with Everton takeover. John Textor is willing to sell his 45% stake in Crystal Palace in an attempt to invest in Everton. Roma owner Dan Friedkin has also been reported to have interest in the toffees. Friedkin is an american businessman who has a net worth of £4.8 billion. Andy Bell and George Downing who are long time Everton supporters are also in the race. The chief executive of Dell technologies Michael Dell is another big name linked with Everton. If City is able to win the case against Premier League, this number of interested buyers will certainly increase.
As featured on EvertonNews.com
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