• Debt would be converted into shares to avoid payment
• Moshiri committed to waiving debt in Friedkin deal

Farhad Moshiri has agreed to convert his £451m loan to Everton into shares if the club has not been sold by the time new Premier League regulations on shareholder loans come into force.

The Everton owner has committed to waiving the huge debt on completion of his planned sale to the Friedkin Group, and will covert it to equity if it appears that will not happen before 11 January. From that date shareholder loans will become subject to a fair market value test by the league after last week’s vote on associated party transaction rules to which opposition was led by Manchester City.