Sean Dyche and director of football Kevin Thelwell expected to be backed by new owners who have wiped out significant chunk of club's £600m debt
The Friedkin Group say they want to lead Everton into an “exciting new era” after completing their takeover and wiping out a significant amount of the club’s near £600m of debts.
Everton have been acquired by Roundhouse Capital Holdings Limited, an entity within the Friedkin Group, after regulatory approval was finally granted on Thursday morning.
The deal brings financial stability to Everton at a stroke, with the group emphasising they intend to rebuild the club with a firm commitment to strengthening the first team.
Marc Watts, a senior figure at the Friedkin Group, has taken over as executive chairman to lead a new board that will have responsibility for football affairs.
He will be joined by Ana Dunkel, the chief financial officer of the Friedkin Group, while Colin Chong will remain on the board as interim CEO as the club continue their search for a permanent CEO.
Dan Friedkin has been proposed to join the board as chairman.
Stability is the clear message after the announcement with sources saying the group are backing director of football Kevin Thelwell and manager Sean Dyche, with meetings planned in the coming days to support both over the next few months.
In an opening statement to fans, Watts said: “Today marks a momentous and proud occasion for the Friedkin Group as we become custodians of this iconic football club.
“We are committed to leading Everton into an exciting new era both on and off the pitch. Providing immediate financial stability to the club has been a key priority, and we are delighted to have achieved this. While restoring Everton to its rightful place in the Premier League table will take time, today is the first step in that journey.”
The deal will bring instant financial stability to Everton, with all short-term debts removed from the club’s ledger and the group having agreed to convert the club’s near £300m external debts into “long-term senior debt” with blue chip financial institutions.
There has also been a significant injection of cash from the Friedkin Group and promises of further funds in the future as they outline a vision that includes “strengthening the men’s first team through thoughtful and strategic investment”.
Other priorities include:
Cultivating home-grown superstars through Everton’s academy
Fostering a distinct on-pitch and commercial strategy for the women’s team
Respecting the club’s traditions and keeping Everton at the heart of the community
Maximising the potential of the new stadium through long-term commercial partnerships and events that benefit the city of Liverpool
Enhancing Everton’s reputation as a unique and historical name in world football
The American group – which is owned by billionaire Texan Dan Friedkin – also owns Serie A side Roma and in an open letter to supporters Watts emphasised it was a long term project with the immediate priority survival in the Premier League.
“In the short term, we understand the club has faced significant challenges on and off-the-pitch for several years. That’s why our immediate priority is stabilising the club and improving results on the pitch,” he said.
“We have provided an injection of capital to ensure the completion of the new stadium. The transaction has seen most of Everton’s debt either converted to equity, repaid or refinanced on terms more favourable to the stability of the Club.
“Whilst there is much work to be done, and PSR remains a limiting factor in the short term, the underlying financial position is now much stronger.
“On the pitch, we have a lot still to fight for this season and our energies are now focused on maximising the remaining time to drive results.
“We’re pleased that Colin Chong has agreed to remain in his interim position while we finalise the appointment of a new permanent CEO, which we will update you on in due course.
“We want to thank Colin, the leadership team and everyone at Everton for their hard work and support.”
Outgoing majority shareholder Farhad Moshiri praised the new owners as the “best possible outcome” for the club as he ended his tumultuous eight years in charge.
He said: “I truly believe that the transaction with the Friedkin Group is the best outcome for the club and its future success. There has been a huge team effort in getting to this stage and I would like to personally thank my board colleagues John Spellman and Colin Chong and all the senior management team… for their huge commitment to the club.
“Despite a challenging geopolitical backdrop, a significant amount has been achieved over the last couple of years including the delivery of a new sporting department, the stabilisation of our finances and the delivery of our iconic new stadium.
“I now hand over to new owners confident in the outlook for the club and that our incredible fans will see the success on the pitch that they so thoroughly deserve.”