Dan Friedkin has agreed a deal to purchase Farhad Moshiri's 94.1% stake in Everton
Dan Friedkin has agreed a deal to purchase Farhad Moshiri's 94.1% stake in Everton
The Friedkin Group have completed their takeover of Everton. Confirmation comes after official ratification from the Premier League, with the deal having already been approved by the Football Association, Women’s Professional Leagues Limited and the Financial Conduct Authority.
The move means Everton has been acquired by Roundhouse Capital Holdings Limited, an entity within The Friedkin Group.
As part of a swathe of immediate changes, Marc Watts, a senior Friedkin figure, has been named as executive chairman of the Blues. He will be in charge of the management of the club. Dan Friedkin has been proposed as chairman of the board and Ana Dunkel, TFG’s chief financial officer, will also join the board and Colin Chong, Everton's interim CEO, will also remain in post. Additional appointments will be made in the coming weeks.
Speaking as the takeover was confirmed on Thursday morning, Mr 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 final official act of the Premier League's role was the sign-off by the Independent Oversight Panel, a committee tasked with reviewing the league's decision and considering whether it "was reasonable in all of the circumstances, based on the material available at the relevant time".
As part of the takeover, Moshiri's interest-free shareholder loans have been converted into equity, removing them as a potential issue when new Premier League rules are introduced on January 11. Everton's new directors will now have 14 days to attend an induction meeting with the Premier League - though that timeline may be impacted in this case by the Christmas and New Year holidays.
The Friedkin Group had initially agreed a deal to take over Everton in June but pulled out a month later. However, they came back to the table and in September it was announced a new deal had been agreed.
The confirmation brings an end to Farhad Moshiri's turbulent eight years at Everton, a period characterised by initial high-spending and lurches between managers and directors of football before the club descended into crises on and off the pitch.
Following three consecutive relegation fights, two unprecedented points deductions for failures to comply with Premier League financial regulations, and with the club still facing the potential for a relegation battle this season, the arrival of fresh ideas and inspiration will give hope that Everton will finally move towards a period of stability, from which the club is able to take advantage of its huge potential.
The takeover coincides roughly with the brightest sign of that - the state-of-the-art new stadium on the Liverpool waterfront that Moshiri will seek to claim as his legacy. The construction phase of Everton Stadium is due to be completed before the end of this year.