19th December 2024
December 19 – After much too-ing and fro-ing and having pulled out of an original deal last summer, The Friedkin Group (TFG) has finally completed its majority takeover of Everton, ending the turbulent tenure of Farhad Moshiri and sparking fresh hope for fans of one the Premier League’s longest standing clubs.
The Texas-based group led by Dan Friedkin has bought former owner Moshiri’s 94.1% stake and have promised to bring financial stability to the club which for years has been in the shadow of near-neighbours Liverpool on the field.
Friedkin is set to become Everton’s new chairman after acquiring the club through Roundhouse Capital Holdings Limited, a subsidiary of TFG. The deal was given the approval of the Premier League, the FA, the Women’s Professional Football Leagues and the Financial Conduct Authority.
TFG, which also own Roma, is set to reduce Everton’s debt to around £300 million and is turning some of it into equity. The final acquisition price looks to be about £500 million, according to reports. The club becomes the ninth in the Premier League under majority US investor control.
Manager Sean Dyche and director of football Kevin Thelwell are both out of contract in the summer and TFG are planning to work with both in the short term, though neither has been given a new deal yet.
Friedkin has however acted by appointing Marc Watts executive chairman of the club and adding TFG’s chief financial officer Ana Dunkel to the Everton board, along with interim chief executive Colin Chong.
“Today marks a momentous and proud occasion for The Friedkin Group as we become custodians of this iconic football club,” Watts said in a statement.
“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.”
Moshiri is reported to have lost hundreds of millions of pounds during his eight-year ownership yet oversaw the construction of a new £760 million stadium which Everton will move into next season.
“I truly believe that the transaction with The Friedkin Group is the best outcome for the club and its future success,” Moshiri said.
“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.”
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