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The latest Everton news following the takeover.
New Everton executive chairman Marc Watts has provided fans with some insight into the financial picture at Goodison Park following the takeover.
Farhad Moshiri’s reign as Everton owner is over after the long-awaited Friedkin Group (TFG) takeover deal was finally confirmed. The American firm are officially the Toffees’ new owners having struck a deal with Moshiri three months ago. TFG have passed all of the regulatory tests required to purchase Moshiri’s 94.1 per cent stake and a new dawn is upon Everton after a few years of turbulence on and off the pitch.
And in an update to fans, Watts has provided some insight to supporters on the health of the finances at Goodison Park, while outlining six key priorities for the new owners moving forward.
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In a letter to fans on the Everton club website, Watts wrote: “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.
“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.
“We also want to thank Farhad Moshiri for his cooperation during the transition and facilitating a new start for Everton. The road ahead of us is long and there will be further challenges to come, but we are committed to living by Everton’s motto: nil satis nisi optimum.”
In the letter, Watts also outlined six priorities moving forward, they are:
- Strengthening the men’s first-team squad through thoughtful and strategic investment
- 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
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