A fresh claim that The Friedkin Group could be prepared to sellEverton raises an obvious question: what would the club actually be worth?
Former broadcaster Elton Welsby claimed on Sunday that TFG have alerted prospective buyers that they are prepared to sell Everton, adding that no asking price has yet been determined.
There has been no confirmation from Everton or TFG that the club is for sale. The Financial Times reported earlier this month that the owners were working with advisers to find new investors, with that process potentially resulting in the sale of a significant stake.
Everton valuations show why the numbers need context
Former Everton chief executive Keith Wyness has now given his view on the sort of valuation around which negotiations could take place.
Speaking to Football Insider, Wyness suggested there could be a gap between how TFG and potential investors value Everton, particularly while the Hill Dickinson is still developing its non-matchday revenues.
“I think somewhere £800m to £1bn is where I think Everton will settle at the moment,” he said.
That is Wyness’s assessment rather than a valuation issued by TFG, and the numbers being attached to Everton need some explanation.
Paul Quinn’s recent independent analysis estimated the club’s enterprise value at between £700m and £880m, with a central figure of £789m. After accounting for net debt of approximately £389m, he put the equity value at between £310m and £490m, centred on approximately £400m.
The Times has subsequently reported similar figures of about £790m for Everton’s enterprise value and £400m for its equity value.
Enterprise value reflects the value of the whole business including its debt position, while equity value is closer to the value attributable to shareholders once net debt is taken into account. An £800m valuation therefore does not necessarily mean TFG would receive £800m for its shares.
The Financial Times reported that TFG’s total cost of acquiring Everton in December 2024 was £331m once debt repayment and other costs were included. Since taking control, the group has stabilised the club’s finances, refinanced expensive debt and secured long-term financing connected to the new stadium.
For now, Welsby’s suggestion that TFG are prepared to consider a complete sale remains unconfirmed. But if the club does become available, the difference between Everton’s enterprise and equity values will be central to understanding whatever price is eventually discussed.
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