Everton takeover: Friedkin Group reach agreement with company of majority owner Farhad Moshiri
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Published 23/09/2024 at 14:32 GMT
The Friedkin Group is close to a takeover of Everton after agreeing to buy Farhad Moshiri’s majority stake. Fronted by US billionaire Dan Friedkin, the group will become the new owners of the Merseyside club, should the deal be approved by the Football Association, Premier League and the Financial Conduct Authority. Friedkin is also the owner of AS Roma.
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Everton’s long-running uncertainty over its future ownership looks to be reaching a conclusion, after The Friedkin Group agreed to buy Farhad Moshiri’s 94% share in the club.
US billionaire Dan Friedkin, who also owns Italian side AS Roma, appeared to have dropped his interest in Everton when he walked away from talks over the summer.
But there has been a U-turn over recent days and Friedkin has now outbid his fellow American John Textor, the Crystal Palace co-owner who was also looking to buy the Merseyside club.
The purchase of Mr Moshiri’s shares, which sit under the Blue Heaven Holdings banner, still needs to be approved by the Premier League, Football Association and the Financial Conduct Authority.
"We are pleased to have reached an agreement to become custodians of this iconic football club,” said a spokesperson for The Friedkin Group.
“We are focused on securing the necessary approvals to complete the transaction. We look forward to providing stability to the club, and sharing our vision for its future, including the completion of the new Everton Stadium at Bramley-Moore Dock.”
Everton have had a difficult recent trajectory, falling foul of the Premier League’s Financial Fair Play rules - resulting in two points deductions last season - but a new era now seems close.
777 Partners had agreed to buy Mr Moshiri’s majority stake in September last year but that fell through in June.
That led to talks with the Friedkin Group, which agreed to buy the club in June before pulling out a month later. Mr Textor entered a period of exclusivity in August, but his case was hampered by the need to sell his 45% stake in Palace.
The situation now looks to be resolved, subject to approval, with Friedkin agreeing a takeover.
The American, who has a net worth of £5.7bn according to Forbes, had already loaned Everton £200m to help fund construction of their new stadium, which is due to open next year.
On the pitch, Everton have started the season poorly, though Sean Dyche’s side picked up their first point of the season in Saturday’s 1-1 draw at Leicester.
The Toffees have twice thrown away two-goal leads over the past month, losing 3-2 to both Bournemouth and Aston Villa, leaving them second from bottom in the table after five matches.
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