The Friedkin Group has reached an agreement to buy Farhad Moshiri’s majority 94% stake in Everton. The deal is subject to regulatory approval from the Premier League, the Football Association and the Financial Conduct Authority.
It is believed to be worth in excess of $770 million, leaving Moshiri with little return on his substantial investment.
The US-based group is led by chairman Dan Friedkin, who also owns Roma. He has a net worth of $11bn AUD according to Forbes thanks to The Friedkin Group, which was founded by his father, Thomas H. Friedkin.
Everton would become the 10th club in the Premier League under majority American ownership, joining the likes of Chelsea and Liverpool.
The deal would bring to a conclusion the damaging Moshiri reign. The British-Iranian businessman has invested more than $1445 million in the club since 2016, but many supporters have been deeply unhappy about his ownership because of its failure to hit successful transfers and its enormous debt which lead to points deductions in 2023/24.
Last season they were deducted points twice, amounting to a total of eight after an appeals process, for breaching Premier League financial rules on the level of losses clubs are allowed to make.
Everton, who have not played outside the top flight during the Premier League era, had been toying with relegation under Frank Lampard and current manager Sean Dyche, finishing in the bottom half. They started the season on only one win after six and it suggests they will spend a fourth season near the drop zone.
The Friedkin Group had agreed a deal in principle to purchase current owner Moshiri’s 94% stake in June but talks were called off a month later after the two parties failed to finalise an agreement.
That followed Miami-based 777 Partners being unable to a complete a deal earlier this year which Everton is probably fortunate to hear considering the toxicity around how they have run Standard Liege and Hertha BSC into a tough position.
In June, it was said that Friedkin hinted that he wanted Roma and Everton to sit at the top of a multi-club model, something that The Friedkin Group has yet to experiment.
Everton’s appeal to the Friedkin Group was said to be based on the club’s history, fanbase and the new stadium being built on Bramley-Moore Dock which will be used from the start of the 2025/26 season onwards.
The group in a statement said they remain fully committed to Roma and has no concerns regarding the two clubs co-existing under UEFA rules.
The Friedkin Group assumed control of Italian side Roma in 2020 and guided the club to Europa Conference League success under Jose Mourinho in 2022.
However, this success was short lived, sacking Mourinho only 10 months later before Daniele De Rossi’s short reign has the club in an awkward position in the Serie A.
After some shaky managerial appointments and sackings for AS Roma, Sean Dyche’s future also looks to be in a perilous position if he fails to turn the results around before the new year.
The Friedkin Group released a statement regarding the takeover agreement and their plans to stabilise the club.
“We are pleased to have reached an agreement to become custodians of this iconic football club. We are focused on securing the necessary approvals to complete the transaction,” a spokesperson for the Friedkin Group said in a statement last week.
“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.”
Overall, this is fantastic news for Everton and its fanbase who were long overdue some clarity around the dark situation of their ownership.
The Friedkin Group are willing to overlook the huge stadium debt and inconsistent league results in an attempt to bring one of England’s oldest clubs back to its former glory which saw them win 9 Division One titles and 3 FA Cups.
The group will lead Everton through its new era, right before they permanently leave Goodison Park and enter the 53,000 capacity Bramley-Moore Dock which should increase the club’s revenue and bring a fresh feel to the club.
