The Friedkin Group has successfully completed a majority takeover of Everton Football Club, signaling an end to the troubled tenure of Farhad Moshiri. This significant move comes with a financial commitment exceeding £400 million, placing Everton as the 10th club in the Premier League with majority American ownership. The transition occurs after the Friedkin Group reached an agreement with Moshiri on September 23 and awaited the crucial regulatory approval. The Premier League’s endorsement of the deal has cleared the final barriers, allowing the takeover to proceed smoothly.
The Friedkin Group, based in Texas and led by Chairman Dan Friedkin, is known for its ownership of the Italian club AS Roma, and Friedkin is reported to have a net worth of £6.16 billion according to Forbes. As part of the new leadership structure, Friedkin is expected to serve as chairman of the Everton board, with Marc Watts appointed as the executive chairman who will oversee the management of the club. Friedkin expressed immense pride in their new role, acknowledging Everton’s rich history and its enduring significance within the local community and fan base.
Moshiri, a British-Iranian businessman who acquired a 49.9% stake in Everton in 2016 and increased his holding to 94.1% in 2022, witnessed a tumultuous period marked by dissatisfaction among fans. Under his ownership, Everton struggled to maintain a steady position in the Premier League, finishing in the bottom half for the last three seasons, alongside ongoing concerns regarding financial management and club direction.
Friedkin’s acquisition has been seen as a critical step toward stabilizing the club’s financial outlook and institutional health. Shortly after the takeover, Friedkin articulated a vision focused on a “sustainable and successful” future for Everton, which encompasses strengthening the men’s team, developing home-grown talent through the academy, and enhancing commercial strategies for the women’s team. A noteworthy aspect of this vision is the anticipated move from the historic Goodison Park to the new 52,888-capacity stadium at Bramley-Moore Dock, targeted for completion by the beginning of the next season.
The immediate financial stabilization of the club under the Friedkin Group’s stewardship has been a central priority. Most of Everton’s previous debt has been converted into equity, repaid, or refinanced under more favorable terms, laying the groundwork for improvement both on and off the pitch. Incoming executive chairman Watts emphasized the importance of restoring Everton to its rightful place within the Premier League, even though this reconstruction will take time.
However, the path to this acquisition has not been straightforward. Initially, the Friedkin Group had come to a preliminary agreement to buy Moshiri’s stake back in June, but negotiations halted the following month due to unmet criteria from both sides. Complicating the situation further, Miami-based 777 Partners withdrew from their own proposed bid earlier in the year. Moreover, the American businessman John Textor was granted exclusive negotiation rights in August, only to find his bid obstructed by Premier League rules prohibiting dual ownership.
In summary, the Friedkin Group’s acquisition of Everton Football Club marks a new chapter for the historic club amidst a backdrop of financial struggles and management issues. With ambitious plans in place, there are expectations for revitalization not just in the club’s on-field performance but also in its financial standing and relationship with the community. The upcoming matches, including the next fixture against Chelsea at Goodison Park, will serve as a testing ground for the aspirations set forth by the new management.
