The Friedkin Group, a U.S. consortium, is set to finalize its takeover of Everton Football Club by purchasing the 94% stake held by majority shareholder Farhad Moshiri. The agreement was reached on Monday, with the deal estimated to cost between £400 million and £500 million, as reported by Sky Sports.
The Friedkin Group previously aimed to acquire Moshiri’s stake in June but paused negotiations following accusations of fraud against one of Everton’s creditors, 777 Partners, in a New York court filing. 777 Partners had attempted to take over the club last September but failed to meet the necessary deadlines.
A joint statement from Blue Heaven Holdings and The Friedkin Group confirmed that they have settled on the terms for the sale of Blue Heaven Holdings’ majority stake in Everton. This transaction is pending regulatory approval, which includes clearance from the Premier League, the Football Association, and the Financial Conduct Authority.
A representative from The Friedkin Group expressed optimism about the future, stating they 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.”
The Friedkin Group emerged victorious in a competitive bid for the club, having outpaced John Textor, co-owner of Crystal Palace, who had entered exclusive discussions to buy Everton in August. However, any deal involving Textor hinged on the sale of his 45% stake in Palace, as Premier League regulations prohibit an individual from owning shares in more than one club.
The Friedkin Group also has ownership of the Serie A team Roma, which is currently under scrutiny following the recent dismissal of popular manager and former player Daniele De Rossi. It is important to note that UEFA only prohibits multi-club ownership when all teams involved have qualified for European competition.
One significant challenge facing the consortium is Everton’s growing debt, reported to be £600 million. Of that total, approximately £200 million is owed to The Friedkin Group, with another £200 million due to 777 Partners.
