The Friedkin Group has finalized a deal to acquire Everton, marking a significant turn in the club's ownership saga. This comes just two months after the US-based company, owned by billionaire Dan Friedkin, withdrew from negotiations to purchase Farhad Moshiri’s 94% stake in the club. Over the weekend, Friedkin Group re-engaged in talks with Everton’s majority owner, aiming to outbid John Textor, the co-owner of Crystal Palace, who had recently emerged as the leading contender for the takeover.
Textor, who holds a 45% share in Palace, is restricted from owning another Premier League club, making him susceptible to rival offers. This vulnerability has now materialized, with Friedkin agreeing to terms to buy out Moshiri. In a statement, Everton confirmed: “Blue Heaven Holdings and The Friedkin Group have reached an agreement on the terms of the sale of Blue Heaven Holdings’ majority stake in Everton Football Club. The transaction is pending regulatory approval, including from the Premier League, the Football Association, and the Financial Conduct Authority.”
A spokesperson for The Friedkin Group expressed enthusiasm, stating: “We are delighted to have reached an agreement to become custodians of this iconic football club. Our immediate focus is on securing the necessary approvals to finalize the transaction. We are eager to provide stability to the club and share our vision for its future, including the completion of the new Everton Stadium at Bramley-Moore Dock.”
Friedkin’s initial attempt to purchase Everton faced obstacles due to concerns over the £200m loan provided to the club by 777 Partners. This company, along with several others, has sought to acquire Moshiri’s stake over the past 18 months. Notably, 777 Partners is currently embroiled in a legal dispute with Leadenhall Capital, a London-based asset management firm, in a New York district court.
During Friedkin’s period of exclusivity with Moshiri, the US company also loaned Everton £200m, enabling the club to secure funding for its new stadium. This loan must be repaid if another party takes over, or it can be converted into equity if Friedkin ultimately succeeds in ending Moshiri’s tumultuous tenure. In addition to these loans, Everton owes £225m to Rights and Media Funding at an interest rate of 10.25%.
Friedkin is expected to pass the Premier League’s owners’ and directors’ test without issue. The American entrepreneur also owns Roma, having completed the takeover of the Italian club two months after initial negotiations fell through.
