Friedkin Group buys majority stake in Everton
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Everton’s takeover by the Texas-based Friedkin Group has been completed with Farhad Moshiri’s Blue Heaven Holdings selling its majority stake.
PHOTO: REUTERS
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LONDON – Everton’s takeover by the Texas-based Friedkin Group has been completed with Farhad Moshiri’s Blue Heaven Holdings selling its majority stake, the English Premier League club said on Dec 19.
The Friedkin Group, which also owns Italian Serie A club AS Roma, had reached an agreement over the sale terms in September. The Toffees also become the 10th English top-flight club under majority American ownership.
“Today marks a momentous and proud occasion for the Friedkin Group as we become custodians of this iconic football club. We are committed to leading Everton into an exciting new era both on and off the pitch,” Marc Watts, the club’s incoming executive chairman, said on Everton’s website.
The Premier League said its board had ratified the Friedkin Group’s 98.8 per cent stake buy after the completion of the league’s owners’ and directors’ test.
Everton fans will welcome the news that the turbulent tenure of Moshiri has come to an end and will hope that the club’s new owners can deliver an upturn in the team’s fortunes as they prepare to move into a new stadium.
They are leaving Goodison Park, their home since 1892, for the new waterfront 52,000-seat Everton Stadium at Bramley-Moore Dock.
Moshiri, a former Arsenal shareholder, first bought a 49.9 per cent stake in Everton in 2016 and by January 2022 had increased his stake to 94.1 per cent with a £100 million (S$171 million) capital injection.
In 2023, Miami-based investment fund 777 Partners said it had signed an agreement with Moshiri to acquire his majority stake in the club in a deal reported to be worth more than £550 million.
However, the deal was delayed as 777 Partners reportedly struggled to meet the necessary conditions outlined by the Premier League to complete the purchase and it fell through in June when the takeover agreement expired.
The BBC reported the Friedkin Group’s deal to buy Everton was worth in excess of £400 million.
Everton flirted with relegation last season after having points deducted twice for breaching the Premier League’s profitability and sustainability rules.
But they finished 15th after winning five of their last eight games to secure their top-flight status. This season they are 16th after 15 games, three points above the relegation zone.
In an open letter, Friedkin Group chairman Dan Friedkin said he was immensely proud to have completed the purchase of the Merseyside club, who have won nine league titles plus five FA Cups and have been in the top flight since 1954.
“Everton represents a proud legacy, and we are honoured to become custodians of this great institution,” he said.
“We are deeply committed to honouring this legacy while contributing positively to the community, economy and people of this remarkable city.”
Despite their recent struggles, Everton are one of England’s most historic clubs. Only Manchester United, Liverpool, Arsenal and Manchester City have won more top-flight titles.
But the last of those came in the 1986-87 season and the club have not won a major trophy since 1995.
The team, managed by Sean Dyche, face second-placed Chelsea at Goodison Park on Dec 22.
REUTERS, AFP
