After 12 months of drama, The People’s Club will finally have a new owner.
The Texas-based Friedkin Group has agreed to take over ownership of Everton Football Club in the English Premier League. They have agreed to purchase Farhad Moshiri’s 94% ownership stake in the club. The final sale total has yet to be announced, but both sides have confirmed the deal is now done.
The Friedkin Group was already helping to finance the club before the purchase, loaning Everton around $265 million.
The deal will now be submitted for approval by all regulatory bodies and the EPL.
Growing Debts Led to the Sale
The club was listed for sale a year ago after debts began piling up. They recently built a new state-of-the-art stadium, but the club struggled to generate enough revenue to afford the upgrade. This led to the club needing loans from several parties, including the Friedkin Group.
The loans helped keep things afloat, but it was becoming clear that the club would need a major influx of cash that only a new ownership group could bring. That led to Farhad Moshiri listing the team over a year ago, ending what would be a rollercoaster saga to find a buyer.
No Shortage of Drama in Search for Buyer
While Everton is one of the most respected names in English football, they did not have an easy time finding a buyer. The team’s poor performance and debt made negotiations difficult, leading to a lengthy process as the club continued to burn through money.
Everton first contacted 777 Partners after deciding to sell and discussed a proposed takeover. However, the group was unable to meet all the conditions for the purchase, which led to its failure. Although the potential did provide the club with a significant loan, they are now being sued for fraud in New York, ending any hopes of working with the group long-term.
The Friedkin Group approached the club soon after the deal with 777 Partners collapsed and reached a tentative agreement in June. However, talks unexpectedly fell apart, and the two sides went their separate ways.
That led Everton to begin negotiations with John Textor. The American investor shared he had a deal for exclusive talks to purchase Everton until November 30. However, he already owns EPL club Crystal Palace, creating issues getting approvals from the league.
The roadblock in talks with Textor led to the Friedkin Group re-opening talks, which finally resulted in the deal being completed.
“We are pleased to have reached an agreement to become custodians of this iconic football club.” A spokesperson from the Friedkin Group said of the agreement. “We are focused on securing the necessary approvals to complete the transaction. 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.”
Can New Ownership Save Everton?
A quick look at EPL betting odds shows that old and new sportsbooks alike don’t believe Everton will do much this season. However, fans may finally have hope that things will turn around soon.
The Friedkin Group will bring significant resources to invest in this club. The group is estimated to be worth around $6 billion. With a new state-of-the-art stadium already built, they can use those resources to improve Everton’s talent on and off the pitch.
While the new ownership group brings hope to Everton, it has already found itself in hot water with its Serie A club, Roma. The Friedkin Group took over the club after initially deciding against buying Everton four years ago. They were in the headlines this season after firing popular manager Daniele De Rossi after just four games.
Firing a popular boss can be a red flag for any owner, but the group was looking for the club to take another step. Rossi had led Roma to finish in sixth place in three straight seasons. While that shows the club was winning, they also missed qualifying for the Champions League by just one spot each season.
That is the attitude Everton fans will want to see from an owner after the club’s poor run. They finished outside the top ten in five straight seasons and were deducted 10 points in 2023 after failing to meet the EPL’s profit and sustainability. That was the result of their massive financial losses, leading to the sale of the club.
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