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In a significant development for Everton Football Club, the Friedkin Group, led by American billionaire Dan Friedkin, has finalized its takeover of the club, acquiring a 94.1% stake from former owner Farhad Moshiri. This transition marks the end of Moshiri’s tumultuous reign at Goodison Park and ushers in a new era for the Merseyside club.
The deal, valued at over £400 million, was officially confirmed following the necessary regulatory approvals from the Premier League, the Football Association, and other governing bodies. The Friedkin Group’s acquisition makes Everton the 10th Premier League club to come under majority American ownership, joining the ranks of clubs like Arsenal, Chelsea, and Manchester United.
A new chapter for Everton
Dan Friedkin, who also owns Italian Serie A club AS Roma, is poised to take on the role of chairman for Everton’s board. In a statement following the completion of the deal, Friedkin expressed his pride in becoming part of such a historic football institution. “I take immense pride in welcoming one of England’s most historic football clubs to our global family,” he stated. “Everton represents a proud legacy, and we are honored to become custodians of this great institution.”
The Friedkin Group has committed to providing immediate financial stability to Everton while also focusing on strengthening the squad as they aim to revive the club’s fortunes both on and off the pitch. Incoming executive chairman Marc Watts echoed this sentiment, stating, “Today marks a momentous occasion for The Friedkin Group as we become custodians of this iconic football club. Our priority is to lead Everton into an exciting new era.”
Addressing financial challenges
Under Moshiri’s ownership since 2016, Everton faced significant financial challenges, including escalating debt and underperformance on the pitch. The Friedkin Group plans to reduce this debt to around £300 million, converting some of it into equity to comply with new Premier League regulations regarding shareholder loans.
Moshiri acknowledged the difficulties faced during his tenure but expressed confidence in the future under new ownership. “I truly believe that this transaction with The Friedkin Group is the best outcome for the club and its future success,” he said. He highlighted achievements during his time at Everton, including progress on their new stadium at Bramley-Moore Dock.
