Everton Takeover Set as Friedkin Group Agrees to Buy 94% Stake
The Friedkin Group, a U.S. consortium, is poised to complete a takeover of Everton after reaching an agreement to purchase the 94% stake held by majority shareholder Farhad Moshiri on Monday.
According to Sky Sports, the deal is expected to cost the Friedkin Group between £400 million and £500 million. The consortium had previously aimed to buy out Moshiri in June but withdrew from negotiations after one of Everton's creditors, 777 Partners, faced fraud accusations in a New York court filing. 777 Partners had attempted a takeover of the club last September but failed to meet the deadline.
A joint statement from Blue Heaven Holdings and the Friedkin Group confirmed that they have reached an agreement regarding the sale of Blue Heaven Holdings' majority stake in Everton Football Club. The transaction will require regulatory approval from the Premier League, the Football Association, and the Financial Conduct Authority.
A spokesperson for the Friedkin Group expressed anticipation for "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 outmaneuvered competition from Crystal Palace co-owner John Textor, who had entered exclusive talks to acquire the club in August. Any potential deal with Textor was contingent upon him selling his 45% stake in Palace, as Premier League regulations prohibit an individual from holding shares in more than one club.
Additionally, the Friedkin Group owns Serie A team Roma, which is currently under pressure following the dismissal of beloved manager and former player Daniele De Rossi last week. UEFA regulations only restrict multi-club ownership if all teams involved qualify for European competition.
One significant challenge facing the consortium is Everton's mounting debt, which has reached £600 million, as reported by Patrick Boyland of The Athletic. Of this total, the club owes approximately £200 million to the Friedkin Group and another £200 million to 777 Partners.
