The Friedkin Group are officially the new owners of Everton Football Club after their buy-out of Farhad Moshiri’s 94.1% stake in the Club was ratified.
After more than 12 weeks of regulatory scrutiny, the Premier League gave its approval for the change of ownership to go ahead this week and the Houston-based firm’s takeover could finally be confirmed today.
Everton have been acquired by Roundhouse Capital Holdings Limited (Roundhouse), an entity within The Friedkin Group (TFG), following the necessary regulatory approvals from the Premier League, Women’s Professional Leagues Limited, the Football Association, and the Financial Conduct Authority.
The Premier League issued this statement:
The Premier League Board has approved The Friedkin Group’s 98.8 per cent acquisition of Everton Football Club, following the completion of the league’s owners’ and directors’ test.
Having been agreed by the board, the takeover has now been ratified by an Independent Oversight Panel.
The club’s new owners and directors have also signed the Premier League’s Owners’ Charter.
The price of the long-anticipated transaction is believed to be in the region of £500m but the financial intricacies of the deal are complicated by Everton’s massive debts — now thought to be a least £660m — and were a compounding factor in the sale. A significant part of that debt, in the form of interest-free shareholder loans provided to the club by Moshiri, has been converted to equity via a new share issue.
It represents the end of a long drawn-out process that began with Moshiri entertaining offers for his majority shareholding in the club in 2022 after Everton’s finances reeled in shock at the removal of corporate sponsorship deals connected with the Uzbek-born oligarch, Alisher Uzmanov, when he was sanctioned by Western governments in response to Russia’s invasion of Ukraine.
Since then, both the British-Iranian businessman’s willingness to and ability to keep funding the Club has been significantly curtailed as he sought to sell his investment. He entered into exclusive talks with the KAM Group, MSP Sports Capital and Miami’s 777 Partners before reaching an agreement with The Friedkin Group in September.
With the sale of the Club being finalized, and the consequent departure of Moshiri, the Interim Board of Directors that was put in place last year following the departures of CEO Denise Barrett-Baxendale, finance director Grant Ingles and non-executive director Graeme Sharp will be disbanded.
Colin Chong stepped in as interim CEO and deserves tremendous credit for overseeing the final stages of construction of the new stadium at Bramley-Moore Dock, the keys to which are expected to be handed over to the Club for the final fit-out process any day now.
TFG have named the new Executive Chairman of Everton, Marc Watts, who is currently a director at AS Roma and will be joined in the boardroom at the Royal Liver Building by TFG’s chief financial officer, Ana Dunkel. Other directors are expected to succeed Chong, Moshiri, James Maryniak and John Spellman shortly.
With no announcement from the new owners regarding the footballing side of the operation, both the manager, Sean Dyche, and Director of Football, Kevin Thelwell, keep their jobs for the time being where continuity is understood to be preferred as Everton seek to preserve their place in the Premier League over the second half of the season.
A statement from Dan Friedkin read:
Dear Evertonians,
Following the completion of the takeover of Everton Football Club, I want to express my gratitude for your continued support and introduce the incoming Executive Chairman of Everton, Marc Watts.
I take immense pride in welcoming one of England’s most historic football clubs to our global family, The Friedkin Group. Everton represents a proud legacy, and we are honoured to become custodians of this great institution.
The Friedkin Group is a diverse family of companies with a global footprint spanning industries such as sports, automotive, entertainment, hospitality, and adventure. Across all our endeavours, we strive to deliver extraordinary experiences that ignite people’s passions. We are thrilled to bring this ethos to Everton and the Liverpool City Region.
Whilst we are new to the Club, we fully understand the vital role Everton plays in local culture, history, and the lives of Evertonians here and around the world. We are deeply committed to honouring this legacy while contributing positively to the community, economy, and people of this remarkable city.
Once again, thank you for your continued support.
Yours sincerely,
Dan Friedkin