Paul Quinn has prepared a detailed report to answer a number of questions that come to mind with the ongoing speculation that has followed the decision by The Friedkin Group to sell Everton Football Club.
- What did The Friedkin Group pay for Everton FC?
- How much have they invested since the purchase?
- What do recent Premier League sales say about the asking price?
It would be nice to provide simple one-line answers to these questions but, with such multi-million pound deals, the devil is of course in the detail.
What did TFG pay for Everton?
On the face of it, the price TFG paid Farhad Moshiri for his 94.1% stake (bought via holding company Roundhouse Capital Holdings) looks like a complete steal.
- The Equity Price: Using the accounts of TFG’s holding company Roundhouse, who technically purchased Moshiri’s Everton shares for an initial consideration of £25M, Paul shows that there is also a deferred consideration of £42.4M, giving an initial total of £67.4M. It is unclear if this has been paid or is possibly being retained to cover compensation paid to Burnley FC.
- The Debt Settlement: Crucially, buying Everton meant taking on Everton’s crippling debts. To complete the deal, TFG settled £251.9M in existing club debts (paying off external lenders) and incurred £12.1M in transaction costs.
- The Total Acquisition Cost: Adding the share price, debt settlement, and costs together, TFG’s total cost to acquire the club was £331.3M.
It is worth noting that Football Benchmark had valued Everton at £474M, including debt, in January 2024. As is widely acknowledged, Farhad Moshiri took an astounding haircut as he was relieved of the burden of owning Everton FC, be it for a ‘paltry’ return of £25M or £67.4M.
How much have TFG invested in Everton?
To keep Everton running day-to-day, clear working capital deficits, and complete the new stadium at Bramley-Moore Dock, TFG have had to keep digging deep into their pockets:
- Repeated Cash Injections: Between completing the takeover in December 2024 and mid-2026, Paul calculates that TFG channelled ~£401.3M in total cash equity injections directly into the club across multiple tranches, in exchange for an ever-increasing number of shares.
- Refinancing the Debt: Alongside their direct cash equity, TFG restructured Everton’s debt profile away from expensive, short-term lenders. They secured £350M in 30-year senior secured notes and a £130M revolving credit facility with JP Morgan, giving the club long-term stability and far lower interest rates.
- Total Commitment: When you combine the initial acquisition cost (£331M) and subsequent funding injections via Roundhouse, TFG’s verified total commitments sit at around £396.8M to £401.3M in real funding.
All well and good… until it went horribly wrong toward the end of that disastrous summer transfer window, when the flow of cash stopped but the departure of squad players didn’t and TFG ended up with a net gain in player trading of around £25M.
How Does Everton’s sale price compare?
To get an idea of what Everton is worth on the open market today, Paul looks at recent transactions across the Premier League — including Chelsea, Liverpool, Crystal Palace, and Brentford — using a standard industry metric: Turnover Multiple (how much a club is valued relative to its annual revenues).
- The Top-Six Benchmark (Chelsea & Liverpool): Big Six clubs with guaranteed global reach and regular European football trade at high multiples — often 4x to 5x turnover. When Chelsea was sold under forced distress, it still fetched a huge multiple due to its brand power and commercial clout.
- The Mid-Table Benchmark (Crystal Palace & Brentford): Well-run, established Premier League clubs without massive global fanbases typically trade between 1.5x and 2.5x turnover.
- Where Everton Fits: Everton’s annual turnover sits around £170M – £200M. At a conservative 2.0x turnover multiple, Everton’s basic club operations would be valued at £350M – £400M.
However, Everton possesses a major enterprise asset that Brentford or Palace do not: a state-of-the-art, brand-new 52,769-capacity waterfront stadium, which could substantially boost long-term matchday revenue and commercial appeal. Forbes valued Everton at $930M (£715M) in May 2026, largely on the strength of Hill Dickinson Stadium.
Reports suggest a target price of £750–800M for a complete sale, with current debts of around £468M. But the reporting does not make clear whether the debt is inside or additional to that asking price.
TFG bought Everton at a heavy discount (£331M acquisition valuation) because Moshiri was desperate to exit and the debt burden was unsustainable. Having cleaned up the balance sheet, restructured the debt, and completed the stadium, TFG have built substantial equity value in the club and are now looking for a relatively quick return on their investment.
Read Paul Quinn’s full report: Everton FC, what the Friedkin Group paid, what has been invested since, and what recent Premier League deals say about the price