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US-based Friedkin Group completes Everton takeover
The US-based Friedkin Group has completed the takeover of Premier League strugglers Everton, ending a turbulent period for the club under the ownership of Farhad Moshiri.
Everton have been acquired by Roundhouse Capital Holdings Limited, an entity within the Friedkin Group (TFG), the club announced on Thursday.
The Premier League said TFG had purchased a 98.8 percent stake in Everton, which becomes the 10th English top-flight club under majority American ownership -- a list that includes Arsenal, Chelsea, Liverpool and Manchester United.
Everton said in September that TFG had agreed to buy Moshiri's majority stake subject to regulatory approval, which has now been granted by the Premier League, Women's Professional Leagues Limited, the Football Association and the Financial Conduct Authority.
The BBC reported that TFG's deal to buy Everton was worth more than £400 million ($500 million).
The Texas-based group is led by chairman Dan Friedkin and also owns Italian Serie A club Roma. Friedkin has a net worth of $7.7 billion, according to Forbes.
Friedkin, in an open letter, said: "I take immense pride in welcoming one of England's most historic football clubs to our global family, the Friedkin Group."
Incoming executive chairman Marc Watts said "providing immediate financial stability to the club has been a key priority".
"While restoring Everton to its rightful place in the Premier League table will take time, today is the first step in that journey," he added.
British-Iranian businessman Moshiri bought a 49.9 percent stake in Everton in 2016, later substantially increasing his stake.
He welcomed the deal, saying: "I truly believe that the transaction with the Friedkin Group is the best outcome for the club and its future success."
American investment firm 777 Partners were unable to complete a deal earlier this year while John Textor, who has a share in Crystal Palace, had previously been in the frame.
The Liverpool-based club posted losses of just under £400 million for the four years between 2019 and 2023.
Everton have twice been sanctioned under the Premier League's profitability and sustainability rules in the past 13 months, and had eight points in total deducted last season.
The club have been ever present in the English top flight for the past 70 years but have flirted with relegation in recent seasons.
They are currently 16th in the Premier League table, just three points above the relegation zone.
Sean Dyche's side host second-placed Chelsea on Sunday.
- 'Historic club' -
Despite their recent struggles, Everton are one of England's most historic clubs. Only Manchester United, Liverpool, Arsenal and Manchester City have won more top-flight titles than their total of nine.
But they were last crowned champions of England in 1987 and have not won a major trophy since 1995.
Everton are putting the finishing touches to a new stadium and are preparing to leave Goodison Park, which has been the club's home since 1892.
The Everton Fan Advisory Board (FAB) said supporters can now look forward with "hope and optimism".
"Notwithstanding the development of our exceptional new home on the banks of the Royal Blue Mersey, our recent history has been clouded by relegation battles, financial uncertainty, failed ownership bids, a leadership vacuum and unjust sporting sanctions," said a FAB statement.
"Today's announcement provides the opportunity for Evertonians to once again look forward with hope and optimism."
F.dAangelo--INP
