Everton usher in new era as Friedkin Group complete takeover to signal the end of Farhad Moshiri’s time as owner.
Everton usher in the start of a new era as the Premier League has officially ratified their takeover by the Friedkin Group.
In September, Moshiri’s 94.1% stake in the US corporation (TFG), which is controlled by Texas billionaire Dan Friedkin, was acquired through a complicated agreement. It purchased 98.8% of Everton overall through a company called Roundhouse Capital Holdings Limited. Following modifications to Premier League shareholder loan restrictions, Everton recently raised its share capital in order to convert debt owed to Moshiri’s Bluesky Capital into stock. The £451 million in loans from Bluesky Capital have been repaid.
Watts said: “Today marks a momentous and proud occasion for The Friedkin Group as we become custodians of this iconic football club. We are committed to leading Everton into an exciting new era both on and off the pitch. Providing immediate financial stability to the Club has been a key priority, and we are delighted to have achieved this. While restoring Everton to its rightful place in the Premier League table will take time, today is the first step in that journey.”
Although a price has not been set for the acquisition, TFG may ultimately spend around £500 million. Although TFG has refinanced Everton’s long-term debt with senior lenders at more favourable terms, the team still owes money on their new stadium. The Premier League, Women’s Professional Leagues Limited, Football Association, and Financial Conduct Authority all approved the transaction, which brings Everton to a portfolio that also includes Cannes and Roma. The number of Premier League clubs that an American investor owns or partially owns is eleven.
In an open letter to fans, Watts stated TFG’s immediate priority is to stabilise Everton and improve results. He outlined its long-term goals as: “Strengthening the men’s first-team squad through thoughtful and strategic investment. Cultivating home-grown superstars through Everton’s academy. Fostering a distinct on-pitch and commercial strategy for the women’s team. Respecting the club’s traditions and keeping Everton at the heart of the community. Maximising the potential of the new stadium through long-term commercial partnerships and events that benefit the city of Liverpool. Enhancing Everton’s reputation as a unique and historical name in world football.”