Everton agree takeover deal with the Friedkin Group with the deal subject to approval from the Premier League.
Everton can finally see the light at the end of the tunnel with their ownership saga set to be resolved.
The Merseyside-based club have finally come to terms with the Friedkin Group for the takeover of 94% shares of erstwhile owner Farhad Moshiri.
The news comes two months after the Friedkin Group had pulled out of talks for the same.
John Textor, current Crystal Palace co-owner was the frontrunner in the last few days. However, Premier League rules did not allow him to have a stake in another PL club.
A statement released by Everton said: “Blue Heaven Holdings and The Friedkin Group confirm that they have reached agreement over the terms of the sale of Blue Heaven Holdings’ majority stake in Everton Football Club. The transaction is subject to regulatory approval, including from the Premier League, the Football Association, and the Financial Conduct Authority.”
A spokesperson for The Friedkin Group said. “We are pleased to have reached an agreement to become custodians of this iconic football club. We are focused on securing the necessary approvals to complete the transaction. We’ll look forward to providing stability to the club. And sharing our vision for its future, including the completion of the new Everton Stadium at Bramley-Moore Dock.”
Concerns over the £200 million owed to the team by 777 Partners—one of numerous businesses that have attempted to buy out Moshiri in the last 18 months—caused Friedkin’s initial effort to acquire Everton to collapse. A lawsuit has been filed in a New York district court between 777 Partners and the asset management company Leadenhall Capital, which is based in London.
It is highly possible that Friedkin will pass the test administered by the Premier League’s owners and directors. After two months of failed discussions, the American concluded the takeover of the Italian club Roma, which he also controls.