Everton takeover confirmed as Friedkin Group reaches agreement with owner Farhad Moshiri
American billionaire Dan Friedkin will take majority ownership of Everton Football Club
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Your support makes all the difference.The Friedkin Group are set to buy Everton after reaching a full sale agreement to purchase owner Farhad Moshiri’s 94.1 percent stake.
Their takeover is expected to be completed before the end of 2024 and will end Moshiri’s eight-year reign at Goodison Park. The British-Iranian businessman is understood to have reduced his asking price out of his belief that the American company, run by Dan Friedkin, represented the best owners for Everton.
The deal is thought to value Everton at £500m and will leave them with much-reduced debts. While Everton wait for the takeover to be completed, the Friedkin Group are extending their own loans to the clubs, currently around £200m.
Friedkin is thought to be worth $6bn and TFG already owns Roma, He revived his interest in Everton after a takeover bid broke down in the summer.
The Friedkin Group had entered into a period of exclusivity but decided not to pursue their interest in the Merseyside club due to complications relating to a loan of £200m to 777 Partners, which they thought was unresolvable. However, they have now come to an agreement with A-Cap, the insurance company controlling 777’s stake to restructure the debt.
Moshiri had been in talks with American businessman John Textor, though he would have needed to sell his 45 percent stake in Crystal Palace if he were to take a controlling stake in another club. Textor’s interest has now been ended with the formal agreement with TFG.
The Friedkin Group had loaned Everton money in the summer, partly to repay a loan to MSP Sports Capital and to inject capital into the club to help fund the construction of their new stadium at Bramley-Moore Dock, and had remained in discussions with all parties.
They have also struck a deal with Blue Heaven Holdings, Moshiri’s company, subject to approval from the FA, the Premier League and the Financial Conduct Authority. Friedkin is not expected to face any issues passing the Owners’ and Directors’ Test.
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 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.”
Besides their debts to TFG and 777, Everton also owe Rights and Media Funding with their total debts around £600m. The Friedkin Group will pay off some of that debt on completion.
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