The saga of Everton and its subsequent sale is nearing its close, as the Friedkin Group has reached an agreement to buy the club. The consortium’s CEO, Dan Friedkin, is agreeing to buy the club from Farhad Moshiri. Moshiri, the lamented owner of the Toffees, has been working to sell the club for the better part of two years. Over that time, several buyers, including The Friedkin Group, have come and gone. Now, though, the sale is moving to regulatory approval from three entities, including the Premier League.
Moshiri’s ownership company, Blue Heaven Group, and the Friedkin Group released a joint statement on Monday. Neither the club nor the Friedkin Group mentioned the financial costs of the deal. However, the intricacies of Everton’s debt certainly play a major role. For reference, Everton’s mounting debt, which The Athletic estimates is roughly $800 million, turned The Friedkin Group away in July. Now, though, the Texas-based consortium is taking over at Merseyside.
“We are pleased to have reached an agreement to become custodians of this iconic football club,” The Friedkin Group said. “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.”
When The Friedkin Group backed out in July, it opened the door for John Textor. The American tried to enter exclusive negotiations with Farhad Moshiri and Everton. However, to do that, Textor needed to sell his stake in Crystal Palace, which is around 45%. He failed to make that work, which may explain why Friedkin and his consortium were able to step back in.
Friedkin Group ownership must clean Everton before it can build it back
As stated, the biggest hurdle for The Friedkin Group was the growing debt that Farhad Moshiri brought to the club. Some of that is owed to Friedkin himself. The American loaned Everton $267 million. TFG insisted that no other club could purchase Everton until Everton repaid that loan. Now that The Friedkin Group is entering the final stages of acquiring Everton, that existing loan could bring down the cost of the club for the American.
The Friedkin Group taking over Everton adds to two growing trends in England and Europe. On one front, Dan Friedkin will be yet another American owner of a Premier League club. Assuming Textor also stays on at Crystal Palace, Friedkin will be the 11th club with at least some form of American ownership. Most of those are majority ownerships of clubs. Manchester City is the only club lacking an American majority ownership.
Then, The Friedkin Group also owns Serie A side Roma. Therefore, Everton will be the latest club to be a part of a multi-club ownership model. That said, Everton and Roma are not clubs experiencing hard times on the pitch. Roma recently sacked manager Daniele De Rossi, much to the chagrin of the club’s supporters. One win, three draws and one loss have Roma as a mid-table side.
That is better than Everton, though. The Toffees picked up their first points of the Premier League season in a draw against Leicester City. Although it is early in the season, Everton is in the relegation zone, and it is already out of the EFL Cup. On the bright side for Everton, Friedkin could be salvation from the ever-present financial woes.
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