How Much Did Friedkin Group Pay To Buy Everton And Why? Know Details
Friedkin has been proposed as the chairman of Everton’s board, with Marc Watts serving as executive chairman who will be responsible for the management of the club.
Everton became the 10th club in the Premier League under majority American control after the Friedkin Group completed its takeover of the Toffees.
The deal also brought to an end the turbulent tenure of Farhad Moshiri who said the sale was “the best outcome for the club and its future success.
The agreement for 99.5% of the club is believed to be worth in excess of £400m. Friedkin Group reached an agreement with Moshiri on 23 September and were awaiting regulatory approval from the Premier League which has now been granted.
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The Texas-based Friedkin group is led by chairman Dan Friedkin and also owns Italian Serie A club Roma and also has investments in the automotive industry, entertainment and hospitality. Friedkin has a net worth of £6.16bn, according to Forbes.
Friedkin has been proposed as the chairman of Everton’s board, with Marc Watts serving as executive chairman who will be responsible for the management of the club.
Friedkin said in an open letter, “I take immense pride in welcoming one of England’s most historic football clubs to our global family, the Friedkin Group. Everton represents a proud legacy, and we are honoured to become custodians of this great institution.”
British-Iranian businessman Moshiri first bought a 49.9% stake in Everton in 2016, before increasing his holding to 94.1% in 2022.
Everton, who have not played outside the top flight since 1953–54, have been in the bottom half of the Premier League for the past three seasons – finishing 16th, 17th and 15th – and are at the wrong end again in 16th.
Everton is a nine-time English champion which has been an ever-present in the top division since 1954 but is without a major trophy since 1995. The club have not played outside the top flight since 1953–54, have been battling relegation in the bottom half of the Premier League for the past three seasons – finishing 16th, 17th and 15th – and are at the wrong end again in 16th.
Arsenal, Aston Villa, Bournemouth, Chelsea, Crystal Palace, Fulham, Ipswich, Liverpool and Manchester United are majority owned by Americans. Silver Lake has minority investment Manchester City.
What led to the sale of Everton?
Moshiri’s tenure saw waste of hundreds of millions of pounds (dollars) on players, going through eight permanent managers and plunging Everton into financial instability, which led to the team having two separate points deductions last season because of reckless spending.
The club’s finances were particularly hit in March 2022 when Everton announced it paused its major sponsorship with companies belonging to Russian businessman Alisher Usmanov, a business partner of Moshiri, after he was sanctioned by the European Union in the wake of Russia’s invasion of Ukraine.
The Friedkin Group reached an agreement in principle in June to buy Moshiri’s stake, but talks were called off a month later. Everton was then in negotiations with American businessman John Textor, who said he had an exclusivity agreement with the club but needed to first sell his stake in Premier League rival Crystal Palace.
Earlier, there were talks of takeover of Everton by 777 Partners but did not materialise amid worries about the financial stability of the company.
Friedkin Group Plans for Everton
Watts said the group has pumped in capital to ensure the completion of the new stadium, converting most of Everton’s debt either to equity “repaid or refinanced on terms more favorable to the stability of the club.”
The new owners said they are working on six goals, including “strengthening the men’s first-team squad through thoughtful and strategic investment” and “enhancing Everton’s reputation as a unique and historical name in world football.”
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