The Friedkin Group have completed their takeover of Everton by buying former owner Farhad Moshiri’s 94.1 percent stake and have promised to bring financial stability to the Merseyside club and strengthen their squad as they bid to revive their fortunes.
The Texan billionaire Dan Friedkin is set to become Everton’s new chairman after acquiring the club through Roundhouse Capital Holdings Limited, a subsidiary of TFG. The deal was given the approval of the Premier League, the FA, the Women’s Professional Football Leagues and the Financial Conduct Authority.
And TFG, who also own Roma, are set to reduce Everton’s debt to around £300m, paid at lower interest rates with blue-chip lenders, after converting some debt to shares. By reducing the debt and turning some of it into equity, Everton and TFG took proactive steps because of the Premier League’s new shareholder loan regulations, which can affect PSR calculations.
Manager Sean Dyche and director of football Kevin Thelwell are both out of contract in the summer and TFG are planning to work with both in the short term, though neither has been given a new deal yet.
Friedkin has however acted by appointing Marc Watts executive chairman of the club and adding TFG’s chief financial officer Ana Dunkel to the Everton board, along with interim chief executive Colin Chong.
And 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.”
Moshiri, who bought Everton through his company Blue Heaven Holdings, lost hundreds of millions of pounds during his eight-year ownership, writing off most of the £450m he was owed in shareholder loans. But he oversaw the construction of their £760m new stadium at Bramley-Moore Dock, which Everton will move into next season, and he believes the club will have a better future.
Moshiri stated: “I truly believe that the transaction with The Friedkin Group is the best outcome for the Club and its future success. Despite a challenging geopolitical backdrop, a significant amount has been achieved over the last couple of years including the delivery of a new sporting department, the stabilisation of our finances and the delivery of our iconic new stadium. I now hand over to new owners confident in the outlook for the Club and that our incredible fans will see the success on the pitch that they so thoroughly deserve.”
