Everton FC agree takeover deal with US tycoon Friedkin
The takeover is far from over the line as it still needs to be approved by various football and financial authorities. But it's likely to delight fans seeking some stability ahead of the move to the club's new stadium, which is expected next summer.
Tuesday 24 September 2024 12:08, UK
Everton Football Club is on course to get a new owner after a takeover deal was struck with a US firm.
Farhad Moshiri's Blue Heaven Holdings has agreed to sell its 94% stake to The Friedkin Group, it has been confirmed, subject to regulatory approvals.
Friedkin, owned by the US tycoon Dan Friedkin, is already a majority owner of the Italian club AS Roma.
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The company had initially pulled its interest in Everton during the summer amid concern over the Premier League club's investor loan structure.
But a spokesperson for The Friedkin Group said on Monday: "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."
No financial terms were disclosed.
The deal must, nevertheless, pass a string of tests demanded by the Premier League, Football Association and the Financial Conduct Authority.
If the deal is approved, it would bring to an end a protracted sale process - to the likely relief of the struggling club's fans.
Everton flirted with Premier League relegation last season following points deductions for historic breaches of financial rules.
The Toffees currently lie in 19th position in 2024/25, with just a single point from five outings.
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The Merseyside club was on the verge of being sold to US investment fund 777 Partners last year for a reported £550m.
That deal fell through amid efforts to meet Premier League conditions, it was reported.
Friedkin was granted a period of exclusivity but pulled out two months ago.
The sticking point was related to other investors' loans within the club.
Mr Moshiri's Blue Heaven holds a 94.1% share.
It had been understood that US businessman John Textor - a major investor in Crystal Palace - was firmly in the running to snap that up before Friedkin's renewed interest came to light.