Friedkin Group agrees Everton takeover deal

Everton’s period of financial uncertainty amid its development of a new stadium appears poised to finally come to an end after the Premier League football club announced a takeover deal has been agreed with The Friedkin Group (TFG).

Today’s (Monday’s) announcement comes after Everton confirmed an end to a proposed takeover from the US consortium, which also owns Italian Serie A club AS Roma, back in July. TFG had been in exclusive talks with Blue Heaven Holdings, the entity controlled by Everton owner Farhad Moshiri, for the previous month, but withdrew from negotiations amid reported concerns over the extent of the club’s debt.

Blue Heaven Holdings and TFG today confirmed that they have reached agreement over the terms of the sale of the former’s majority 94% stake in Everton, with the transaction subject to regulatory approval, including from the Premier League, the Football Association, and the Financial Conduct Authority.

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.”

TFG had been in initial takeover talks with Everton after the club in June confirmed that an agreement for embattled US investment fund 777 Partners to purchase a majority shareholding had expired.

Everton’s external debt has since risen to around £600m (€718.2m/$799.5m), according to The Athletic, £200m of which is owed to TFG. The Friedkin Group’s exit had led to John Textor, whose Eagle Football Group operates a multi-club ownership portfolio, emerging as the new favourite to add Everton to its ranks.

However, Eagle Football Group’s investments include a 45% stake in Everton’s fellow Premier League club Crystal Palace, leading to complications regarding Premier League ownership rules and the inability to enter into any exclusivity agreement with Blue Heaven Holdings.

Everton started work on its new 52,888-capacity home in August 2021 and the project is due for completion later this year before the club moves into the venue ahead of the 2025-26 season.

Everton has recently signed a host of commercial deals for Everton Stadium and last month landed the third founding partner for its new home, with Anglo-Swiss watch brand Christopher Ward to offer a showroom experience in what the club claims is a first for a football stadium.

Through its ownership of Roma, TFG is also attempting to push forward with a project to deliver a new stadium for the club in the Pietralata district of the Italian capital. In July, Roma gave the first look at the design concept for its proposed new home, with the club stating it will feature the largest single stand in Europe.