The Friedkin Group, a U.S. consortium, is poised to finalize its takeover of Everton by purchasing the 94% stake held by majority shareholder Farhad Moshiri. The agreement was reached on Monday.
The acquisition is expected to cost the Friedkin Group between £400 million and £500 million, as reported by Sky Sports.
Initially, the group had planned to buy out Moshiri in June but withdrew from negotiations after allegations of fraud against one of Everton’s creditors, 777 Partners, surfaced in a New York court filing. 777 Partners had attempted a takeover of the club last September but missed a critical deadline.
A joint statement confirmed, "Blue Heaven Holdings and The Friedkin Group confirm that they have reached (an) agreement over the terms of the sale of Blue Heaven Holdings' majority stake in Everton Football Club." The deal is pending regulatory approval from entities including the Premier League, the Football Association, and the Financial Conduct Authority.
A representative for the Friedkin Group expressed enthusiasm about "providing stability to the club and sharing our vision for its future, including the completion of the new Everton Stadium at Bramley-Moore Dock."
The Friedkin Group emerged victorious in a competitive bidding process, surpassing Crystal Palace co-owner John Textor, who had entered exclusive discussions to acquire the club in August. Any potential agreement with Textor depended on his sale of a 45% stake in Crystal Palace, as Premier League regulations prohibit ownership of shares in more than one club.
Additionally, the Friedkin Group owns AS Roma in Serie A, which is currently under pressure following the dismissal of former player and beloved manager Daniele De Rossi last week. UEFA rules only restrict multi-club ownership if all involved teams have qualified for European competitions.
The primary challenge facing the consortium is Everton’s significant debt, which has reportedly reached £600 million. Approximately £200 million of this debt is owed to the Friedkin Group, with another £200 million owed to 777 Partners.
