The Freidkin Group have reached an agreement with Everton for the Roma owners to acquire Farhad Moshiri’s 94.1 per cent majority shareholding in the Merseyside club, just two months after walking away from the negotiations table.
While the deal is still subject to regulatory approval, with the Premier League and Football Association still to green-light the transaction, The Friedkin Group, who are headed by US businessman Dan Freidkin, look set to take over as the Merseyside club’s new owners.
It is understood that the group, who had entered into a period of exclusivity with Everton’s current majority shareholder Farhad Moshiri, had stepped away from the negotiation table in July. Their initial hesitation had related to the structuring of Everton’s debts under Moshiri, with Everton being saddled by over £200m worth of debts to 777 Partners.
Crystal Palace co-owner, John Textor, had subsequently announced his intentions to sell his stake in the south London club and acquire the Merseyside outfit, with Mail Sport reporting last week that the American had attempted to fast-track the sale of his shares with the Eagles.
It was reported by Bloomberg last week that Friedkin had reignited their interest in purchasing Evertn and it nw seems the Houston-based group, have now beaten Textor to the acquisition of Everton.
‘Blue Heaven Holdings and The Friedkin Group confirm that they have reached agreement over the terms of the sale of Blue Heaven Holdings’ majority stake in Everton Football Club,’ Everton wrote on the club’s website.
‘The transaction is 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.’
Moshiri first purchased a 49.9 per cent stake in Everton back in February 2016 before going on to increase his stake in 2019 buy purchasing further shares from the Grantchester family.
Under Moshiri, Everton have had little success, avoiding relegation on several occasions while also being slapped with two points deductions last season for breaches of the Premier League’s Profit and sustainability rules.
Despite that, the club are close to finalising the construction of their new £800m stadium on the banks of the River Mersey, which should be operational next season and will also host matches at the 2028 European Champions.
Dan Friedkin, the CEO and owner of The Friedkin Group, is reportedly worth around £6.3billion, according to Forbes and owes much of his fortune to his work in the car industry, having inherited his father’s company Gulf States Toyota.
The organisation has exclusive rights to sell Toyota cars in Texas, Arkansas, Louisiana, Mississippi and Oklahoma, with the Friedkin Group also owning and operating several entertainment, golf and leisure businesses.
US billionaire Dan Friedkin could return to negotiating table to potentially purchase Everton
Everton’s sale process has been a protracted and drawn-out process that has lasted over a year. It became clear in 2023 that the club were looking for new investors, amid the construction of their new stadium on the Bramley Moore Dock.
Moshiri had announced that 777 Partners had agreed a deal to buy his 94.1 per cent stake in the club back in September 2023. But concerns evolved around the crisis-stricken US firm’s ability to purchase the club, despite 777 having previously loaned money to Everton.
Negative headlines revolved around the Miami-based firm, who earlier this year were accused of fraud in a New York court, while one of their airlines, Bonza, went into administration.
The firm would subsequently miss a deadline to provide proof of adequate funding to buy Everton, with takeover talks subsequently collapsing, leaving the door open to Textor and Friedkin. Some Everton fans claimed they ‘dodged a bullet‘ after 777’s deal to buy the club collapsed.
The Roma owners subsequently agreed a deal in principle with the current Blues owner to buy the Merseyside club, but would walk away from talks with Moshiri, amid concerns over the loans Everton owed to 777.
While the Houston-based firm subsequently walked away from the deal, Mail Sport understands that they had lent Everton money owed to another lender, MSP Sports Capital and paid the latest invoice owed to Laing O’Rourke, the construction company currently building the Blues’ new stadium.
With Friedkin stepping away, Palace co-owner Textor came to the fore, with the Eagles and Lyon co-owner being granted a period of exclusivity in August.
But Textor, who had secured backing from Aliya Capital Partners, had been vocal over the process of negotiations, with the club subsequently distancing themselves over his public discussions on the future of Toffees boss Sean Dyche.
Everton insisted that ‘some work had to be done to complete the transaction’ but admitted that ‘positive talks’ had taken place after Textor claimed the deal ‘would 90 per cent get completed’.
The news will come as a boost to Everton, who have endured a tough start to the Premier League season.
The Toffees are yet to win a game at the beginning of the 2024-25 campaign, having agonisingly been beaten by both Bournemoth and Aston Villa after taking the lead in both matches.
The Toffees, who sit bottom of the table, host Crystal Palace at Goodison this weekend, after picking up their first point of the league season against Leicester on Saturday.