Everton FC owner, Moshiri, strikes deal to sell club to Friedkin Group

A deal has been agreed between Everton FC owner, Farhad Moshiri, to sell his 94.1% stake in the club to US-based Friedkin Group.

The business, headed by Dan Friedkin, still needs to gain Premier League approval for the acquisition to proceed.

Moshiri confirmed this afternoon that his Blue Heaven Holdings has struck a deal to sell.

A statement issued by Everton FC says: “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.

“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.”

The Friedkin Group was granted exclusivity to pursue an acquisition deal with Moshiri on June 21, 2024, after previous bidder, Miami-based 777 Partners, missed a deadline to conclude its takeover offer.

This was despite 777 being sole bidder since September last year, and investing around £200m in loans to the Merseyside club over the period towards its short term working capital and construction of the new stadium on Bramley-Moore Dock.

Monaco-based British-Iranian businessman Moshiri announced last September that he was selling his shareholding for around £500m and named 777 Partners as his preferred bidder.

In the meantime a clutch of other interested bidders had emerged, including local property developer George Downing and financier Andy Bell, US-based consortium MSP Sports Capital, a consortium of international investors which involved a member of the Saudi royal family and was said to have made a £400m offer, Vici Private Finance, a UK-based vehicle reported to be backed by two ‘western billionaires’, and, reportedly, US insurer, A-Cap, controlled by Kenneth King.

However, almost a month after gaining exclusivity, Friedkin walked away from talks.

Progress appeared to have been made, so much so that Friedkin repaid a £158m loan to MSP Sports Capital and the two local businessmen and loaned around £200m to ensure the completion of construction of Everton’s new £760m stadium by the scheduled December 2024 target.

But 777 Partners is currently embroiled in serious legal issues in the US, with no prospect of an early resolution.

It was reported that Friedkin was loathe to progress the takeover and expose himself to the possible fall-out from these issues, and potential costly settlements.

Most recently, Crystal Palace 45% stakeholder, John Textor, had been granted exclusivity to conclude his own agreement with Moshiri.

Earlier this month the 58-year-old American digital entrepreneur released a statement claiming a deal was close, but Everton moved swiftly to temper any such speculation, saying: “While positive conversations and progress continues to be made with Mr Textor to formalise any deal with him, there remains some work to be done to complete the transaction.”

The deal between Moshiri and Friedkin must still receive regulatory approval from the FA, the Financial Conduct Authority, and the Premier League.

If it is concluded, it will be seen as the best possible outcome by most Evertononians who had voiced their disquiet over the potential 777 Partners bid.

Friedkin is seen as a credible operator with serious experience of the European game and willing to invest in Everton.

He owns 95.97% of Italian Serie A side, AS Roma, which he acquired in August 2020 for $591m. He wants to make Everton and Roma the jewels in the crown of his football interests.

In May 2022, Roma won the inaugural edition of UEFA Europa Conference League, defeating Feyenoord in the final, under coach José Mourinho, who Friedkin appointed in 2021.