Friedkin Group takeover of Everton FC approved by Premier League

US media tycoon Dan Friedkin’s acquisition of Everton FC has been approved by the Premier League.

The club confirmed it has been acquired by Roundhouse Capital Holdings Limited, an entity within The Friedkin Group (TFG), following an agreement between former owner Farhad Moshiri’s Blue Heaven Holdings (BHH) and Roundhouse for the sale of BHH’s majority stake in the club.

The deal received the necessary regulatory approvals from the Premier League, Women’s Professional Leagues Limited, the Football Association, and the Financial Conduct Authority.

Marc Watts, incoming Executive Chairman of Everton FC, said: “Today marks a momentous and proud occasion for The Friedkin Group as we become custodians of this iconic football club.

“We are committed to leading Everton into an exciting new era both on and off the pitch. Providing immediate financial stability to the club has been a key priority, and we are delighted to have achieved this. While restoring Everton to its rightful place in the Premier League table will take time, today is the first step in that journey.”

Farhad Moshiri said: “I truly believe that the transaction with The Friedkin Group is the best outcome for the club and its future success.

“There has been a huge team effort in getting to this stage and I would like to personally thank my board colleagues John Spellman and Colin Chong and all the senior management team including Katie, James, Richard and of course Kevin and Sean for their huge commitment to the club.”

He added: “Despite a challenging geopolitical backdrop, a significant amount has been achieved over the last couple of years including the delivery of a new sporting department, the stabilisation of our finances and the delivery of our iconic new stadium.

“I now hand over to new owners confident in the outlook for the club and that our incredible fans will see the success on the pitch that they so thoroughly deserve.”

Dan Friedkin, Chairman and CEO of TFG, is proposed to be Chairman of the board. He has appointed Marc Watts to serve as Executive Chairman, who will be responsible in this role for the management of the club.

Ana Dunkel, TFG’s Chief Financial Officer and Colin Chong, the club’s interim CEO, will also serve on the board. Additional appointments will be made in the coming weeks.

TFG said its vision for Everton focuses on building a sustainable and successful future. Key priorities include:

• Strengthening the men’s first team squad through thoughtful and strategic investment.
• Cultivating home grown superstars through Everton’s Academy.
• Fostering a distinct on-pitch and commercial strategy for the women’s team.
• Respecting the club’s traditions and keeping Everton at the heart of the community.
• Maximising the potential of the new stadium through long term commercial partnerships and events that benefit the city of Liverpool.
• Enhancing Everton’s reputation as a unique and historical name in world football.

In view of recent changes to the Premier League’s shareholder loan regulations, Everton took proactive steps prior to the transaction’s completion.

These included increasing the club’s share capital to convert outstanding debt owed to BHH into equity, thereby facilitating additional equity investment from Roundhouse.

With this acquisition, TFG said it is committed to delivering a strong and sustainable future for Everton, restoring its competitive stature and maintaining its deep connection with fans and the community.

Confirming its approval of the deal today, the Premier League board revealed that TFG now owns 98.8% of Everton, after successfully passing the league’s Owners’ and Directors’ Test.

It said: “Having been agreed by the board, the takeover has now been ratified by an Independent Oversight Panel.

“The club’s new owners and directors have also signed the Premier League’s Owners’ Charter.

“The Premier League now awaits confirmation of the satisfactory completion of the transaction.”

Farhad Moshiri

Today’s approval will be seen by many Everton fans as an early Christmas present.

Majority shareholder, Moshiri, who bought the club in 2016, announced in September last year a deal to sell his stake to Miami-based 777 Partners. It is believed his shareholding was valued, then, at £500m.

But in May this year the deal fell through after 777 was unable to fund the proposed takeover.

This resulted in Everton announcing an exclusivity period for TFG the month after, allowing TFG time for due diligence ahead of a potential deal.

A month later TFG pulled out, reportedly over fears linked to outstanding loans to the club from 777.

But in September the takeover was reignited when TFG, which also owns Italian Serie A club AS Roma, returned to the table.

Monaco-based Moshiri has been an ‘absent landlord’ after fans turned on the board following successive relegation battles and Premier League points deductions under Profit and Sustainability Rules due to the club’s poor financial performance.

Incoming Executive Chairman, Mark Watts, said in an open letter to fans today: “In the short term, we understand the club has faced significant challenges on and off the pitch for several years. That’s why our immediate priority is stabilising the club and improving results on the pitch.

“We have provided an injection of capital to ensure the completion of the new stadium. The transaction has seen most of Everton’s debt either converted to equity, repaid or refinanced on terms more favourable to the stability of the club.

“Whilst there is much work to be done, and PSR remains a limiting factor in the short term, the underlying financial position is now much stronger.”

He added: “On the pitch, we have a lot still to fight for this season and our energies are now focused on maximising the remaining time to drive results.

“We’re pleased that Colin Chong has agreed to remain in his interim position while we finalise the appointment of a new permanent CEO, which we will update you on in due course. We want to thank Colin, the leadership team and everyone at Everton for their hard work and support.

“We also want to thank Farhad Moshiri for his cooperation during the transition and facilitating a new start for Everton.

“The road ahead of us is long and there will be further challenges to come, but we are committed to living by Everton’s motto: nil satis nisi optimum.”

Moshiri also penned a last letter to the Everton fan base following today’s news.

He said: “This will be the last time I write to you, the fans, of this incredibly special football club, as we now complete on the proposed purchase transaction with TFG.

“I write with mixed emotions, with a sense of optimism for what the future may hold but also some sorrow when reflecting on the past.

“The last couple of years have been challenging to say the least for the football club, financially, boardroom change and results on the pitch and of course the loss of our Chairman Bill Kenwright.

“I am proud of the way the club has overcome these challenges both internally and with the tremendous support you the fans have given us all.”

In reference to Everton’s ‘Lazarus-style’ escape from relegation in May 2022, when the team turned round a 0-2 deficit against Crystal Palace with three second half goals, he said: “There is, of course, passion in football, but I really believe that there is nothing to match the passion of Evertonians, and there is nothing like Goodison in full voice such as inspiring the team as you did in the second half against Palace.”

New owner, Dan Friedkin, said in a statement: “I take immense pride in welcoming one of England’s most historic football clubs to our global family, The Friedkin Group. Everton represents a proud legacy, and we are honoured to become custodians of this great institution.

“The Friedkin Group is a diverse family of companies with a global footprint spanning industries such as sports, automotive, entertainment, hospitality, and adventure. Across all our endeavours, we strive to deliver extraordinary experiences that ignite people’s passions. We are thrilled to bring this ethos to Everton and the Liverpool City Region.

“Whilst we are new to the club, we fully understand the vital role Everton plays in local culture, history, and the lives of Evertonians here and around the world. We are deeply committed to honouring this legacy while contributing positively to the community, economy, and people of this remarkable city.”