Everton takeover COMPLETED as crisis club release statement with new owners set to bring ‘immediate financial stability’
EVERTON’S takeover has finally been completed as it ends the turbulent eight year tenure of Farhad Moshiri.
The Friedkin Group (TFG) finalised it’s majority takeover in a deal which is believed to be worth in excess of £400m.
Roundhouse Capital Holdings Limited, which is an entity within The Friedkin Group, have bought Moshiri’s 94.1 per cent stake in the club.
The group reached an agreement with Moshiri on 23 September and were awaiting regulatory approval, with the Premier League having the final say on the deal, which has now been granted.
Formal confirmation that the deal could go ahead came on Wednesday from the Premier League’s independent oversight panel.
The Texas-based group is led by chairman Dan Friedkin and also owns Italian Serie A club Roma.
Friedkin has a net worth of £6.16bn, according to Forbes.
Friedkin has been proposed as the chairman of Everton‘s board, with Marc Watts serving as executive chairman.
Friedkin said in an open letter: “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.
FOOTBALL FREE BETS AND SIGN UP DEALS
“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.”
Watts will be responsible for the management of the club.
The Friedkin Group’s proposed £800million takeover of the Toffees fell apart in July over concerns about the club’s debt to 777, an investment firm based in Miami.
The debt was said to come from a series of loans taken out by the club from the firm last season and was worth £200m.
TFG will be looking to clean up the club’s balance sheet and reduce debt of about £600m.
The incoming new owners will also be overseeing the grand opening of the Merseysiders’ new 52,888-seater stadium at Bramley-Moore Dock which will be ready for the start of the 2025-26 season.
Everton’s new Bramley-Moore Dock stadium will open at the start of the 2025-2026 season[/caption]
Representatives are in the UK and will be at Sunday’s Premier League match with Chelsea at Goodison Park.
It ends the Premier League club’s long search for new ownership.
The Toffees become the 10th club in the Premier League under majority American ownership.
British-Iranian businessman Moshiri first bought a 49.9 per cent stake in Everton for £87.5m in 2016, before increasing his holding to 94.1 per cent in 2022.
While no sums have been disclosed, Moshiri will walk away having made a significant loss.
In all, Moshiri invested around £750m in his dream but ended with little or no financial return as the blue side of Merseyside spiralled downwards.
Moshiri said: “I truly believe that the transaction with The Friedkin Group is the best outcome for the club and its future success.
“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.”
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.
THIS IS A DEVELOPING STORY..
The Sun is your go to destination for the best football, boxing and MMA news, real-life stories, jaw-dropping pictures and must-see video.Like us on Facebook at https://www.facebook.com/TheSunFootball and follow us from our main Twitter account at @TheSunFootball.
