Everton takeover: The Friedkin Group complete deal to become club's new owners
The Friedkin Group have completed their takeover of Premier League club Everton; Takeover ends the Farhad Moshiri era at Goodison Park; TFG agreed deal to purchase Moshiri's 94.1 per cent shareholding in the club; Dan Friedkin, who also owns Roma, has an estimated worth of £4.8bn
Thursday 19 December 2024 11:22, UK
The Friedkin Group (TFG) have completed their takeover of Premier League club Everton.
The Friedkin Group, which also owns Roma and is led by American billionaire Dan Friedkin, has acquired a majority stake in Everton, starting a new era for the Merseyside club and ending Farhad Moshiri's time in charge at Goodison Park.
Friedkin, who bought Serie A giants Roma in 2020, has an estimated worth of $6.1bn (£4.8bn).
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Incoming executive chairman Marc Watts said in an official statement: "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.
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"While restoring Everton to its rightful place in the Premier League table will take time, today is the first step in that journey."
Moshiri: Best outcome for Everton's future
Outgoing Everton majority shareholder Farhad Moshiri:
"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.
"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."
'A new, promising beginning for Everton'
Sky Sports News reporter Alan Myers:
"So, after an 18-month-long roller coaster of a sale process, Everton finally has new owners. It's been on, it's been off and it's been on again. First, it looked like MSP Sports Capital, then 777 Partners, there was the Friedkin Group's initial interest only for them to walk away, albeit to stay close by, then John Textor and then the re-emergence of TFG. The frustration and anxiety from the fans have been palpable at times but that is all behind them now, now they can look forward to a new era, in a new stadium with new owners.
"But what future can they look forward to? It's fair to agree with those supporters who suggest the Friedkin ownership of Serie A side AS Roma has been eventful, to say the least. They assumed control of the famous Italian club in 2020, and five managers later found themselves at the wrong end of the Serie A table and with a fan base unhappy with the American leadership's governance so far
"However, there has been silverware in that time, thanks to their high-profile appointment of Jose Mourinho, he reached two European finals winning one before leaving the club at the end of the 2023/24 season. They turned to a club legend in Danielle De Rossi, but he was sacked, leading to the resignation of the CEO and his replacement Ivan Juric was also shown the door with the club just four points above the relegation zone. The Friedkin Group turned to club favourite Claudio Ranieri to arrest the situation.
"Many of the issues they inherited at Roma are waiting for them at Everton: a team underperforming, a club with a big history and a passionate fan base hungry for a return to the glory days. They won't be throwing finances at the problems either, rightly so, there needs to be a sensible, thoughtful and balanced evolution and one that has a short-term success rate but a long-term vision.
"The group has shown a willingness to invest in the playing squad and are reducing the losses they inherited when they took over in 2020 and they've shown a ruthless approach to decision-making.
"Everton fans should not expect a revolution in the coming months I expect a rather low-key arrival and settling-in period. TFG want to show they have a long-term vision and plan but at the same time realise the need to deal with the job at hand, keeping Everton in the Premier League.
"There will be a new Chairman in Company President Marc Watts who also sits on the Roma board and he will be joined in the new look boardroom set-up by other existing members of TFG, with interim CEO Colin Chong remaining in position until a successor is appointed. Much hard work has been done by Chong since the departure of the previous board and Chairman, to reduce costs and deal with PSR issues, that work will allow a much easier transition for the new owners. However, they will walk into a club that needs change both culturally and results-wise. There have been issues with its relationship with the fans for a while now, many believe the club lacks an identity and they want to know where the club sees itself. That is a challenge the new owners will need to start work on immediately and get right too.
"Everton fans are desperate for a new beginning, a stable club and some progression on and off the pitch. The takeover and new stadium present an opportunity to build something special at a long-suffering club, which has seen a decline from its former glories in the past 30 years, but thanks to former owner Farhad Moshiri's millions they will have a state-of-the-art stadium, a much better financial outlook and some hope for the future, it's now the Friedkin groups chance to bring that change but they also need to be given the time to do it."
