Friedkin Group agrees deal to buy Everton

The Friedkin Group has reached an agreement to buy Farhad Moshiri’s majority 94% stake in Everton.

The deal is subject to regulatory approval from the Premier League, the Football Association and the Financial Conduct Authority.

A spokesperson for The Friedkin Group said in a statement on Monday: “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 had agreed a deal in principle to purchase current owner Moshiri’s 94% stake in June.

But talks were called off a month later after the two parties failed to finalise an agreement. That followed Miami-based 777 Partners being unable to a complete a deal earlier this year.

Chairman Dan Friedkin, who also owns Serie A side Roma, has a net worth of £5.7bn according to Forbes., external

In a complex saga surrounding the takeover, American businessman and Crystal Palace owner John Textor then jumped in for talks but could not complete a deal because Premier League rules prohibit individuals from owning more than one team.

The Friedkin Group is already a lender to the club after injecting £200m, though this could be converted to equity as part of the deal.

The agreement between the group and Moshiri’s Blue Heaven Holdings has been signed and finances are in place for completion.

The group’s due diligence on the club was done when they were given exclusivity in June and concerns around a separate £200m loan provided by 777 Partners have been resolved.

In June, American businessman Friedkin wanted Roma and Premier League club Everton to sit at the top of a multi-club model.

Last week, the Italian club sacked boss Daniele de Rossi just four games into the new season andon Sunday supporters displayed their anger at the decision to dismiss the club legend, while chief executive Lina Souloukou stepped down from her role.

The end of Moshiri’s reign?

British-Iranian businessman Moshiri first bought a 49.9% stake in Everton in 2016, before increasing his holding to 94.1% in 2022.

But he and the club were hit hard by Russia’s invasion of Ukraine with Everton suspending commercials sponsorships with USM Holdings, which was part-owned by Alisher Usmanov.

The billionaire had his assets frozen by the European Union and Moshiri resigned from his role as chairman in the company when Usmanov was sanctioned.

Moshiri had been looking for a buyer and agreed to sell his stake to 777 Partners in September 2023, but eight months later they missed a deadline to complete the takeover.

Everton suffered two separate deductions totalling eight points last season for breaching the Premier League’s financial rules.

Sean Dyche’s side are currently joint-bottom of the Premier League and yet to win this season, collecting just one point from their opening five games.

During Moshiri’s tenure, Everton have had eight permanent managers and two caretakers in charge of the team.