In a significant development for English football, the Texas-based Friedkin Group has officially acquired a 98.8% stake in Everton, marking its position as the 10th American ownership in the Premier League.
The Friedkin Group, led by Dan Friedkin and his son Ryan, has expanded its extensive investment portfolio to include Everton, one of England’s most storied football clubs. This acquisition, which concludes the eight-year reign of British-Iranian businessman Farhad Moshiri, underscores the growing influence of American investors in the Premier League.
Although the financial terms of the deal were not publicly disclosed, reports by BBC and other British media outlets estimate the transaction to exceed £400 million (approximately $500 million). Dan Friedkin, whose net worth is valued at $6.4 billion according to Forbes, expressed his excitement about the purchase, stating, ‘I take immense pride in welcoming one of England’s most historic football clubs to our global family.’
Everton, known as the Toffees, holds a prestigious history with nine English championships. However, the club has not secured a major trophy since 1995 and has struggled with relegation threats in recent seasons. Despite these challenges, Everton remains a permanent fixture in England’s top division since 1954, making the Friedkin Group’s acquisition a noteworthy chapter in its ongoing narrative.
Moshiri, who initially became Everton’s major shareholder in 2016 after selling his stake in Arsenal, faced criticism for financial mismanagement during his tenure. His leadership saw the club undergo significant financial woes, with millions spent on players and frequent managerial changes, leading to two separate points deductions last season.
Everton’s financial struggles were exacerbated post-March 2022 when the club terminated significant sponsorship deals with entities owned by Russian oligarch Alisher Usmanov following European Union sanctions amid the geopolitical tensions of Russia’s invasion of Ukraine.
Moshiri remarked that the sale of his stake was ‘the best outcome for the club and its future success,’ citing achievements including the establishment of a new sporting department, financial stabilization, and the progress of their new stadium at Bramley-Moore Dock.
Under Friedkin’s ownership, Marc Watts, the new executive chairman, emphasized the immediate focus on stabilizing the club and enhancing on-field performance. The ownership has pledged to inject undisclosed capital to ensure the completion of the new stadium and address Everton’s debt, converting it to equity or refinancing it on better terms.
The new owners outlined six primary goals, among which ‘strengthening the men’s first-team squad through thoughtful and strategic investment’ and ‘enhancing Everton’s reputation as a unique and historical name in world football’ were highlighted. These initiatives align with the aim to restore Everton to its past glories.
Everton fans are cautiously optimistic yet somewhat concerned about the Friedkin Group’s track record with AS Roma. The company has maintained a low public profile and faced discontent from Roma’s supporters due to controversial management decisions, including dismissing a revered former captain.
Negotiations leading to Friedkin’s takeover were fraught with challenges, previously involving potential agreements with other investors like John Textor and 777 Partners. However, Friedkin’s eventual acquisition marks a pivotal moment for the club.
While Sean Dyche remains Everton’s manager, the new ownership might reassess his position to align with their strategic vision, potentially influencing the club’s trajectory in the upcoming seasons.
The Friedkin Group’s acquisition of Everton signifies another shift in the Premier League landscape, further cementing the involvement of American investors. As the Friedkins take over, Everton’s supporters hope for a revival of fortunes on the pitch and a stable financial future, amid cautious optimism about the direction of their cherished club.
Source: Local10
