The Everton FC ownership saga has been a rollercoaster ride for fans, but it seems the journey is finally nearing its end.
After months of uncertainty, Dan Friedkin, the billionaire behind The Friedkin Group and current owner of AS Roma, has stepped in to acquire a 94.1% stake in the club from Farhad Moshiri. This deal, once finalized, could be the breath of fresh air that Everton has long been waiting for.
— Everton (@Everton) September 23, 2024
The path to new ownership has been anything but smooth. Everton’s financial situation turned into a significant stumbling block for potential buyers, especially 777 Partners, who were originally lined up to take control.
The Miami-based investment firm ran into financial trouble, including a bankruptcy in one of their airline companies and ongoing fraud charges, which led to the deal collapsing. Now, with Dan Friedkin’s net worth of nearly $7 billion, Everton is looking toward a brighter, more stable future.
For months, Everton fans have been on edge, unsure of what the future holds for their beloved club. Farhad Moshiri’s reign as owner has been marred by underperformance, financial struggles, and fan unrest.
Everton’s massive debts—over £200 million owed to 777 Partners—cast a shadow over the club, making it difficult to secure new ownership. The situation became even more precarious when 777 Partners’ financial instability began to unravel, leading to the collapse of their acquisition deal.
It wasn’t just the debt that scared off potential buyers. The club also owed money to MSP Sports Capital and the construction company building Everton’s new stadium at Bramley-Moore Dock.
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This towering debt left Everton in a vulnerable position, with uncertainty looming over both the club’s performance on the pitch and its financial health off it.
Dan Friedkin initially entered the fray earlier this year but walked away after getting a clearer view of the club’s financial state.
However, with 777 Partners’ bid falling apart, Friedkin saw an opportunity to return to the negotiating table and finalize what many hope will be a game-changing takeover for the Toffees.
Dan Friedkin, chairman of The Friedkin Group, is no stranger to sports ownership. His role as the owner of AS Roma has given him a solid reputation in European football circles.
His successful tenure at Roma has been marked by smart financial management, ambitious projects, and an eye toward long-term success—something Everton fans will be eager to see replicated at Goodison Park.
Friedkin’s personal fortune, estimated at nearly $7 billion, brings a level of financial security that Everton has been missing for years.
Everton prospective owner Dan Friedkin has identified Gareth Southgate as a potential candidate to replace Sean Dyche as manager.
(Source: @GiveMeSport) pic.twitter.com/nhKvyjY4qn
— Transfer News Live (@DeadlineDayLive) September 24, 2024
This could spell the end of the club’s financial struggles, particularly its debt woes. Stability is exactly what Everton needs to navigate the challenging waters of the Premier League, especially after flirting with relegation in recent seasons.
In a statement released by The Friedkin Group, a spokesperson emphasized their commitment to the club’s future: “We are pleased to have reached an agreement to become custodians of this iconic football club. We look forward to providing stability to the club and completing the new Everton Stadium at Bramley-Moore Dock.”
One of the most important aspects of Friedkin’s takeover is the completion of Everton’s new stadium at Bramley-Moore Dock.
The state-of-the-art facility, which has been under construction for some time, is seen as essential to Everton’s long-term success.
Not only will it provide a modern venue for fans and players, but it will also help increase the club’s commercial revenue, making it more competitive financially.
The previous uncertainty surrounding ownership raised concerns over whether the stadium project would be completed on time.
However, with Friedkin’s financial backing, the construction is expected to proceed smoothly, potentially positioning Everton as one of the Premier League’s most forward-thinking clubs in terms of infrastructure.
Everton’s performance on the pitch has been lackluster in recent years, with the club frequently battling relegation rather than pushing for European competition.
Many fans are hopeful that with Friedkin at the helm, the Toffees can regain their competitive edge. Friedkin has demonstrated his willingness to invest in his sports properties, as seen during his ownership of AS Roma. If he applies the same principles at Everton, it could mean an influx of new talent, improved facilities, and a clear strategic vision.
For Everton fans, the potential for stability under Friedkin is a welcome change. The club has suffered from managerial turnover, inconsistent performances, and financial mismanagement during the Moshiri era. Friedkin’s reputation for steady leadership could finally bring the calm and order that Everton desperately needs.
Approvals from the Premier League
While the deal is nearly done, Friedkin’s takeover still needs final approval from the Premier League and the English Football Association. These regulatory bodies will need to ensure that Friedkin meets the requirements for owning a Premier League club, including financial solvency and commitment to the league’s governance rules.
Given Friedkin’s wealth and experience with AS Roma, it’s unlikely that these approvals will pose significant obstacles. Once cleared, Friedkin will assume control, and Everton can begin the process of rebuilding both on and off the pitch.
