Everton takeover by Friedkin Group completed as Moshiri era is ended
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The Friedkin Group has completed its takeover of Everton and brought the turbulent era of Farhad Moshiri to an end. The US company TFG, owned by the Texas billionaire Dan Friedkin, agreed a complex deal to purchase Moshiri’s 94.1% shareholding in September and has bought further shares to take a 98.8% stake. It has received regulatory approval from the Premier League, Women’s Professional Leagues Limited, Football Association and the Financial Conduct Authority to add Everton to its football portfolio alongside Roma, and takes to 11 the number of Premier League clubs owned or part-owned by an American investor.
Friedkin is proposed to be the chairman of the board and has appointed Marc Watts as Everton’s executive chairman. Watts said: “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. While restoring Everton to its rightful place in the Premier League table will take time, today is the first step in that journey.”.
Although the cost of the takeover has not been disclosed, the deal could cost TFG about £500m. Moshiri has taken a huge financial hit. The British-Iranian billionaire invested more than £450m into the club but could walk away with as little as £25m. TFG had previously loaned Everton £200m to pay off a £158m loan from MSP Sports Capital and the businessmen George Downing and Andy Bell, and to finalise funding for the club’s new stadium at Bramley Moore dock. It has since injected more money to cover day-to-day running costs. That injection, plus other short-term debt, is understood to have been converted to equity.
