A deal has been reached for the Friedkin Group to purchase the majority (94% of Everton) owned by Farhad Moshiri. The Premier League, the Football Association, and the Financial Conduct Authority must all approve the transaction.
Dan Friedkin, the chairman of the US-based group, is also Roma’s owner. As per Forbes, his net worth is £5.7 billion. Everton would go on to become the tenth Premier League team with a majority American ownership structure.
The agreement would end the turbulent Moshiri reign. The British-Iranian entrepreneur has given the team more than £750 million in investments since 2016, but his ownership has left many fans very dissatisfied.
A Friedkin Group representative stated 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.”
In June, the Friedkin Group and current owner Moshiri reached an agreement in principle to buy Moshiri’s 94% stake. However, after a month of negotiations, the two sides were unable to reach a final agreement. That came after Miami-based 777 Partners failed to close a deal at the beginning of the year.
The Friedkin Group has already contributed £200 million to the club as a lender; however, as part of the agreement, this could be converted to equity. The group and Moshiri’s Blue Heaven Holdings have signed the agreement, and the necessary funds are in place to see it through to completion.
Everton has spent the last three seasons in the bottom half, finishing 16th, 17th, and 15th. Everton has never played outside of the top flight in the Premier League’s history. They were docked two points last season for violating Premier League financial regulations regarding the maximum amount of losses clubs can incur, for a total of eight points following an appeals process.