Anne Wong
The Friedkin Group has reached an agreement to purchase Farhad Moshiri’s majority stake in Everton.
This move could potentially bring stability to the club, which has faced financial and managerial challenges in recent years.
The Agreement Reached
The Friedkin Group has successfully negotiated the purchase of Farhad Moshiri’s 94% stake in Everton. However, the deal is still pending regulatory approval from the Premier League and other relevant authorities.
An official statement highlighted their commitment to securing necessary approvals and providing stability to the club. They also plan to complete the new Everton Stadium at Bramley-Moore Dock.
The Initial Hurdles
Earlier this year, 777 Partners attempted to purchase Everton but failed to finalize the deal. Similarly, discussions with Crystal Palace owner John Textor also did not materialize due to Premier League regulations.
Despite these setbacks, The Friedkin Group, who had already loaned £200m to the club, remained in the picture and continued their pursuit.
Background on The Friedkin Group
The Friedkin Group first showed interest in Everton back in June. They even had a period of exclusivity to conduct due diligence.
Concerns around a separate loan provided by 777 Partners have been resolved, paving the way for this agreement. The group’s chairman, Dan Friedkin, also owns Serie A team Roma and has a net worth of £5.7bn according to Forbes.
Financial Struggles and Points Deductions
Everton has faced financial difficulties recently, including deductions totaling eight points last season for breaching Premier League financial rules.
The club is currently at the bottom of the Premier League, having earned just one point from their opening five games.
Moshiri’s Tenure and Impact
Farhad Moshiri bought an initial 49.9% stake in Everton in 2016, later increasing his holding to 94.1% in 2022. However, the club faced challenges, including suspending commercial sponsorships linked to Russia after the invasion of Ukraine.
During Moshiri’s period in charge, Everton had eight permanent managers and two caretakers. Despite his efforts, the club struggled both on and off the pitch.
Everton’s Uncertain Future
Everton’s future remains uncertain even with this new agreement. Fans are hopeful that The Friedkin Group can bring much-needed stability and success.
Chairman Dan Friedkin aims to place Everton at the top of a multi-club model, similar to how he manages Roma. Time will tell if these plans will come to fruition.
What Lies Ahead
The Friedkin Group’s immediate priority will be to gain the necessary regulatory approvals. Their long-term vision includes completing the new stadium and improving the club’s league standing.
They have a challenging road ahead but remain committed to turning Everton’s fortunes around.
Conclusion
The completion of this takeover could mark a new era for Everton. Fans and stakeholders alike are eagerly waiting to see how The Friedkin Group will shape the club’s future.
With financial backing, a new stadium, and seasoned leadership, Everton’s journey under The Friedkin Group promises to be an interesting one.
The completion of this takeover could mark a new era for Everton. Fans and stakeholders alike are eagerly waiting to see how The Friedkin Group will shape the club’s future.
With financial backing, a new stadium, and seasoned leadership, Everton’s journey under The Friedkin Group promises to be an interesting one.
Source: Bbc
