Everton takeover COMPLETED as crisis club release statement with new owners set to bring ‘immediate financial stability’

EVERTON’S takeover has officially been completed as the club finally part ways with Farhad Moshiri after a turbulent eight years.

The Friedkin Group (TFG) finalised it’s majority takeover in a deal which is believed to be worth in excess of £400m.

Roundhouse Capital Holdings Limited, which is an entity within The Friedkin Group, have bought Moshiri’s 94.1 per cent stake in the club.

The group reached an agreement with Moshiri on 23 September and were awaiting regulatory approval, with the Premier League having the final say on the deal, which has now been granted.

Formal confirmation that the deal could go ahead came on Wednesday from the Premier League’s independent oversight panel.

As part of the takeover agreement, TFG will significantly reduce the debt burden at the previously cash-strapped club.

The owners have committed to paying off the £200m owed to American insurance firm ACAP via a series of instalments, and refinancing a further £150m owed to another lender, Rights and Media Funding, on long-term, low interest rates.

TFG’s own loans to the club, which have since risen by the tens of millions in recent months, will now be treated as a mix of equity and long-term senior debt, secured against the new stadium.

The Texas-based group is led by chairman Dan Friedkin and also owns Italian Serie A club Roma.

Friedkin has a net worth of £6.1bn, according to Forbes.

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Friedkin has been proposed as the chairman of Everton’s board, with Marc Watts serving as executive chairman.

Friedkin said in an open letter: “I take immense pride in welcoming one of England‘s most historic football clubs to our global family, the Friedkin Group.

“Everton represents a proud legacy, and we are honoured to become custodians of this great institution.

“Whilst we are new to the club, we fully understand the vital role Everton plays in local culture, history, and the lives of Evertonians here and around the world.

“We are deeply committed to honouring this legacy while contributing positively to the community, economy, and people of this remarkable city.”

Watts will be responsible for the management of the club.

He 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.”

The Friedkin Group’s proposed £800million takeover of the Toffees fell apart in July over concerns about the club’s debt to 777, an investment firm based in Miami.

The debt was said to come from a series of loans taken out by the club from the firm last season and was worth £200m.

TFG will be looking to clean up the club’s balance sheet and reduce debt of about £600m.

The incoming new owners will also be overseeing the grand opening of the Merseysiders’ new 52,888-seater stadium at Bramley-Moore Dock which will be ready for the start of the 2025-26 season.

Representatives are in the UK and will be at Sunday’s Premier League match with Chelsea at Goodison Park.

The focus will be on maintaining the club’s position in the Prem and the Blues are 16th, three points above the relegation zone.

It ends the Premier League club’s long search for new ownership.

The Toffees become the 10th club in the Premier League under majority American ownership.

British-Iranian businessman Moshiri first bought a 49.9 per cent stake in Everton for £87.5m in 2016, before increasing his holding to 94.1 per cent in 2022.

While no sums have been disclosed, Moshiri will walk away having made a significant loss. 

In all, Moshiri invested around £750m in his dream but ended with little or no financial return as the blue side of Merseyside spiralled downwards.

Moshiri said: “I truly believe that the transaction with The Friedkin Group is the best outcome for the club and its future success.

“I now hand over to new owners confident in the outlook for the club and that our incredible fans will see the success on the pitch that they so thoroughly deserve.”

Ana Dunkel, TFG’s chief financial officer and Colin Chong, the club’s interim CEO, will also serve on the board.

Additional appointments will be made in the coming weeks.

Houston-based TFG made money through its subsidiary Gulf States Toyota before branching into other spheres including film and entertainment.

The group posted revenues of over £10bn for the last financial year.

What happened under Farhad Moshiri’s reign?

Everton were regarded as a model of stability during the 11-year reign of David Moyes from 2002-13.

However, Moshiri replaced this bliss with a rapid-fire revolving door approach during which he made seven full-time appointments.

The first six lasting an average of only 309 days each between their first and final games before current gaffer Sean Dyche.

Many supporters protested about his ownership, with Moshiri mostly absent from matches at Goodison Park since October 2021.

He and the club were hit hard by Russia’s invasion of Ukraine with Everton suspending commercial sponsorships with USM Holdings, which was part-owned by Alisher Usmanov.

The billionaire had his assets frozen by the European Union and Moshiri resigned from his role as chairman in the company when Usmanov was sanctioned.

Moshiri had been looking for a buyer and agreed to sell his stake to 777 Partners in September 2023.

But eight months later it missed a deadline to complete the takeover.

Last season, Everton were deducted points twice – amounting to a total of eight after an appeals process – for breaching Premier League profit and sustainability rules.

The club have been flirting with relegation since the 2021-2022 season.

Moshiri made his most controversial move that season by appointing former Liverpool manager Rafael Benitez, who departed within seven months.

Frank Lampard came in January 2022 and helped Everton to preserve their top-flight status on a dramatic final day of the season with a 3-2 win over Crystal Palace.

But Lampard was sacked in January 2023 and replaced by Dyche, who also battled hard to keep them in the Prem.

The Toffees again had to secure survival on tense a final day in May 2023, with a 1-0 win over Bournemouth getting them over the line.

Source: Soccer - thesun.co.uk