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The Freidkin Group have reached an agreement with Everton for the Roma owners to acquire Farhad Moshiri’s 94.1 per cent majority shareholding in the Merseyside club, just two months after walking away from the negotiations table.
While the deal is still subject to regulatory approval, with the Premier League and Football Association still to green-light the transaction, The Friedkin Group, who are headed by US businessman and Hollywood producer Dan Freidkin, look set to end the protracted takeover saga that has rumbled on over the past year.
Their agreement to purchase a majority stake in Everton is thought to be between £400million and £500m, but a figure is yet to be confirmed.
Crystal Palace co-owner, John Textor, had subsequently announced his intentions to sell his stake in the south London club and acquire the Merseyside outfit, with Mail Sport reporting last week that the American had attempted to fast-track the sale of his shares with the Eagles.
The Friedkin Group have agreed a deal to purchase a majority stake in Everton Football Club( Pictured: Dan Friedkin, left)
It means Farhad Moshiri’s reign as Everton owner will come to an end after he took over in 2016
The club confirmed that the transaction is still subject to regulatory approval with the FA and Premier League both still to green-light the transaction
It was reported by Bloomberg last week that Friedkin had reignited their interest in purchasing Everton and it now seems the Houston-based group, have now beaten Textor to the acquisition of Everton.
‘Blue Heaven Holdings and The Friedkin Group confirm that they have reached agreement over the terms of the sale of Blue Heaven Holdings’ majority stake in Everton Football Club,’ Everton wrote on the club’s website.
‘The transaction is subject to regulatory approval, including from the Premier League, the Football Association, and the Financial Conduct Authority.’
A spokesperson for The Friedkin Group said: ‘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.’
Moshiri first purchased a 49.9 per cent stake in Everton back in February 2016 before going on to increase his stake in 2019 by purchasing further shares from the Grantchester family.
Under Moshiri, Everton have had little success, avoiding relegation on several occasions while also being slapped with two points deductions last season for breaches of the Premier League’s Profit and sustainability rules.
Crystal Palace co-owner John Textor had also been in the running to buy Everton but appears to have fallen short of Friedkin
Everton have endured a tough start to the 2024-25 campaign under Sean Dyche and are yet to win a game
Friedkin, who also owns Roma, had previously walked away from negotiations with Everton, but appeared to have reignited his interest last week
Thomas Dan Friedkin is 59-year-old US billionaire, who is also a Hollywood producer and stunt pilot who holds a passion for collecting vintage planes
The Friedkin Group also own many luxury resorts, and hotels, which has properties in Aspen and Cabo San Lucas.
Everton’s sale process has been a protracted and drawn-out process that has lasted over a year
Despite that, the club are close to finalising the construction of their new £800m stadium on the banks of the River Mersey, which should be operational next season and will also host matches at the 2028 European Champions.
Dan Friedkin, is reportedly worth around £6.3billion, according to Forbes and owes much of his fortune to his work in the car industry, having inherited his father’s company Gulf States Toyota.
The organisation has exclusive rights to sell Toyota cars in Texas, Arkansas, Louisiana, Mississippi and Oklahoma, with the Friedkin Group also owning and operating several entertainment, golf and leisure businesses.
Friedkin, who is also a stunt pilot, owns the film production agency Neon, which has produced blockbuster films such as Parasite. While an investor, the businessman also likes to get stuck into the production of films. He notably won an award for ‘best speciality stunt’ for his role as a stunt pilot in Christopher Nolan’s film, Dunkirk.
Everton’s sale process has been a protracted and drawn-out process that has lasted over a year. It became clear in 2023 that the club were looking for new investors, amid the construction of their new stadium on the Bramley Moore Dock.
Moshiri had announced that 777 Partners had agreed a deal to buy his 94.1 per cent stake in the club back in September 2023. But concerns evolved around the crisis-stricken US firm’s ability to purchase the club, despite 777 having previously loaned money to Everton.
The club are close to finalising the construction of their new £800m stadium on the banks of the River Mersey,
Farhad Moshiri has been looking for new investment in the club and had initially agreed to sell to 777 Partners
But that deal with 777 Partners subsequently collapsed as negative headlines appeared in the news about the Miami-based firm (Pictured: 777 Partners co-founder Josh Wander)
The Miami-based firm were unable to prove they had funding to purchase Moshiri’s (right) stake in the club
Negative headlines revolved around the Miami-based firm, who earlier this year were accused of fraud in a New York court, while one of their airlines, Bonza, went into administration.
The firm would subsequently miss a deadline to provide proof of adequate funding to buy Everton, with takeover talks subsequently collapsing, leaving the door open to Textor and Friedkin. Some Everton fans claimed they ‘dodged a bullet’ after 777’s deal to buy the club collapsed.
The Roma owners subsequently agreed a deal in principle with the current Blues owner to buy the Merseyside club, but would walk away from talks with Moshiri, amid concerns over the loans Everton owed to 777.
While the Houston-based firm subsequently walked away from the deal, Mail Sport understands that they had lent Everton money owed to another lender, MSP Sports Capital and paid the latest invoice owed to Laing O’Rourke, the construction company currently building the Blues’ new stadium.
With Friedkin stepping away, Palace co-owner Textor came to the fore, with the Eagles and Lyon co-owner being granted a period of exclusivity in August.
But Textor, who had secured backing from Aliya Capital Partners, had been vocal over the process of negotiations, with the club subsequently distancing themselves over his public discussions on the future of Toffees boss Sean Dyche.
Textor had looked to accelerate the sale of his shares in Crystal Palace as he attempted to negotiate a deal to buy Everton
Everton insisted that ‘some work had to be done to complete the transaction’ but admitted that ‘positive talks’ had taken place after Textor claimed the deal ‘would 90 per cent get completed’.
The news will come as a boost to Everton, who have endured a tough start to the Premier League season.
The Toffees are yet to win a game at the beginning of the 2024-25 campaign, having agonisingly been beaten by both Bournemouth and Aston Villa after taking the lead in both matches.
The Toffees, who sit second from bottom in the Premier League table, host Crystal Palace at Goodison this weekend, after picking up their first point of the league season against Leicester on Saturday.
