The Friedkin billionaire family has entered into exclusive talks with Farhad Moshiri to purchase Everton Football Club, the English Premier League team owned by the British-Iranian Farhad Moshiri. This is a major step in the resolution of the uncertainty surrounding the English Premier League club.
According to three sources with knowledge of this matter, the Texas-based Friedkin Group which owns Italian club AS Roma had signed an exclusive agreement and that due diligence was in progress.
The Everton acquisition process has not been smooth and an agreement is not guaranteed. A takeover also requires Premier League approval.
One person warned that “it’s not done yet”.
Forbes estimates Daniel Friedkin’s net worth at $6 billion. He owns Gulf States Toyota in the US South, as well as other businesses, including film studios. Friedkin is well-known for his passion for aviation. He has flown Spitfires, vintage aircraft and was Tom Hardy’s stunt pilot in Christopher Nolan’s Dunkirk.
Friedkin has entered the fray following the collapse of 777 Partners’ plans to purchase the Liverpool-based side last month . The deal was agreed in September but it took a long time to complete as the Miami-based investment firm fought lawsuits and fraud accusations, which they have denied.
In August 2020, the 59-year old led the acquisition by Serie A club Roma for €591mn. The Italian club finished second in the Uefa Europa League Final in 2023 after winning the Europa Conference League in the year before.
The Friedkin Group did not provide financial details about their approach to Everton. In a recent ranking, the consultancy Football Benchmark estimated that Everton’s club value ranged between €519mn to €574mn including debt.
Everton Moshiri, and Friedkin Group declined comment.
A successful deal would demonstrate the appeal of owning the top English clubs, at a moment when the Premier League has been divided by club disputes over the future financial regulations intended to encourage financial sustainability.
Everton is a club with a long history, but the last time it won trophies in English top flight was 1987. Everton has struggled to stay up in the English top-flight since Moshiri became its majority shareholder. The club hired high-profile coaches and invested heavily in players, but they have also been struggling on the field.
Everton’s financial situation was affected by the fact that they played matches behind closed door during the pandemic. Everton’s finances were hit by the pandemic and Russia’s invasion of Ukraine.
Everton had to borrow money to fund a new stadium and working capital as revenue sources were declining.
Moshiri believes that Everton will be able to increase its earnings by moving from Goodison Park and into a new 52,888 capacity home stadium along the Mersey River. Friedkin was very interested in the stadium, according to these people.
The club is owed hundreds of millions to lenders such as MSP Sports Capital and Rights and Media Funding. Everton owes more than $200mn in debt to 777, but the debt has now been transferred to US company Advantage Capital (A Cap), which is a major lender to Miami Investment Group.
Everton also has other lenders, including stockbroker Andy Bell and real estate magnate George Downing. Both had been in talks to buy the club.
Everton lost points for exceeding Premier League spending limitations last season. It reported a loss of £89mn for the season 2022-23.
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