Friedkin Group completes purchase
of Everton and becomes 10th US owner in Premier League
Send a link to a friend
[December 20, 2024]
By STEVE DOUGLAS
Half of the Premier League is under majority American ownership
after Texas-based Friedkin Group completed its 98.8% purchase of
Everton on Thursday.
The takeover ended Farhad Moshiri's turbulent eight-year tenure at
the storied English club, which joins the Friedkins' wide-ranging
portfolio of investments that includes Italian team Roma. The size
of the deal was undisclosed but the BBC and other British media
valued it in excess of 400 million pounds ($500 million).
Fronted by Dan Friedkin — who has a net worth of $6.4 billion,
according to Forbes — and his son Ryan, the group has investments in
the automotive industry, entertainment, hospitality and sports. The
Friedkins made a fortune distributing Toyotas in Texas.
“I take immense pride in welcoming one of England’s most historic
football clubs to our global family,” Dan Friedkin said. “Everton
represents a proud legacy, and we are honored to become custodians
of this great institution."
Everton is a nine-time English champion which has been an
ever-present in the top division since 1954 but is without a major
trophy since 1995 and has been battling relegation in recent years.
The Toffees, as they are nicknamed, are 16th in the 20-team league
approaching the halfway mark of this season.
US owners
The most lucrative and popular domestic league in the world now has
10 teams with U.S. owners.
Arsenal, Aston Villa, Bournemouth, Chelsea, Fulham, Crystal Palace,
Ipswich, Liverpool and Manchester United are majority owned by
Americans. Manchester City has minority U.S. investors in Silver
Lake.
Leeds and Burnley, who both have U.S. owners, were recently
relegated from the Premier League but are in a decent position to
get promoted from the second-tier Championship this season. Leeds is
second and Burnley is third.
Chaos under Moshiri
Moshiri, a British-Iranian businessman, sold his stake in Arsenal to
become Everton's major shareholder in 2016 and, by the end of his
reign, had a 94% stake at the club.
His eight years in charge will be remembered for wasting hundreds of
millions of pounds (dollars) on players, going through eight
permanent managers and plunging Everton into financial uncertainty,
which led to the team having two separate points deductions last
season because of reckless spending.
The club's finances were particularly hit in March 2022 when Everton
announced it halted its major sponsorship with companies belonging
to Russian metals tycoon Alisher Usmanov, a business partner of
Moshiri, after he was sanctioned by the European Union in the wake
of Russia’s invasion of Ukraine.
Moshiri departs with Everton set to leave its long-term home of
Goodison Park at the end of this season and move into a new
state-of-the-art stadium at Bramley-Moore Dock, on the Mersey
waterfront.
[to top of second column] |
Fans hold a flag before the English Premier League soccer match
between Everton and Bolton at Goodison Park, Liverpool, England,
Wednesday Jan. 4, 2012. (AP Photo/Tim Hales, File)
The sale was “the best outcome for the club and its
future success,” Moshiri said.
“Despite a challenging geopolitical backdrop, a significant amount
has been achieved over the last couple of years including the
delivery of a new sporting department, the stabilization of our
finances and the delivery of our iconic new stadium,” he said. “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.”
There may be some concern, however, among Everton fans about the
Friedkins, who have never spoken publicly in the four years since
they purchased Roma and are unpopular with supporters after making
contentious management changes — including firing Daniele De Rossi,
the club’s beloved former captain, early this season.
Everton's search for owners
The Friedkin Group reached an agreement in principle in June to buy
Moshiri's stake, but talks were called off a month later. Everton
was then in negotiations with American businessman John Textor, who
said he had an exclusivity agreement with the club but needed to
first sell his stake in Premier League rival Crystal Palace.
Earlier, a proposed takeover of Everton by 777 Partners collapsed
amid worries about the financial stability of the company.
“We understand the club has faced significant challenges on and off
the pitch for several years,” said Marc Watts, the new executive
chairman. “That’s why our immediate priority is stabilizing the club
and improving results on the pitch.”
Friedkins' goals
Watts said the group has provided an undisclosed injection of
capital to ensure the completion of the new stadium, converting most
of Everton’s debt either to equity “repaid or refinanced on terms
more favorable to the stability of the club.”
The new owners said they had six goals, including “strengthening the
men’s first-team squad through thoughtful and strategic investment”
and “enhancing Everton’s reputation as a unique and historical name
in world football.”
There was no mention of Sean Dyche, who has been Everton's manager
for nearly two years and whose future may come under scrutiny if the
new ownership wants to make a fresh start.
All contents © copyright 2024 Associated Press. All rights reserved |