Premier League
Friedkin Group Agrees Deal To Buy Everton From Farhad Moshiri
The Friedkin Group has agreed on a deal to buy Everton two months after pulling out of talks to purchase Farhad Moshiri’s 94% shareholding.
The US company, owned by the billionaire Dan Friedkin, held fresh talks with Everton’s majority owner over the weekend as it looked to gazump interest from the Crystal Palace co-owner John Textor.
Textor had emerged as the latest frontrunner in Everton’s protracted takeover saga after Friedkin walked away.
However, Textor, while holding a 45% stake in Palace, cannot own a second Premier League club and was vulnerable to a rival bid. That threat has materialized, with Friedkin agreeing on terms to buy out Moshiri.
A statement released by Everton said, “Blue Heaven Holdings and The Friedkin Group confirm that they have reached an agreement over the terms of the sale of Blue Heaven Holdings’ majority stake in Everton Football Club.
“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.”
Friedkin’s initial attempt to acquire Everton was unsuccessful due to worries regarding the £200 million loan provided to the club by 777 Partners. This loan has been a concern among several entities that have sought to buy out Moshiri in the last 18 months.
Additionally, 777 Partners is currently engaged in a legal dispute with Leadenhall Capital, a London-based asset management firm, in a New York district court.
Friedkin also loaned Everton £200m during its period of exclusivity with Moshiri. That sum, which enabled the club to finalize funding for its new stadium, has to be repaid in the event of a takeover by another party or can be converted into equity should the US company finally end Moshiri’s turbulent reign.
On top of the loans from Friedkin and 777, Everton owes £225 million to Rights and Media Funding with an interest rate understood to be 10.25%.
Friedkin is not expected to encounter issues in passing the Premier League’s owners’ and directors’ test. The American businessman additionally owns Roma, having successfully completed a takeover of the Italian club just two months after initial negotiations had fallen through.
