The Premier League has reached a significant milestone with the Friedkin Group’s acquisition of Everton, making it so that nearly half of the league is now under majority American ownership. The Texas-based group finalized a 98.8% purchase of the club on Thursday, marking the end of Farhad Moshiri’s eight-year tumultuous leadership. Though the specifics of the financial deal remained undisclosed, it has been estimated by British media sources, including the BBC, to be valued at over 400 million pounds (approximately $500 million).
Led by Dan Friedkin, who boasts a personal net worth of approximately $6.4 billion, the Friedkin Group also includes his son Ryan and has a diverse portfolio spanning automotive, entertainment, hospitality, and sports. The group notably gained wealth through the distribution of Toyotas in Texas. In welcoming Everton to their array of investments, Dan Friedkin expressed immense pride, stating, “Everton represents a proud legacy, and we are honored to become custodians of this great institution.”
Everton has a storied history as a nine-time English champion, maintaining its presence in the top division since 1954. However, it has not secured a significant trophy since 1995 and has faced challenges in recent years, battling relegation. Currently, the Toffees sit in 16th place in the 20-team league as they approach the halfway point of this season.
The Premier League, considered the most lucrative and popular domestic league globally, now has 10 teams with American ownership. Arsenal, Aston Villa, Bournemouth, Chelsea, Fulham, Crystal Palace, Ipswich, Liverpool, and Manchester United all have American majorities. In addition, Manchester City has minority investments from U.S. firm Silver Lake. Notably, two teams with U.S. owners, Leeds and Burnley, both faced relegation but are currently in strong positions for potential promotion from the Championship, with Leeds in second and Burnley in third.
Moshiri, a British-Iranian businessman, sold his stake in Arsenal to become Everton’s major shareholder in 2016. His time at the club, which culminated in a 94% ownership, was characterized by a lack of stability, spending hundreds of millions on players while overseeing eight permanent managerial changes. His tenure also led to financial instability, requiring two points deductions last season due to excessive spending. The club’s financial health took a hit in March 2022 when they ceased sponsorship deals with companies owned by Russian metals mogul Alisher Usmanov, a partner of Moshiri who faced EU sanctions following the invasion of Ukraine.
Moshiri’s departure comes as Everton prepares to move from Goodison Park to a new, state-of-the-art stadium at Bramley-Moore Dock, situated along the Mersey waterfront at the end of this season. Moshiri expressed relief, calling the sale “the best outcome for the club and its future success” and highlighted advancements in the sporting department and financial stabilization achieved over recent years.
Despite Moshiri’s optimistic statements, concerns linger among fans regarding the Friedkin Group. The group has kept a low profile since acquiring Roma, and past management decisions, including the firing of beloved former captain Daniele De Rossi, have not won them any favor with supporters.
Following an agreement in principle established in June, the Friedkin Group’s negotiations to purchase Moshiri’s stake briefly fell through the next month. During that time, talks also progressed with American businessman John Textor, who claimed exclusivity but needed to sell his shares in Crystal Palace first. Meanwhile, another potential purchase by 777 Partners was abandoned amid financial stability concerns.
Marc Watts, the newly appointed executive chairman, acknowledged Everton’s challenges both on and off the pitch, affirming that one of their primary goals is to stabilize the club and improve performance. The Friedkin group has committed an undisclosed amount of capital to ensure the construction of the new stadium is completed while also working towards converting substantial debt into equity or refinancing it favorably for the club’s stability.
In outlining their objectives, the new owners mentioned six goals, which include strengthening the men’s first-team squad through strategic investments and enhancing Everton’s legacy within the realm of world football. Furthermore, the future of Sean Dyche, the current manager who has been at the helm for nearly two years, remains uncertain under the new ownership as they look to redefine the club’s direction moving forward.
