Friedkin Group finalizes majority takeover of Premier League club Everton
What's the story
The Friedkin Group has successfully completed its majority takeover of Premier League club, Everton. This development ends Farhad Moshiri's tumultuous reign. The deal, reportedly worth over £400 million, makes Everton the 10th Premier League team to be primarily owned by American investors. The agreement was initially reached with Moshiri on September 23 and has now received regulatory approval from the Premier League.
Portfolio expansion
Friedkin Group's football portfolio expands with Everton acquisition
The Friedkin Group is a Texas-based consortium headed by chairman Dan Friedkin, who also owns Italian Serie A club Roma. Friedkin has a net worth of £6.16 billion, according to Forbes. With Everton, the group further expands its football portfolio. The new ownership structure proposes Dan Friedkin as the chairman of Everton's board and Marc Watts as executive chairman responsible for managing the club's affairs.
Owner's statement
Friedkin expresses pride and commitment toward Everton
In an open letter, Friedkin wrote he was proud to welcome Everton to the Friedkin Group. He noted the club's rich history and promised to honor its legacy while contributing positively to the community and economy. "Everton represents a proud legacy, and we are honored to become custodians of this great institution," he said. This statement highlights the new owner's commitment toward preserving Everton's traditions and improving its future prospects.
Ownership transition
Moshiri's tenure at Everton comes to an end
The takeover ends British-Iranian businessman Farhad Moshiri's tenure at Everton. Moshiri first bought a 49.9% stake in the club in 2016, before raising his ownership to 94.1% in 2022. Despite being a regular in the top flight since the 1953-54 season, Everton have struggled in recent years, finishing in the lower half of Premier League for three straight seasons and currently occupying the 16th spot this season.