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US-based Friedkin Group complete Everton takeover / Photo: © AFP/File
NYSE - LSE
US-based Friedkin Group complete Everton takeover
The US-based Friedkin Group have completed the takeover of Everton, the Premier League club announced Thursday.
Everton said the club had been acquired by Roundhouse Capital Holdings Limited, an entity within the Friedkin Group.
The Premier League said the Friedkin Group had purchased a 98.8 percent stake in Everton which becomes the 10th English top-flight club under majority American ownership.
Thursday's announcement comes after Everton said in September that the Friedkin Group had agreed to buy Farhad Moshiri's majority stake in the struggling side subject to regulatory approval -- which has now been granted by the Premier League, Women's Professional Leagues Limited, the Football Association and the Financial Conduct Authority.
The BBC reported the Friedkin Group's deal to buy Everton was worth in excess of £400 million ($506 million).
The Texas-based group is led by chairman Dan Friedkin and also owns Italian Serie A club Roma. Friedkin has a net worth of £6.16 billion, according to Forbes.
The club have twice been sanctioned under the Premier League's profitability and sustainability rules (PSR) in the last 13 months, and had eight points in total deducted last season.
American investment firm 777 Partners were unable to complete a deal earlier this year.
John Textor, who has a 45 percent share in Crystal Palace, had appeared to be in the frame before Everton confirmed they were entering into an agreement with the Friedkin Group.
Everton are putting the finishing touches to a new stadium and are preparing to leave Goodison Park, which has been the club's home since 1892.
They are currently 16th in the Premier League table, just three points above the relegation zone.
Everton have remained in the English top flight for the last 70 years but have survived a number of battles to avoid relegation in recent seasons.
The Liverpool-based club posted losses of just under £400 million ($534 million) for the four years between 2019 and 2023.
British-Iranian businessman Moshiri first bought a 49.9 percent stake in Everton in 2016, before increasing his holding to 94.1 percent in 2022.
Despite their recent struggles, Everton are one of England's most historic clubs. Only Manchester United, Liverpool, Arsenal and Manchester City have won more top-flight titles than their total of nine.
But the last of those came in the 1986/87 season and the club have not won a major trophy since 1995.
U. Schmidt--BTZ
