By Martyn Herman
(Reuters) – Everton’s takeover by the Texas-based Friedkin Group has been completed with Farhad Moshiri’s Blue Heaven Holdings selling its majority stake, the Premier League club said on Thursday.
The Friedkin Group, which also owns Serie A club AS Roma, had reached an agreement over the sale terms in September.
“Today marks a momentous and proud occasion for The Friedkin Group as we become custodians of this iconic football club. We are committed to leading Everton into an exciting new era both on and off the pitch,” Marc Watts, the club’s incoming Executive Chairman, said on the club’s website.
The Premier League said its board had ratified The Friedkin Group’s 98.8% acquisition of Everton following the completion of the League’s Owners’ and Directors’ Test.
Everton’s sale means 10 of the 20 Premier League clubs are now under majority American ownership.
Toffees fans will welcome the news that Moshiri’s turbulent tenure has ended and will hope the club’s new owners can deliver an upturn in the team’s fortunes as they prepare to move into the new Bramley-Moore Dock stadium at the start of next season.
While Everton have won the English league title nine times and have not been outside the top flight since 1954, the team have endured a decline in fortunes and narrowly escaped relegation on numerous occasions in recent times.
Last season they had points deducted twice for breaching the Premier League’s Profitability and Sustainability Rules (PSR) and eventually finished 15th after winning five of their last eight games of the season.
“Today’s announcement provides the opportunity for Evertonians to once again look forward with hope and optimism,” the Everton Fan Advisory Board said in a statement.
MUCH-NEEDED STABILITY
Moshiri, a former Arsenal shareholder, first bought a 49.9% stake in Everton in 2016 and by January 2022 had increased his holding to 94.1% with a 100 million pounds ($126.42 million)capital injection.
Last year, Miami-based investment fund 777 Partners said it had signed an agreement with Moshiri to acquire his majority stake in the club in a deal reported to be worth more than 550 million pounds.
However, the deal was delayed as 777 Partners reportedly struggled to meet the necessary conditions outlined by the Premier League to complete their purchase and it fell through in June when the takeover agreement expired.
The uncertainty off the field has overshadowed the move to a 53,000-seater new home but the acquisition by Roundhouse Capital Holdings, an entity within the Friedkin Group, offers some much-needed stability to the club.
In an open letter, Friedkin Group chairman Dan Friedkin, said he was immensely proud to have completed the purchase.
“Everton represents a proud legacy, and we are honoured to become custodians of this great institution,” he said. “We are deeply committed to honouring this legacy while contributing positively to the community, economy, and people of this remarkable city.”
Everton, managed by Sean Dyche, face second-placed Chelsea at Goodison Park on Sunday.
($1 = 0.7910 pounds)
(Reporting by Martyn Herman in London and Chiranjit Ojha in Bengaluru; Editing by David Goodman and Ken Ferris)
