The US-based Friedkin Group has successfully completed its takeover of Everton Football Club, marking the end of Farhad Moshiri's turbulent tenure.
The acquisition, valued at over £400 million, sees the Toffees become the 10th club in the Premier League under majority American control.
The Friedkin Group, led by American billionaire Dan Friedkin, agreed to purchase Moshiri's 94% stake in Everton back in September. After receiving the necessary regulatory approval from the Premier League's independent oversight panel, the deal was finalized, bringing a new era to the Merseyside club.
Dan Friedkin expressed his enthusiasm for the acquisition, stating, "I take immense pride in welcoming one of England's most historic football clubs to our global family, the Friedkin Group. Everton represents a proud legacy, and we are honoured to become custodians of this great institution."
The Texas-based group, which also owns Italian Serie A club Roma, plans to implement a vision for a "sustainable and successful" future for Everton.
This includes strengthening the men's first team, cultivating home-grown talent through the academy, and developing a distinct strategy for the women's team. Additionally, the group aims to maximize the potential of Everton's new 52,888-capacity stadium at Bramley-Moore Dock, set to open next season.
Marc Watts, the incoming executive chairman, emphasized the group's commitment to the club's future, saying, "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."
The takeover ends years of uncertainty at Everton, which has faced financial constraints and operational challenges during the prolonged acquisition process.
Moshiri, who initially bought a 49.9% stake in Everton in 2016, had increased his holding to 94.1% by 2022. His tenure was marked by significant financial outlays and subsequent challenges, including the suspension of sponsorship deals with sanctioned oligarch Alisher Usmanov.
As the Friedkin Group takes the helm, they inherit a club currently positioned 16th in the Premier League table, aiming to avoid a fourth consecutive relegation battle.
The new owners have pledged to provide immediate financial stability and work towards restoring Everton to its rightful place in the league standings. Ana Dunkel, the Friedkin Group's chief financial officer, will join the board, while Colin Chong will remain as interim chief executive until a permanent appointment is made.
The group has also announced plans for additional board appointments in the coming weeks. With this acquisition, the Friedkin Group adds a Premier League club to its growing sports portfolio, which includes AS Roma and AS Cannes.
As the new custodians of Everton, the group looks forward to ushering the club into a new era marked by ambition and professionalism.
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