Everton takeover finally agreed as Friedkin Group set to buy crisis club in huge U-turn after pulling plug on £800m deal
EVERTON’S takeover saga is set to finally come to an end as US billionaire Dan Friedkin has agreed to buy the club.
This comes two months after The Friedkin Group’s proposed £800million takeover of the Toffees fell apart over concerns about the club’s debt to 777, an investment firm based in Miami.
The debt was said to come from a series of loans taken out by the club from the firm last season and was worth £200m.
According to The Times, however, The TFG and departing owner Farhad Moshiri accelerated talks over the weekend and an agreement has been struck.
The American is now set to overtake Moshiri‘s 94.1 per cent stake in the club.
The agreement, of course, remains subject to approval from the Premier League, the Financial Conduct Authority and the Football Association.
And that entire process may take up to eight weeks until it’s completed.
A TFG spokesperson said: “We are pleased to have reached an agreement to become custodians of this iconic football club.
“We are focused on securing the necessary approvals to complete the transaction.
“We look forward to providing stability to the club, and sharing our vision for its future, including the completion of the new Everton Stadium at Bramley-Moore Dock.”
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TFG will be looking to clean up the club’s balance sheet and reduce debt of about £600m.
The incoming new owners will also be overseeing the grand opening of the Merseysiders’ new 52,888-seater stadium at Bramley-Moore Dock which will be ready for the start of the 2025-26 season.
Friedkin also owns Serie A giants Roma, but his leadership has come under increasing scrutiny following the sacking of manager Daniele De Rossi and the resignation of CEO Lina Souloukou.
But the new ownership works as a boost amid Everton’s Premier League struggles as Sean Dyche’s side is second to last in the table’s relegation zone with only one point out of five matches.
Changes to the Premier League for 2024/25
NOTHING stays the same forever.
And that includes the Premier League, which is making a number of tweaks this season.
Team news will now be released 75 MINUTES before kick-off, 15 minutes earlier than had been the case before.
Things could get crowded on the touchline, with the number of substitutes permitted to warm-up boosted from three players per team to FIVE.
There’s also a change to how added time is calculated when a team scores a goal, an update to the ‘multiball’ system and the introduction of semi-automated offsides – but not straight away.
Go here to read about all the changes to the Premier League for 2024/25.