Everton’s Seamus Coleman gives instructions to his team during the Premier League match between Everton FC and Burnley FC at Goodison Park in Liverpool, England on April 6, 2024 .
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LONDON — An investment group run by U.S. billionaire Dan Friedkin agreed on Monday to buy Everton FC, potentially ending a years-long drought for the struggling Premier League football club. Uncertainty.
The deal is subject to regulatory approval from the Premier League, the Football Association and the Financial Conduct Authority.
A spokesman for the Friedkin Group, the privately held consortium helmed by chairman and chief executive Dan Friedkin, said it was “pleased to have reached an agreement to become the trustees of this iconic football club.”
“Our focus is on obtaining the necessary approvals to complete the deal. We look forward to providing stability to the club and sharing our vision for its future, including completing the new Everton Stadium at Bramley Moore Dock,” it said in a statement.
The deal would give Friedkin 94% of the shares currently owned by Farhad Moshiri. British-Iranian businessman Moshiri bought a 49.9% stake in Everton in 2016 and recently increased that stake with a £100 million injection.
Despite Moshiri’s investment, the club, founded in 1878, has regressed and narrowly avoided relegation from the Premier League on several occasions in recent years. The club currently sit 19th out of 20 Premier League teams and are yet to win a game this season. Last season, it was docked points for breaching Premier League financial rules.
The club has attracted interest from a number of buyers in recent years, including US private equity firm 777 Partners and, most recently, US businessman John Textor. Earlier this year, the Friedkin Group agreed in principle to buy Everton but withdrew from negotiations after failing to reach an agreement.
Friedkin also owns Italian Serie A team Roma and, According to Forbeswith a net worth of US$7.6 billion.
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