Football

Friedkin Group agrees deal for Everton takeover

June 15, 2024 5:17 am

[Source: BBC]

The Friedkin Group has agreed a deal in principle to complete a takeover of Everton, BBC Sport understands.

Chairman Dan Friedkin, who also owns Roma, is now strong favourite to purchase the Toffees after jumping ahead of four other bidders.

A decision over whether Friedkin wants to exercise the option of buying current owner Farhad Moshiri’s 94% stake could come by the weekend, with Friedkin thought to be flexible about the exact structure of any deal.

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American businessman Friedkin, who has a reported net worth of £4.8bn, wants Serie A side Roma and Premier League club Everton to sit at the top of a multi-club model.

Moshiri is now expected to grant the group a period of exclusivity.

Friedkin has moved in front of four rival bidders, including UK-based investment firm Vici Private Finance, MSP Sports Capital, local businessmen Andy Bell and George Downing and a consortium involving a Saudi royal.

News of the Friedkin bid appeared to prompt the withdrawal from the process for that final consortium, which was being led by London-based businessman and lawyer Vatche Manoukian alongside the unnamed Saudi royal and families with a high net worth from the United States.

In a statement to BBC Sport, the Manoukian-led consortium said: “Everton fans deserve to be competing for trophies once again and we hope this deal delivers success for the club on and off the pitch. I want to thank our world-class investors for their support and we are excited to turn our focus to new opportunities to take great clubs to the next level.”

Everton finished 15th last season after being docked eight points in total for breaching Premier League financial rules.

They must comply with the Premier League’s profit and sustainability rules by the end of this month.

The club are also scheduled to make a payment to US-based firm MSP, who are one of Friedkin’s rival bidders and have loaned the club around £158m.

Everton have confirmed their move to a new stadium at Bramley-Moore Dock for the start of the 2025-26 season.

The Friedkin Group took control of Serie A side Roma in 2020 and oversaw the appointment of manager Jose Mourinho the following year.