Everton confirms takeover by Friedkin and is still awaiting approval

The much-anticipated takeover of Everton by American billionaire Dan Friedkin is set to reshape the future of the struggling Premier League club.

Talks between Friedkin and Everton had been on and off throughout the summer, with negotiations initially stalling. However, a breakthrough has been made, and Friedkin, who also owns Italian Serie A club AS Roma, is now poised to take control of a 94% stake in Everton. This stake currently belongs to Farhad Moshiri, a British-Iranian businessman who became involved with the club in 2016. While the deal has been agreed upon between the two parties, the acquisition still awaits formal approval from three key regulatory bodies: the Premier League, the Football Association (FA), and the Financial Conduct Authority (FCA).

Friedkin’s takeover comes at a critical time for Everton, a club steeped in history but facing severe financial and sporting challenges. In recent years, the club has struggled to maintain a competitive position in the Premier League, narrowly avoiding relegation last season. With just one point from five matches, they are currently sitting 19th in the table, deep in the relegation zone. Off the pitch, the club's financial situation has worsened, with mounting debt and increasing pressure to turn around the club’s fortunes.

A spokesperson for The Friedkin Group expressed the consortium’s optimism about the future, saying, "We are delighted to have reached an agreement to become custodians of this iconic football club. We are focused on obtaining the necessary approvals to complete the transaction. We look forward to bringing stability to the club and sharing our vision for the future, including the completion of the new Everton Stadium at Bramley-Moore Dock." The new stadium, currently under construction, is a key part of Everton’s future plans, and Friedkin’s financial backing could ensure its timely completion.

Reports from Sky Sports News indicate that Friedkin is prepared to invest between 478 million and 598 million euros to finalize the acquisition. This significant investment is expected to cover Moshiri’s valuation of the club and inject much-needed capital into Everton’s operations. The ownership change could also lead to further financial investments in player acquisitions, managerial changes, and infrastructure upgrades, all aimed at reversing the club's fortunes.

Moshiri, who initially arrived at Everton with ambitions of propelling the club into the upper echelons of English football, has faced criticism for his decisions, particularly regarding managerial appointments and player transfers. Under his ownership, Everton has seen a revolving door of managers and inconsistent performances on the pitch, culminating in the club’s recent decline. The potential takeover by Friedkin signals the end of Moshiri’s turbulent era at Goodison Park, paving the way for a fresh start.

For Friedkin, the acquisition of Everton is seen as a long-term investment, with the goal of restoring the club’s status as one of the Premier League’s top contenders. His ownership of AS Roma since 2020 has brought about steady improvements in the Italian club’s performance, and Everton supporters will be hoping that a similar approach can help revive their team. Friedkin's group has already made it clear that their immediate priority is to stabilize Everton’s finances and ensure the club's survival in the Premier League, while also laying the groundwork for future success.

The planned completion of the new stadium at Bramley-Moore Dock is central to Everton’s future strategy. With a capacity of around 52,000, the stadium is expected to be a state-of-the-art venue, which could not only increase matchday revenue but also attract more commercial opportunities for the club. The move to a new home has been seen as a vital step in modernizing Everton, and Friedkin’s financial resources will likely play a crucial role in making the project a reality.

As the football world waits for official approval of the takeover, Everton’s fans are cautiously optimistic about what this change could mean for the club. After years of underperformance and financial instability, the arrival of a new owner with the resources and ambition to turn things around offers a glimmer of hope. However, the immediate challenge remains on the pitch, as Everton looks to climb out of the relegation zone and regain stability in the Premier League.

The timeline for the regulatory approval process is unclear, but once complete, Dan Friedkin’s takeover could mark the beginning of a new era for the Toffees, one that promises investment, improvement, and a renewed sense of purpose for one of England’s most historic football clubs.