The Friedkin Group has completed its highly anticipated takeover of Everton Football Club. This transition marks the end of Farhad Moshiri's tumultuous era with the Toffees, who have faced perennial challenges both on and off the pitch. The deal, valued at over £400 million, sees the group take control of 99.5% of the club, making Everton the tenth Premier League club under majority American ownership.
This ownership change, secured on September 23, culminates with the Premier League granting regulatory approval. The Friedkin Group, based out of Texas and chaired by Dan Friedkin, is already familiar with the footballing world as the owners of Italian Serie A club Roma. Friedkin, whose net worth is estimated at £6.16 billion, expressed pride in becoming the custodians of such an historic institution.
"I take immense pride in welcoming one of England's most historic football clubs to our global family, the Friedkin Group," Friedkin stated, reflecting on the legacy of Everton and their significance to local culture and global supporters. He emphasized their commitment to positively contributing to the community and honoring the club's rich history.
Moshiri's departure from the franchise has been widely expected, considering the club's reception under his management. Having originally acquired 49.9% of Everton's shares back in 2016, Moshiri's role expanded to owner of 94.1% by 2022. During Moshiri's tenure, Everton struggled with eight permanent manager changes and faced relegation battles over the past three seasons.
Expected to attend Everton's next match against Chelsea, representatives from the Friedkin Group have already initiated important appointments. Marc Watts has been earmarked as the new executive chairman, bringing extensive experience from his role within the Friedkin Group. Commenting on the ambitions driving the takeover, Watts emphasized the necessity of financial stability, stating, "Providing immediate financial stability to the club has been a key priority, and we are delighted to have achieved this." He is also committed to focusing on improving the performance of the team.
The transition aims to solidify Everton's position, buffering it against the backdrop of recent challenges, including eight point deductions last season for breaching Premier League economic regulations. The Friedkin Group aims to stabilize the current management and target investment strategies for both the men's and women's teams.
Watts detailed six key goals for the immediate future, which include strengthening the men's first-team squad, nurturing young talent through the academy, and developing strategies for the women’s team. He also promised to respect Everton's traditions and maximize the potential of the new stadium expected to open next season at Bramley-Moore Dock.
Under the Friedkin Group’s stewardship, Everton seeks to recover from past difficulties and move forward with renewed ambition. Highlights from Watts’s statement also looked at the importance of community ties, urging the people of Liverpool to unite for the club's brighter future.
Moshiri, who has faced criticism from fans during his time as Everton chairman, stated, "I truly believe the transaction with the Friedkin Group is the best outcome for the club and its future success." He expressed hope for Everton’s return to form with new ownership at the helm and confidence in his decision to step away from the management of the club.
While the Friedkin Group's takeover is deemed to bring hope and excitement to Everton’s supporters, there is still cautious optimism about the lengthy road to recovery. Everton remains at the lower end of the league table, finishing 16th last season, and the newly appointed management faces immediate hurdles to navigate on the pitch.
Fans have been waiting for change to arrive. From chanting against Moshiri to loathing the squad's dreadful performances, their frustrations have mounted. With the Friedkin Group now running the club, there is hope for revitalized performances, positive changes, and, eventually, results to match the Club's storied legacy.
Fans are eager to witness the new chapter of Everton FC under the Friedkin Group. The upcoming match against Chelsea presents both challenge and opportunity for the Toffees, but for the first time in years, the supporters have cause for renewed optimism and excitement as the club steers toward rebuilding its future.
