What Does The Takeover Mean For Everton?

Everton Football Club, long mired in financial struggles and fan unrest, could soon be on the verge of a transformative moment as they prepare to welcome new owners. On Monday, the Friedkin Group announced an agreement for the Everton takeover, purchasing Farhad Moshiri’s 94% majority stake in the club. This signals the end of Moshiri’s often controversial tenure.

This potential shift in ownership is being seen as a ray of hope for Everton, a club that has been beset by financial difficulties, mismanagement, and poor on-field performances in recent years. Moshiri, who took over the Toffees in 2016 with grand ambitions and lavish spending, ultimately oversaw a period that Everton supporters are unlikely to remember with fondness.

Between wasted funds, disorganised leadership, and a squad that has often languished near the bottom of the Premier League table, the club has struggled to regain its former glory. Fan protests and calls for changes in leadership have grown louder, with some members of the board and Moshiri himself frequently absent from matches at Goodison Park.

While this isn’t the first time fans have seen potential new ownership on the horizon—following the failed takeover bid by 777 Partners last September—the situation with the Friedkin Group is different. The Miami-based investment firm, 777 Partners, fell short of meeting the Premier League’s stringent owners’ and directors’ test due to ongoing legal and financial issues. By contrast, the Friedkin Group, which already owns the Italian football giant AS Roma, is expected to clear this hurdle smoothly.

The Impact of the Friedkin Group on Everton’s Future

For former Everton captain Alan Stubbs, the news of the potential takeover is a positive sign for the club. He shared his optimism on BBC Radio Merseyside: “Dan Friedkin brings a wealth of experience from the footballing side and it is really positive, but I am trying not to get too excited. We have been rudderless and going nowhere off the pitch for far too long.”

The deal, reportedly worth over £400 million, could be finalised within eight to twelve weeks, and there is confidence from those close to the situation that the transaction will pass all necessary regulatory tests. Insiders have called the day “momentous,” marking a significant milestone for the future of Everton.

What Do the Friedkins Bring to Everton?

The Friedkin Group, a powerhouse in the automotive industry, boasts significant financial clout. While negotiations stalled two months ago, the Friedkins had already established a working relationship with the club, including providing a £200 million loan in June, which is expected to convert into equity.

During the intervening period, other suitors, such as US entrepreneur John Textor, showed interest in acquiring Everton. However, Textor’s existing stake in Crystal Palace complicated matters, allowing the Friedkin Group to continue discussions behind the scenes.

This relationship between the two parties culminated in Monday’s statement, where the Friedkin Group expressed excitement about “providing stability to the club and sharing our vision for its future.” With a further injection of cash and the ability to clear £400 million in external debt, including a £225 million agreement with Rights and Media Funding and a £200 million loan from 777 Partners via A-Cap, the Friedkin Group’s financial stability will be critical to turning Everton’s fortunes around.

Currently, the club is facing mounting financial challenges, including a reported loss of £89.1 million for the 2022-2023 season and an overall net debt that has ballooned to £330.6 million. Despite these alarming numbers, Dan Friedkin’s immense personal wealth—estimated at £5.7 billion and ranked by Forbes as the 383rd richest person in the world—suggests that Everton may have finally found a capable and committed owner.

A New Era for Everton?

Everton, one of the most storied clubs in English football, has been starved of success for decades. The club’s last major triumph came in the form of an FA Cup victory in 1995, while their most recent league title was won back in 1987. For a club that has won nine league titles, this drought has been particularly frustrating for fans.

The Friedkin Group’s history with AS Roma may offer some insight into what Evertonians can expect. Since acquiring the Italian club in 2020, the Friedkin Group has injected around £830 million into Roma, leading to their first major European triumph—the Europa Conference League under Jose Mourinho in 2022.

Italian football journalist Daniele Verri told BBC Sport that the Friedkins have been relatively low-profile owners at Roma. “They are proper American businessmen. They don’t mix with other people or fans, and they don’t have a direct connection to the manager, so they leave the directors or general managers to take care of those relationships,” Verri said. This hands-off approach is likely to continue at Everton, where the Friedkins are expected to place football professionals in charge of day-to-day operations, while reserving key decisions for themselves.

However, there are potential concerns for Everton supporters, as the Friedkin Group has been criticised for not fully understanding the passionate fanbase at Roma. “They need to be careful because at Roma they have demonstrated they don’t really know much about football or quite understand how important the fans, the city, the whole environment is and how big a part it plays,” Verri added. Everton’s loyal fanbase will certainly be hoping that the Friedkins can bridge this gap.

Immediate Challenges for the Friedkin Group

On the pitch, Everton are facing an uphill battle. After narrowly avoiding relegation at the end of the 2022-23 season, the club has once again found itself struggling. They are currently joint-bottom of the Premier League with just one point from their first five games, and survival will once again be the primary objective this season.

Looking ahead, the move to their new Bramley Moore-Dock stadium, with a capacity of nearly 53,000, promises to significantly increase revenue streams. The state-of-the-art venue is expected to be ready by the start of the next season, and a new era at Everton could coincide with this move.

Manager Sean Dyche, who has been credited with steadying the ship since his appointment, is into the final 12 months of his contract. While his position appears secure for now, it’s not uncommon for new ownership to bring in a new manager.

Everton’s fanbase, worn down by years of turmoil, is understandably cautious about the Friedkin takeover. However, there is a growing sense of optimism that the club may finally be heading in the right direction. Former Everton fan forum chair Nick Mernock captured the frustrations of the fans, saying the club has been run “like a corner shop” with no clear strategy. Fans’ advisory board secretary Julie Clarke echoed this sentiment, expressing her desire for supporters to “just be able to enjoy football again.”

While cautious optimism abounds, Everton’s future under the Friedkin Group appears bright, and many are hopeful that this momentous takeover will signal the start of a new era for the Toffees.