The saga of Everton and its subsequent sale is nearing its close, as the Friedkin Group has reached an agreement to buy the club. The consortium’s CEO, Dan Friedkin, is agreeing to buy the club from Farhad Moshiri. Moshiri, the lamented owner of the Toffees, has been working to sell the club for the better part of two years. Over that time, several buyers, including The Friedkin Group, have come and gone. Now, though, the sale is moving to regulatory approval from three entities, including the Premier League.
Moshiri’s ownership company, Blue Heaven Group, and the Friedkin Group released a joint statement on Monday. Neither the club nor the Friedkin Group mentioned the financial costs of the deal. However, the intricacies of Everton’s debt certainly play a major role. For reference, Everton’s mounting debt, which The Athletic estimates is roughly $800 million, turned The Friedkin Group away in July. Now, though, the Texas-based consortium is taking over at Merseyside.
“We are pleased to have reached an agreement to become custodians of this iconic football club,” The Friedkin Group said. “We look forward to providing stability to the club, and sharing our vision for its future, including the completion of the new Everton Stadium at Bramley-Moore Dock.”
When The Friedkin Group backed out in July, it opened the door for John Textor. The American tried to enter exclusive negotiations with Farhad Moshiri and Everton. However, to do that, Textor needed to sell his stake in Crystal Palace, which is around 45%. He failed to make that work, which may explain why Friedkin and his consortium were able to step back in.
Friedkin Group ownership must clean Everton before it can build it back
As stated, the biggest hurdle for The Friedkin Group was the growing debt that Farhad Moshiri brought to the club. Some of that is owed to Friedkin himself. The American loaned Everton $267 million. TFG insisted that no other club could purchase…
Source link : https://worldsoccertalk.com/news/everton-owner-moshiri-reaches-deal-to-sell-club-to-friedkin-group/
Author : Kyle Fansler
Publish date : 2024-09-23 16:16:49
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