Friedkin Group reaches deal to buy Everton

LIVERPOOL: Everton announced on Monday that the US-based Friedkin Group has reached an agreement to buy Farhad Moshiri’s majority stake in the struggling Premier League club.

The deal is subject to regulatory approval from the Premier League, the Football Association and the Financial Conduct Authority. The group, led by American billionaire Dan Friedkin, had entered a period of exclusivity to negotiate a possible purchase in June, before Everton announced the following month that no deal would be struck between the parties. American investment firm 777 Partners were unable to complete a deal earlier this year.

John Textor, who has a 45 percent share in Crystal Palace, had appeared to be in the frame, but Everton’s statement on Monday confirmed an agreement had been reached with Friedkin. “Blue Heaven Holdings and the Friedkin Group confirm that they have reached agreement over the terms of the sale of Blue Heaven Holdings’ majority stake in Everton Football Club,” the club said. A spokesman for The Friedkin Group said: “We are pleased to have reached an agreement to become custodians of this iconic football club.

“We are focused on securing the necessary approvals to complete the transaction. 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.”

The club are putting the finishing touches to a new stadium and are preparing to leave Goodison Park, which has been the club’s home since 1892. Friedkin, who also owns Serie A side Roma, has a net worth of $7.6 billion, according to Forbes.

Sean Dyche’s side are second from bottom of the Premier League after four defeats in their opening five matches. Everton extended their 70-year stay in the English top flight last season despite being docked a total of eight points for breaching Premier League financial rules.