The proposed sale of Premier League club Everton to the Texas-based Friedkin Group has fallen through, both parties said in a joint statement on Friday. The Friedkin Group, known for its investments in various industries including automotive, entertainment, and sports, had entered into exclusive discussions to purchase a majority stake in Everton last month. However, the two parties have mutually decided to end these discussions, leading to the collapse of the proposed deal.
The joint statement emphasized that both parties agree it’s in their best interest for Everton to explore alternative options. This development adds further uncertainty to Everton’s future, following the collapse of a proposed takeover by 777 Partners last month.
Everton, a nine-time English champion, has faced financial challenges in recent years, battling relegation in each of the last three seasons. Their most recent financial reports revealed losses of $112.5 million. In the previous season, they received two separate points deductions for violating the league’s financial rules but managed to maintain their top-flight status for another year.
Adding to the club’s current predicament, the uncertainty surrounding its future comes at a time when it is constructing a 52,888-capacity stadium, scheduled for completion next year. Majority shareholder Farhad Moshiri, who holds a 94.1% stake, had stated last September that the sale would secure the necessary financing for the completion of the new stadium.
The Friedkin Group’s interest in Everton followed their purchase of Roma for $700 million in 2020. The group also owns Gulf States Toyota, which, according to Forbes, sold $9.1 billion worth of Toyotas in 2022. Despite the failed takeover, the Friedkin Group will remain a lender to Everton and expressed pride in their role in enabling the construction of the new stadium.
Everton, a founding member of the English Football League in 1888 and the Premier League in 1992, boasts a rich history. It was one of English football’s most successful teams in the 1980s, winning the league title twice, the FA Cup, and the European Cup Winners’ Cup. However, their last major trophy win was the FA Cup in 1995, and they have experienced a period of frequent managerial changes. The collapse of the Friedkin Group deal adds a significant hurdle to Everton’s efforts to regain stability and compete at the highest level of English football.
