The Friedkin Group, a Texas-based investment company led by chairman Dan Friedkin, has finalized its £400m acquisition of Everton Football Club, taking a 99.5% controlling stake. This transaction ends Farhad Moshiri’s turbulent tenure and makes Everton the 10th Premier League club under majority American ownership.
New Leadership Structure
Dan Friedkin, whose net worth is estimated at £6.16bn, will serve as chairman of Everton’s board. Marc Watts, president of the Friedkin Group, has been appointed executive chairman, tasked with overseeing the club’s management. Ana Dunkel, the group’s CFO, will join the board, while interim CEO Colin Chong will remain until a permanent replacement is named.
In an open letter, Friedkin expressed pride in acquiring the historic club:
“Everton represents a proud history, and we are honoured to be part of its future. While we are new to the club, we understand its vital role in the community and are deeply committed to building on its legacy.”
A Vision for Everton’s Future
The Friedkin Group has outlined an ambitious vision for Everton, which includes:
- Strengthening the men’s first team.
- Fostering homegrown talent through the academy.
- Developing a distinct on-pitch and commercial strategy for the women’s team.
- Maximizing the potential of the new Bramley-Moore Dock stadium, set to open next season with a capacity of 52,888.
Watts emphasized the immediate priorities: “Stabilizing the club financially and improving on-field performances is key. Restoring Everton to its rightful place in the Premier League will take time, but today marks the first step in that journey.”
End of the Moshiri Era
Farhad Moshiri’s tenure, which began in 2016 with a 49.9% stake acquisition and increased to 94.1%, was marked by instability and challenges:
- Frequent Managerial Changes: Eight permanent managers and two caretakers.
- Relegation Battles: Three consecutive seasons finishing in the bottom half of the table.
- Financial Struggles: Severed ties with Russian sponsors following the Ukraine invasion.
Fan protests against Moshiri’s ownership intensified, with many citing poor decision-making and absentee leadership. Reflecting on his time, Moshiri said:
“I believe this transaction is the best outcome for Everton. Despite challenges, significant progress has been made, including delivering a new sporting department, stabilizing finances, and advancing our iconic new stadium.”
Immediate Challenges for New Ownership
The Friedkin Group takes over as Everton sits 16th in the Premier League, facing yet another uphill battle. Representatives from the group are expected to attend Sunday’s game against Chelsea at Goodison Park.
Watts reaffirmed the commitment to a sustainable and successful future:
“We are proud to become custodians of this iconic football club. Our focus is on financial stability, improving performances, and securing long-term success for Everton.”
Fans are hopeful the new era will bring much-needed stability and a return to prominence for the historic club.