Newcastle United's Premier League rivals set for £500m takeover after Saudi-royal interest
One of Newcastle United’s Premier League rivals are close to being taken over.
Everton have announced that current owner Farhad Moshiri has agreed to sell his 94.1% stake to The Friedkin Group (TFG) - led by Roma owner Dan Friedkin. It represents a huge U-turn after the party initially pulled out of a deal a few months ago due to concerns over loans which the Toffees had taken up with other investors.
TFG suddenly re-entered the race just as American businessman John Textor, who has a 45 per cent stake in Crystal Palace, believed he was close to completing a takeover.
A statement read: “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 transaction is subject to regulatory approval, including from the Premier League, the Football Association, and the Financial Conduct Authority”
A spokesperson for TFG added: "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.”
There have been many false dawns for Everton since Moshiri put the club up for sale in January 2023. 777 Partners first emerged as frontrunners, however, their period of exclusivity expired on May 31 and the troubled US investment group were unable to complete a deal or enter into alternative discussions.
Before it eventually boiled down to TFG or Textor, there had been interest from local businessmen Andy Bell and George Downing, MSP Sports capital and a consortium led by London-based Vatche Manoukian, whose offer was said to be funded by a member of the Saudi royal family and the Australian-based Myers family.
TFG are expected to complete their takeover - thought be worth £500m - by the end of 2024 which will end Moshiri’s eight-year reign at Goodison Park.
Friedkin, who is worth a reported $6bn, has owned Serie A outfit Roma since August 2020 - winning the Europa Conference League in their maiden season and reaching the Europa League semi-finals last term.