Everton statement and Friedkin Group impact as takeover takes significant step forward

A potential takeover of Everton has taken a step closer in what has turned out to be somewhat of a saga. The club have confirmed that a deal has been reached with the Friedkin Group over the sale of a majority stake in the club.

The transaction is now subject to approval from governing bodies such as the Premier League, the Football Association and the Financial Conduct Authority. It comes after the group re-entered the race to buy Everton after initially pulling out of a deal earlier in the year.

Another US businessman in John Textor, who currently holds a minority share in Crystal Palace, has publicly declared his desire to buy Everton. But it seems that he has been beaten in the race by the Friedkin Group, fronted by Dan Friedkin. Here is a look at the latest in what could be an historic day for the future of the club.

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Statement released

A joint statement from Blue Heaven Holdings and the Friedkin Group was released on Monday afternoon confitmeing that an agreement has been reached over the terms of the sale for a majority stake in the club. A spokesperson 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.”

What had happened

The Friedkin Group had stepped away from negotiations with Farhad Moshiri back in July, but the Echo reported on Monday morning that the group returned to the table and talks were going well.

It comes as US businessman John Textor has been public in his desire to buy Everton over the last few weeks. But to be able to pursue a deal, he would first have to sell his stake in fellow Premier League side Crystal Palace. The ECHO understands that he is not part of the Friedkin’s Group’s deal to buy the club.

Who is Dan Friedkin?

The US billionaire is part owner of Serie A giants Roma after paying £591 million for a 96% stake in the club in 2020. He also owns the company Gulf States Toyota, which holds the rights to distribute Toyota vehicles in Texas, Arkansas, Louisiana, Mississippi and Oklahoma.

It was estimated by Forbes that the 59-year-old is worth around $6.4 billion (£5 billion). Find out more about him here.

What will the Friedkin group bring?

Our Business of Football writer Dave Powell wrote: “First and foremost they have the ability to deliver immediately in terms of funding to complete, and a legitimate operation that will have no problems passing the tests of the Premier League, the FA, and the FCA.

“While there may be some anger from fans of AS Roma, the Serie A club that The Friedkin Group owns, around the sacking of popular head coach Daniele De Rossi recently, the relevant bodies will not be concerned about that; what they will be focusing on is can they be responsible custodians of the club as a business, and do they have the money to make it work.

"What The Friedkin Group’s approach to the football side will be remains an unknown, although Dan Friedkin’s son Ryan is understood to likely have a significant board role.”