Premier League English

Texas-based Friedkin family enters exclusive talks to buy Everton

The Financial Times have reported online on 20 June that the Texas-based Friedkin Group has taken a “significant step” towards acquiring Everton, having entered “exclusive talks” to buy majority shares of Farhad Moshiri and buy the club in the process.

After several months of uncertainty over the attempted takeover by 777 Partners that saw Moshiri terminating deals with the group, it appears that the Friedkin Group have signed an “exclusivity agreement” with Moshiri.

The Friedkin family – which also owns Serie A club AS Roma – has secured the exclusivity rights although the financial details have yet to be disclosed, according to three people with knowledge of the matter.

The next crucial step would be to get the full authority, for which it requires approval from the Premier League, a process that can take months to get the green light.

Daniel Friedkin – with a net worth of $6bn estimated by Forbes – ventured into the picture after Moshiri terminated the deal with the 777 Partners. Despite there being other interested parties, Moshiri decided to strike a deal with the Texas group, primarily because of their experience of running a successful football club in the Serie A.

Everton take pride in being an iconic club with a rich footballing history, despite having struggled on and off the pitch in recent years. Managers have strolled in and out of the doors, players have been bought for ridiculous transfer fees, and the club had also been on the brink of relegation for three seasons at a stretch. To further exacerbate matters, last season the Toffees were docked eight points for breaching the Premier League’s financial rules.

Among the new owners’ priorities will be to restore stability to the club, both on and off the pitch. In addition, they should allow Sean Dyche to continue the good work he’s been doing and assist him with funds in the transfer market to bolster the squad.

The Friedkin group have outlined their best intentions by promising to clear up the debts which should enable the club to function smoothly in the long run. Along with the focus on building the new stadium, they will also have to focus on revamping the club’s academy as well.