The Friedkin Group has successfully completed its acquisition of Everton Football Club, following official approval from the Premier League. The deal had previously received the green light from the Football Association, Women's Professional Leagues Limited, and the Financial Conduct Authority.
This development signifies that Everton is now under the ownership of Roundhouse Capital Holdings Limited, a subsidiary of The Friedkin Group.
In the wake of this takeover, a series of immediate executive changes have been announced. Marc Watts, a prominent figure within The Friedkin Group, steps in as the new executive chairman of the Blues, tasked with overseeing club management.
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Dan Friedkin is set to assume the role of chairman of the board, while Ana Dunkel, TFG's chief financial officer, will join the board. Colin Chong will continue his tenure as Everton's interim CEO.
Further appointments are expected to be announced in the forthcoming weeks, reports .
Upon the confirmation of the takeover on Thursday morning, Mr Watts said: "Today marks a momentous and proud occasion for The Friedkin Group as we become custodians of this iconic football club. We are committed to leading Everton into an exciting new era both on and off the pitch. Providing immediate financial stability to the club has been a key priority, and we are delighted to have achieved this. While restoring Everton to its rightful place in the Premier League table will take time, today is the first step in that journey."
The Premier League's final official act in the role was the sign-off by the Independent Oversight Panel, a committee tasked with reviewing the league's decision and considering whether it "was reasonable in all of the circumstances, based on the material available at the relevant time". In the takeover process, Moshiri's interest-free shareholder loans have been converted into equity, thus removing them as a potential issue when new Premier League rules come into effect on January 11.
Everton's incoming directors are now required to attend an induction meeting with the Premier League within 14 days, although this timeline may be affected by the Christmas and New Year holidays. The Friedkin Group had initially agreed to take over Everton in June but withdrew a month later.
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They returned to negotiations, and in September, a new agreement was reached. This confirmation marks the end of Farhad Moshiri's tumultuous eight-year tenure at Everton, marked by high initial spending, frequent changes in managers and directors of football, leading to crises both on and off the field.
After three consecutive relegation battles, two unprecedented points deductions due to non-compliance with Premier League financial regulations, and the looming threat of another relegation fight this season, the introduction of new ideas and inspiration brings hope that Everton will finally transition towards a period of stability. This would allow the club to leverage its enormous potential.
The takeover aligns closely with the most promising sign of change at the club - the state-of-the-art new stadium on the Liverpool waterfront that Moshiri aims to establish as his legacy. The construction phase of the Everton Stadium is set to be completed by the end of this year.
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