Failed Takeover of Everton by Friedkin Group: Uncertainty Looms

The sale of Everton to Texas-based Friedkin Group has collapsed, introducing more uncertainty to the club already dealing with financial troubles and managerial instability. Farhad Moshiri's majority stake remains, and the club's future becomes more precarious amidst ongoing stadium construction.

The proposed sale of Premier League club Everton to the Texas-based Friedkin Group has fallen through, both parties announced in a joint statement on Friday. The Friedkin Group, with a diverse portfolio in the automotive, entertainment, hospitality, sports, and adventure industries, had been in exclusive talks to acquire a majority stake in Everton since last month.

However, both parties confirmed that discussions had ended and the deal would not proceed. "The parties agree it is in both their interests for Everton to explore alternative options," the joint statement noted.

This development adds more uncertainty to Everton's future after the proposed takeover by 777 Partners, a Miami-based private investment firm, also fell apart last month. The nine-time English champion has faced relegation battles in the past three seasons and reported losses of $112.5 million in its recent accounts.

Despite two separate points deductions for breaching the league's financial rules last season, Everton retained its top-flight status for another year. The club's uncertainty comes amid the construction of a new 52,888-capacity stadium expected to be occupied next year.

Majority shareholder Farhad Moshiri, owning 94.1% stake, mentioned last September that the sale would secure finances to complete the new stadium. The Friedkin Group, which acquired Roma for $700 million in 2020, stated it would remain a lender to Everton and is "proud to have played a key role in enabling the new stadium to be built."

As a founding member of the English Football League in 1888 and Premier League in 1992, Everton was one of the most successful English soccer teams in the 1980s. However, it has not won a major trophy since the FA Cup in 1995 and has experienced frequent managerial changes in recent years.

(With inputs from agencies.)