Everton is a surviving club. Survivor of a buyout in 2016, Covid, the war in Ukraine, debts, the construction of a new stadium, two withdrawals of points and narrowly avoided sporting relegation since 2021. That's all this is what the other Liverpool club has had to overcome since Farhad Moshiri took charge 8 years ago. The British businessman, of Iranian origin, invested around £800 million during his time at the club, including £450 million in shareholder loans. But the club's cash situation became increasingly precarious when its money dried up, notably due to the conflict between Russia and Ukraine which deprived it of numerous commercial partners.
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At the end of his era, Everton depended on loans taken out, notably from 777 Partners with very high interest rates. Moshiri didn't do everything well, far from it, but he managed to keep the club alive, on a drip of course but alive. Relegation, however, could have definitively brought down the club, which escaped on the final day of the Premier League last season. And this while the splendid new stadium, built on the Liverpool docks, will be ready for use at the start of the 2025-2026 season. It was therefore necessary to find a reliable buyer and this was the case with the Friedkin group.
This Thursday the takeover of Everton by The Friedkin Group (TFG) was made official, at least the buyout of Moshiri's shares, i.e. 94.1%. The end of a long process, marked by numerous twists and turns, since TFG withdrew from the negotiating table for a time, at the same time letting John Textor join in the dance. As you may have followed, the Eagle Group boss wanted to add the Toffees to his collection of clubs (OL, Botafogo, Crystal Palace, Molenbeek) and was ready to part ways with Crystal Palace, where he is a minority, to recover Everton. But Friedkin came back at the right moment to win everything, to the great relief of the club's employees.
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A potential to be exploited
Because TFG was considered the best candidate for takeover by all observers, the most positive solution for Everton. Already because the American company has an annual turnover of more than 10 billion pounds sterling. Then because it already has a renowned football club with AS Roma. Finally because interest in Everton had existed for several years already. Because of its membership in the prestigious Premier League, its history and its potential, which will be increased tenfold by this new stadium on the seafront.
It now remains to be seen what the exact impact of Dan Friedkin, the big boss, will be on the current organization chart. First appointment, that of Marc Watts as executive chairman, who delivered his first priorities to the club's fans, such as “strengthening the men's first team through thoughtful and strategic investments, cultivating local superstars through the Academy of 'Everton, foster a distinct on-field and commercial strategy for the women's team and respect the club's traditions and keep Everton at the heart of the community.' What will become of the current sporting director, Kevin Thelwell, and coach Sean Dyche, both at the end of their contracts at the end of the season? Everton are currently 16th in the Premier League, 3 points ahead of Ipswich, 18th in the table. There is no doubt that the Friedkin family will make the necessary investments during the winter transfer window to avoid experiencing a second part of the season under the threat of relegation which would make it difficult for them to enter the new stadium next year!
Pub. the 20/12/2024 16:00
– UPDATE 20/12/2024 16:50
