19.9 C
New York
Friday, July 19, 2024

Friedkin Group enters exclusivity talks over Everton takeover

The Friedkin Group, the Texas-based owner of Italian side AS Roma, has entered a period of exclusivity to buy Everton.

The Athletic reported last week the group had emerged as a favourite to buy the Premier League club, with the company’s chairman and CEO Dan Friedkin, 59, deliberating over whether to proceed.

If a deal — which would be subject to Premier League approval — progresses it would see them purchase current owner Farhad Moshiri’s 94 per cent stake in the club.

The move would end months of speculation about the club’s future and comes only two weeks after a proposed takeover by Miami-based private investment firm 777 Partners collapsed.

The Friedkin Group acquired control of Serie A side Roma in 2020 in an acquisition worth an estimated $700million (£553m at current exchange rate).

Under Friedkin’s ownership, Roma won the Europa Conference League in 2022, with Jose Mourinho as manager, but lost in the final of the Europa League a year later.

Forbes estimates Friedkin’s net worth to be $6.2 billion (£4.9bn).

Everton confirmed earlier this month that 777 Partners’ proposed takeover had fallen through following the expiry of a purchase agreement.

It meant that Everton were free to engage with other potential investors, having stated they would “assess all options for the club’s future ownership”.

Moshiri, a British-Iranian businessman, bought Everton in 2016 but has overseen a decline in performance both on and off the pitch.

Everton posted losses of nearly £400m ($509.6m) between 2019 and 2023, leading to two breaches of the Premier League’s profitability and sustainability rules (PSR) and resulting in a total deduction of eight points.

(Photo: Massimo Insabato/Archivio Massimo Insabato/Mondadori Portfolio via Getty Images)

Read the full article here

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles