Friedkin Group reach agreement to buy Everton

The Friedkin Group have reached an agreement with Blue Heaven Holdings over the terms of the sale of Farhad Moshiri's majority stake in Everton, the Premier League club said.

The announcement comes two months after the Friedkin Group had abandoned plans to buy a majority stake in the Merseyside club after being granted a period of exclusivity.

The Friedkin Group, majority owners of AS Roma, were in exclusive talks to buy a stake in Everton after a takeover agreement with prospective owners 777 Partners fell through.

"We are pleased to have reached an agreement to become custodians of this iconic football club," a spokesperson for the Friedkin Group said in a statement.

"We are focused on securing the necessary approvals to complete the transaction. We look forward to providing stability to the club, and sharing our vision for its future, including the completion of the new Everton Stadium at Bramley-Moore Dock."

The deal is subject to regulatory approval, including from the Premier League, the Football Association and the Financial Conduct Authority, the club statement added.

Dan and Ryan Friedkin said that a potential addition of Everton to their portfolio would not alter their focus on Serie A club Roma.

Last year, Miami-based investment fund 777 Partners said it had signed an agreement with British-Iranian billionaire Moshiri to acquire his 94.1 per cent stake in the club in a deal reported to be worth more than $733.10 million (AED 2.6 billion).

Moshiri, a former Arsenal shareholder, first bought a 49.9 per cent stake in Everton in 2016. By January 2022, he had increased his stake to 94.1 per cent with a $133 million (AED 488 million) capital injection.

The takeover was initially expected to be closed by the end of 2023. However, it was delayed as 777 Partners reportedly struggled to meet the necessary conditions outlined by the Premier League to complete their purchase, before it fell through in June when the takeover agreement expired.

Everton flirted with relegation last season after having points deducted twice for breaching the Premier League's Profitability and Sustainability Rules (PSR).