Friedkin Group accepts an offer to buy Everton

Football club Everton said on Monday that the Friedkin Group and Blue Heaven Holdings have agreed on the terms of the sale of Farhad Moshiri’s majority stake in the club.

The news comes two months after the Friedkin Group gave up on their plans to buy a majority stake in the Merseyside club after being given a window of time to consider other offers.

After a deal to buy Everton from potential owners 777 Partners fell through, the Friedkin Group, which owns most of AS Roma, was in exclusive talks to buy a part in the club.

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

“Our main goal right now is to get the approvals we need to finish the deal.” We’re excited to give the club security and share our plans for its future, which includes finishing the new Everton Stadium at Bramley-Moore Dock.

The club said in a statement that the deal is subject to approval from the Premier League, the Football Association, and the Financial Conduct Authority.

The British-Iranian millionaire Moshiri agreed to sell his 94.1% stake in the club to the Miami-based investment fund 777 Partners last year. The deal was said to be worth more than 550 million pounds ($733.10 million).

Moshiri, who used to own shares in Arsenal, bought a 49.9% stake in Everton for the first time in 2016. He raised his stake to 94.1% by January 2022 by putting 100 million pounds into the business.

At first, the takeover was thought to be finished by the end of 2023. But it took longer than planned because 777 Partners allegedly had trouble meeting the Premier League’s requirements for the purchase. In the end, it didn’t happen because the takeover agreement ran out in June.

Last season, Everton was almost relegated because they lost points twice for breaking the Premier League’s Profitability and Sustainability Rules (PSR).

But they came in 15th place even though they had won five of their last eight games to stay in the top flight. With just one point from five games, they are now second-to-last in the table.

$1 is equal to 0.7502 pounds.