American billionaire Dan Friedkin, owner of AS Roma, has reached an agreement for the purchase of Everton from majority shareholder Farhad Moshiri.
Everton majority owner Moshiri has been looking to sell his stake in the struggling Premier League side over the last few years. Earlier this year, Moshiri had almost agreed to a sale to Miami-based 777 Partners before the deal collapsed, opening the door up for other suitors. Roma owner Friedkin reportedly held exclusive talks to take over the Toffees before announcing in July that he wouldn’t be proceeding with the deal.
However, it seems the Roma owner and the Friedkin Group have changed their minds about the takeover of the club and have officially reached an agreement to purchase the shares held by Moshiri’s Blue Heaven Holdings. The Friedkin Group will now have to shoulder a large amount of debt, including approximately £200 million ($266m) owed to 777 Partners.
Per The Athletic, Everton’s debt is currently almost £600m ($798 million). Additionally, Everton had already received a £200m loan from the Friedkin Group. However, it is likely that as part of the agreement between the American group and Blue Heaven Holdings, the arrears could potentially be converted into equity as it would help the club immediately offload some of their outstanding debt in their finances.
The Toffees’ fans will be overjoyed to see the protracted takeover saga reach its end, as they will be hoping that the change of ownership could be the start of a turnaround in the club’s dwindling fortunes.
