Premier League: Friedkin Group reaches agreement to buy Everton

This comes just two months after Friedkin Group abandoned its plans to buy a majority stake in the Merseyside club after being granted a period of exclusivity.

Representational image: Everton is currently 19th in the Premier League table with one point from five games | Photo Credit: REUTERS

The Friedkin Group has 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 on Monday

This comes just two months after Friedkin Group abandoned its plans to buy a majority stake in the Merseyside club after being granted a period of exclusivity.

The Friedkin Group, which has a portfolio of companies in the automotive, entertainment, hospitality, sports and adventure industries, entered into exclusive discussions to buy a majority stake in Everton in June.

However, in July, the two parties said discussions had ended and the proposed deal would not go ahead.

“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 statement added.

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

Nine-time English champion Everton has battled relegation in each of the last three seasons and its most recent accounts reported losses of $112.5 million.

Last season it received two separate points deductions for breaching the league’s financial rules but still retained its top-flight status for another year.

Currently, the club sits in the 19th position in the Premier League table with one point from five games. It lost its opening four games and secured its first point of the season after playing out a 1-1 draw against promoted Leicester City in its latest match.

The Toffees also crashed out of the EFL Cup, after losing to Southampton on penalties. Sean Dyche’s men will be in action next when they host Crystal Palace on September 28.

(With inputs from Reuters)