Soccer-Friedkin Group reach agreement to buy Everton
Adds Dan and Ryan Friedkin statement, details
Sept 23 (Reuters) -The Friedkin Group have reached anagreement 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.
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 week, the Italian side relieved Roma great Daniele De Rossi of his duties as head coach and appointed former Torino manager Ivan Juric as his replacement.
Roma CEO Lina Souloukou also stepped down following fan anger over the sacking of De Rossi.
"The multi-club symbiosis will only help Roma. Each club in our portfolio operates independently and AS Roma remains at the heart of our football ambitions," Dan and Ryan Friedkin said in a statement published on Roma's website.
"Rest assured, our commitment of time, resources, and energy to Roma will not be diminished. Our goal is clear - to see AS Roma consistently compete at the highest levels of European football..."
Last year, Miami-based investment fund 777 Partners said it had signed an agreement with British-Iranian billionaire Moshiri to acquire his 94.1% stake in the club in a deal reported to beworth more than 550 million pounds ($733.10 million).
Moshiri, a former Arsenal shareholder, first bought a 49.9% stake in Everton in 2016. By January 2022, he had increased his stake to 94.1% with a 100 million pound 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).
But they finished 15th after winning five of their last eight games to secure their top-flight status. They now sit second-bottom of the table with one point from five matches.
($1 = 0.7502 pounds)
Reporting by Pearl Josephine Nazare in Bengaluru; Editing by Alex Richardson, Ken Ferris and Pritha Sarkar
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
