After several failed attempts at takeover by different groups, the Friedkin Group has finally reached an agreement to buy Everton Football Club from Farhad Moshiri. The deal is subject to approval from English soccer authorities.
“We look forward to providing stability to the club, and sharing our vision for its future,” the group said in a statement jointly issued with Everton , which is in 19th place in the 20-team English top flight.Fronted by Dan Friedkin and his son, Ryan, the group is a consortium of investments in automotive, entertainment, hospitality and sports which includes Italian soccer club Roma in its portfolio. The Friedkins made a fortune distributing Toyotas in Texas.
Now, Everton and the Friedkin Group said they have reached agreement"over the terms of the sale” of Moshiri’s stake, adding that the deal is subject to approval from English soccer authorities.Textor's attempts to purchase Everton were impeded by the fact that he is also a part-owner of fellow Premier League team Crystal Palace. It is forbidden to have a stake in two Premier League clubs at the same time, so Textor has been seeking to sell his shares.
The BBC reported Monday that the Friedkin Group is already a lender to the club after injecting 200 million pounds and that this could be converted into equity as part of any deal. It has been reported that the group may demand the money back if any takeover attempt failed.
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