After being granted a period of exclusivity last month, the Friedkin Group has decided to abandon its plans to buy a majority stake in Everton, the Premier League club announced on Friday. This decision comes after discussions between Blue Heaven Holdings and The Friedkin Group over the potential sale of a majority stake in Everton have concluded. The parties have mutually agreed that it is in both of their interests to explore alternative options.
Despite the failed acquisition, Everton has stated that the Friedkin Group will remain a lender to the club, having played a significant role in the construction of the new stadium. Blue Heaven Holdings expressed gratitude towards The Friedkin Group for their time and effort put into the acquisition process. The positive relationship between the two parties is expected to continue, despite the deal falling through.
Last year, Miami-based investment fund 777 Partners had signed an agreement with British-Iranian billionaire Farhad Moshiri to acquire his 94.1% stake in Everton. The deal, reported to be worth more than £550 million ($710m), was expected to be completed by the end of 2023. However, 777 Partners faced challenges in meeting the necessary conditions outlined by the Premier League, leading to the expiration of the takeover agreement.
Everton’s recent struggles on the field were compounded by breaching the Premier League’s Profit and Sustainability Rules (PSR), resulting in points deductions. The club flirted with relegation last season but managed to secure their top-flight status by winning five of their last eight games. Despite the off-field uncertainties, Everton remains focused on improving their performance on the field and ensuring financial stability in the future.
The failed acquisition by The Friedkin Group marks a setback for Everton in their quest for stability and growth. The club will now need to explore alternative options for securing investment and driving progress both on and off the field. The relationships built during the acquisition process will be crucial in navigating the club through this challenging period. As Everton looks ahead to the future, finding the right ownership structure and financial support will be vital in achieving their long-term goals.