Everton FC close to take over from AS Roma owner Dan Friedkin

London: US billionaire Dan Friedkin is closing in on a takeover of Everton FC, the Premier League team that has been struggling to find a buyer, according to people familiar with the situation.

Friedkin and Everton owner Farhad Moshiri are in advanced stages to strike a deal, the people said, which would bring an end to months of uncertainty at the Liverpool-based football team.

Everton is 94 per cent owned by Moshiri, who has invested heavily in the club. Representatives for Everton and the Friedkin Group declined to comment.

A sale to Miami-based 777 Partners LLC collapsed earlier this year, opening the door to other suitors. AS Roma owner Friedkin held exclusive talks before announcing in July that he wouldn’t be proceeding with a takeover.

Reigniting the plan

Bloomberg News reported last week that Friedkin had reignited his plan to buy the club, competing against US investor John Textor.

Textor would have to first sell his stake in rival club Crystal Palace before contemplating owning Everton, because rules prevent one owner from having shares in more than one Premier League team.

Aside from owning Roma, the Friedkin Group is one of the world’s largest independent Toyota distributors and owns a collection of award-winning luxury resorts, according to its website. Friedkin himself pilots planes as a hobby. He bought Roma in 2020 and in 2022 they won the Europa Conference League under head coach Jose Mourinho, who has since departed.

Breaching rules

Everton are saddled with debt that needs to be taken on by any new owner, including around $200 million to 777, Bloomberg has reported. The club, who have been docked points for breaching so-called profit and sustainability rules, is among the founding members of the English Football League in the 1880s and one of just a handful of teams that’s never been relegated from the Premier League.

Everton is moving to a new 53,000 seat capacity stadium next year, which it expects will help it increase revenue. The men’s team has made a faltering start to the season and is in 19th position with not a single victory in five matches. It’s been a rough ride at Roma, too. The chief executive of the club, which is 10th in Italy’s Serie A with one win in five, resigned over the weekend amid a backlash about the recent dismissal of Daniele De Rossi as head coach.