Friedkin Group make first promise to fans after Everton takeover confirmed | OneFootball

Toffees end turbulent period under ownership of Farhad Mohsiri

Everton's takeover by the Friedkin Group has been confirmed.

A statement issued by the club on Thursday morning said the Toffees had been acquired by Roundhouse Capital Holdings Limited, an entity within the Friedkin Group.

The club said the deal had received the necessary regulatory approvals from the Premier League, Women's Professional Leagues Limited, the Football Association and the Financial Conduct Authority.

The Premier League's statement confirmed the Friedkin Group had purchased a 98.8 per cent stake in Everton.

It marks the end of a turbulent period for the club under the ownership of Farhad Moshiri.

The club have twice been sanctioned under the Premier League's profitability and sustainability rules (PSR) in the last 13 months, and had eight points in total deducted last season.

American billionaire Dan Friedkin is proposed to be chairman of the club's board, and has appointed Marc Watts as the club's new executive chairman.

The Friedkin Group has promised "thoughtful and strategic investment" to strengthen the first team as one of its key priorities, as well as maximising the commercial value of the club's new stadium at Bramley-Moore Dock, which they are due to move into in time for next season.

Outstanding debt owed to Moshiri's Blue Heaven Holdings has been converted into equity by the Friedkin Group, ahead of a change in Premier League rules which will require shareholder loans to be assessed to determine if they represent fair market value.

That change came about after a legal challenge to the Premier League's associated party transaction (APT) rules brought by Manchester City.

Leaving shareholder loans in place under the new rules could have had major cost implications for Everton in the form of higher loan fees and interests.

"With this acquisition, TFG is committed to delivering a strong and sustainable future for Everton Football Club, restoring its competitive stature and maintaining its deep connection with fans and the community," the club statement concluded.

The club's new executive chairman Watts told the Everton website: "In the short term, we understand the club has faced significant challenges on and off the pitch for several years. That's why our immediate priority is stabilising the club and improving results on the pitch.

"We have provided an injection of capital to ensure the completion of the new stadium. The transaction has seen most of Everton's debt either converted to equity, repaid or refinanced on terms more favourable to the stability of the club.

"Whilst there is much work to be done, and PSR remains a limiting factor in the short term, the underlying financial position is now much stronger."

Dan Friedkin said: "I take immense pride in welcoming one of England's most historic football clubs to our global family, The Friedkin Group. Everton represents a proud legacy, and we are honoured to become custodians of this great institution."