Everton Takeover: A New Dawn for the Toffees?

Everton Football Club, once the pride of Merseyside, is finally seeing a glimmer of hope after years of uncertainty and struggle. The Friedkin Group has agreed to purchase a 94% majority stake in the Toffees, bringing Farhad Moshiri’s contentious tenure closer to an end. For many fans, this may signal a long-awaited fresh start.

Moshiri’s Tumultuous Reign: What Went Wrong?

When Farhad Moshiri took control of Everton in 2016, he promised bold ambitions and substantial investment. However, the optimism quickly faded as financial mismanagement and poor decision-making plagued his time at Goodison Park. Everton spent lavishly but often without strategy, leading to spiralling debts and underperforming squads.

The Toffees, who have always prided themselves on being a top-flight English club, found themselves battling at the wrong end of the Premier League table. The frustrations mounted as supporters, disillusioned with the lack of leadership, staged protests, even as Moshiri and certain board members distanced themselves from Goodison Park.

“It is great news for the football club,” said former captain Alan Stubbs, reflecting on the club’s struggles. “We have been rudderless and going nowhere off the pitch for far too long.”

777 Partners Deal Collapse: A Cautionary Tale

The current mood around the club is understandably cautious. Everton have been here before. In September last year, fans were given hope when Miami-based investment firm 777 Partners agreed to buy the club. However, legal and financial entanglements prevented the deal from being finalised. The firm could not meet the Premier League’s stringent owners’ and directors’ tests, resulting in a collapse of the sale.

This setback left the Toffees once again searching for stability. Fortunately, the Friedkin Group seems well-positioned to pass these regulatory hurdles, according to insiders. A deal reportedly valued at over £400 million is expected to be completed within the next 8 to 12 weeks. Optimism is building that the ownership transition will bring long-overdue stability.

What the Friedkin Group Brings to Everton

The Friedkin Group, renowned for its vast wealth accumulated in the automotive industry, is no stranger to football. Having already invested significantly in Serie A side AS Roma, they have a track record of investing heavily and bringing footballing success. Their stewardship of Roma led to the club’s first major European trophy in 2022, winning the Europa Conference League under Jose Mourinho.

While Friedkin’s approach at Roma has been low-key and business-like, it has drawn some criticism for a perceived disconnect with the fans. Italian football journalist Daniele Verri noted, “They don’t have a direct connection to the manager or fans. They leave the football decisions to those in charge but hold the final say.” Whether Everton supporters will accept this hands-off style remains to be seen.

The Financial Impact: A Much-Needed Boost

One thing is clear: the Friedkin Group brings financial muscle that could help Everton out of their precarious situation. The club’s accounts for the 2022-23 season revealed losses of £89.1 million and a net debt that had risen to £330.6 million. The club also owed £225 million to Rights and Media Funding. The Friedkins have already extended a £200 million loan, expected to be converted into equity, further demonstrating their commitment to stabilising the Toffees’ financial situation.

Additionally, Everton is grappling with nearly £400 million of external debt. The Friedkins have promised further cash injections and have reached agreements with lenders, bringing optimism that these debts can be managed without additional disruption to the club’s operations. Stability off the pitch could be the foundation for a long-awaited recovery on it.

A Look to the Future: Can the Toffees Turn the Corner?

Everton’s loyal supporters have endured years of underperformance, from boardroom chaos to poor managerial choices. Sean Dyche, the current manager, has been credited with keeping Everton in the Premier League last season, but his position remains uncertain. Despite Dyche’s efforts, the Toffees find themselves joint-bottom of the Premier League table, with just one point from their opening five games of the season.

Looking ahead, there are exciting developments on the horizon. This season will be the club’s last at the historic Goodison Park before they move to a new state-of-the-art stadium at Bramley Moore Dock, with a near-53,000 capacity. The increased revenue potential from this move could transform the club’s finances and lay the groundwork for a sustainable future.

However, fans are understandably wary. The appointment of new ownership often signals changes in management. Dyche, whose contract expires in less than a year, could find his position at risk once the Friedkin Group takes full control. The challenge will be for the new owners to “get” Everton fans and the deep cultural importance the club holds for the Merseyside community.

New Beginnings or More of the Same?

The road ahead for Everton is uncertain, but the promise of a fresh start under the Friedkin Group offers a sliver of hope. “Dan Friedkin brings a wealth of experience from the footballing side, and it is really positive,” said Stubbs, cautiously optimistic about the new era. However, many fans, including former chair of Everton’s fan forum Nick Mernock, are still skeptical. Mernock described the club’s previous leadership as being “run like a corner shop” with no real strategy.

For a fanbase battered by talk of Profit and Sustainability rules, dodgy finances, and uncertainty in the boardroom, the arrival of the Friedkin Group might finally bring some much-needed clarity. As Julie Clarke, secretary of the fans’ advisory board, put it, “It will be lovely to just be able to enjoy football again.”

With the Premier League survival once again the immediate priority, it’s crucial that the new owners strike the right balance between financial restructuring and maintaining footballing ambition. Whether this change in ownership will mark the dawn of a new era or merely continue the cycle of frustration remains to be seen.

In the end, the verdict will come not from press statements but from results on the pitch. If the Friedkin Group can bring their business acumen and footballing expertise to Goodison Park and translate that into success, then maybe, just maybe, Everton can finally start dreaming again.