Everton takeover: Friedkin Group agrees deal – is the saga almost over?

The Friedkins are filthy rich, making billions in the auto industry. Yet a deal to take control of the Toffees was struck just two months ago.

In June, the group agreed to a deal in principle to buy Moshiri’s majority shares, but talks were called off a month later after the two sides failed to reach an agreement.

But they never really left. They have maintained relationships with stakeholders after providing a £200m loan in June, which is expected to be converted into equity.

While American entrepreneur John Textor tried to close a deal, his involvement was complicated by the fact that he had a stake in Crystal Palace. In addition, Moshiri was in the background maintaining a dialogue with the Friedkin Group.

The deal was revived and a statement on Monday said they looked forward to “providing stability to the club and sharing our vision for the future.”

The group has provided Everton with a further capital injection and could easily repay the remaining external debt of around £400m.

An agreement has been reached with Rights and Media Funding, which is owed £225m by the club, and a £200m loan from 777 has been agreed with finance company A-Cap, which has seized 777’s assets.

Meanwhile, the club posted a loss of £89.1m for the 2022-23 season, while net debt rose to £330.6m.

Owner and CEO Dan Friedkin is listed on Forbes, external as the 383rd richest person in the world with a fortune of £5.7 billion.

Friedkin is an aircraft enthusiast: his grandfather founded an airline in the US and he himself flew a Spitfire in the Hollywood blockbuster Dunkirk.

He also reportedly owns one of the largest collections of vintage military warplanes in America.

After years of adversity, are Everton now on course to fly high again and reach new horizons?