Everton confirmed on Thursday that the takeover of the Premier League team was finalised by the US-based Friedkin Group.
According to Everton, the Friedkin Group company Roundhouse Capital Holdings Limited has purchased the team.
In addition to Arsenal, Chelsea, Liverpool, and Manchester United, Everton is now the tenth English top-flight club with majority American ownership after the Friedkin Group acquired a 98.8% share in the team, according to the Premier League.
The announcement on Thursday followed Everton’s September announcement that the Friedkin Group had agreed to purchase Farhad Moshiri’s majority stake in the struggling team, subject to regulatory approval.
This approval has now been given by the Football Association, the Premier League, Women’s Professional Leagues Limited, and the Financial Conduct Authority.
According to the BBC, the Friedkin Group’s purchase of Everton was valued at more than £400 million ($506 million).
The Texas-based organisation, which also owns the Italian Serie A team Roma, is headed by chairman Dan Friedkin. Forbes estimates Friedkin’s net worth to be £6.16 billion.
Everton has lost eight points overall last season and has been sanctioned twice in the last 13 months under the Premier League’s profitability and sustainability guidelines (PSR).
Earlier this year, American investment group 777 Partners failed to close a deal.
Prior to Everton’s announcement that they were signing a deal with the Friedkin Group, John Textor, who has a 45 percent stake in Crystal Palace, had seemed to be in the running.
Everton is getting ready to leave Goodison Park, where the team has called home since 1892, as they complete a new stadium.
They are now only three points above the relegation zone in 16th place in the Premier League standings.
Despite surviving multiple struggles to avoid relegation in recent seasons, Everton has maintained its position in the English first division for the past 70 years.
For the four years from 2019 to 2023, the Liverpool-based team reported losses of little under £400 million ($534 million).
Moshiri, a British-Iranian businessman, initially purchased a 49.9% interest in Everton in 2016 and then increased it to 94.1% in 2022.
.
