The Friedkin Group is quietly sounding the market for Everton buyers, according to three people familiar with the matter, marking a sharp reversal 18 months after the Texas-based conglomerate closed its £400 million acquisition of the Merseyside club in December 2023. The preliminary conversations have included two Gulf-based sovereign wealth vehicles and one UK private equity firm, though no formal process has launched. Chairman Dan Friedkin attended only four home matches this season.
The reset reflects mounting operational strain across two fronts. Everton's new £760 million Bramley-Moore Dock stadium, set to open August 2025, has triggered £45 million in annual debt service the club wasn't modeling when TFG signed the deal. Meanwhile, the playing squad sits 16th in the Premier League table through 32 matches, three points above the relegation zone, with parachute-payment math now a boardroom topic. The club burned through £89 million in operating cash last fiscal year, nearly double TFG's underwriting model, and has already drawn £120 million from a £225 million Friedkin credit facility arranged in June 2024. That facility was supposed to be stadium capex; it's covering payroll.
The timing matters because TFG's broader portfolio is compressing. The group's automotive dealership network, which generates most of Friedkin's $7.2 billion in annual revenue, posted a 14% EBITDA decline in Q4 2024 as US light-vehicle margins contracted. TFG also owns AS Roma, where it has injected €630 million in equity since 2020, and where sporting director Tiago Pinto quietly left in February after clashing with ownership over transfer budgets. Everton was supposed to be the stabilized asset; it has instead required £310 million in combined equity and credit in 16 months, per two people who reviewed internal memos. One person close to the deliberations said the phrase used internally is "capital efficiency review," not sale, but three advisors who have fielded inquiries said the distinction is cosmetic.
Any Everton sale would likely be structured as a phased transaction given the stadium completion risk and the club's Premier League status uncertainty. One structure circulating among advisors involves a majority stake sale now at a 15-20% discount to TFG's basis, with a relegation-protection ratchet that adjusts final consideration based on May 2025 league position. The new stadium, once operational, should generate £20 million in incremental annual matchday revenue compared to Goodison Park, but that assumes Premier League crowds and commercial rates. Championship economics would cut projected NOI by nearly 40%. The club's current shirt sponsor, Stake.com, delivers £10 million per season through June 2026, below the £15 million market rate for a mid-table Premier League side, and cannot be renegotiated under existing terms if the team drops.
Watch for two near-term catalysts. Everton plays six of its final six league matches at home starting April 19, including fixtures against Fulham and Newcastle that will effectively decide survival math. If the club secures safety by early May, TFG would likely accelerate any formal sale process to capture a £500-550 million Premier League valuation before the stadium handover. If Everton goes down, the group faces a choice: inject another £80-100 million to fund a promotion campaign, or sell at a 30-35% loss to a buyer willing to navigate Championship volatility. Two of the three parties TFG has approached are waiting for clarity on league status before submitting indicative terms, per one person. The third is doing its own diligence on the stadium's undrawn construction commitments, which total £63 million as of March.
Friedkin bought Everton from Farhad Moshiri, the Iranian-British billionaire who himself lost an estimated £750 million across seven years of ownership. The new stadium was meant to reset the club's commercial trajectory; instead it has become the next owner's underwriting problem, arriving just as the playing squad needs a rebuild and the wage bill sits at 91% of revenue, per the club's last filed accounts.
The takeaway
TFG's Everton exit talks underscore how stadium debt and survival risk are collapsing mid-tier Premier League valuations faster than new builds can recover them.
Editorial & Disclosure Notice: This article was written with artificial intelligence from public sources and is published without individual human review. Artificial intelligence and other digital tools are also used for research, analysis, editing, formatting, and production. Errors, omissions, outdated information, or inaccuracies may occur. References to companies, brands, products, services, organizations, or individuals are for informational and editorial purposes and do not imply endorsement, sponsorship, affiliation, partnership, or approval unless expressly stated. All trademarks and other intellectual property remain the property of their respective owners. Opinions, analysis, estimates, and commentary are informational only and should not be construed as financial, investment, legal, tax, medical, procurement, or other professional advice. Information may be corrected, clarified, or updated after publication. Corrections or removal requests: jenny@pops4.com.
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