Everton takeover 'close' as US billionaire worth £5.7bn steps in to save Toffees

Everton owner Farhad Moshiri is reportedly closing in on a takeover agreement with American billionaire Dan Friedkin. The cash-strapped Toffees have endured months of uncertainty while struggling to find a buyer.

US-based investors 777 Partners LLC loaned the club £200million before seeing their takeover attempt collapse earlier this year. That opened the door for rival parties to step in, and a battle soon emerged between Friedkin and Crystal Palace's majority shareholder, John Textor.

Friedkin pulled out of the race in July after holding exclusive talks with the club. But he is now back in the picture and, according to Bloomberg, in the 'advanced stages' of negotiations with Moshiri.

Textor has been open about his interest in purchasing Everton but Premier League rules would force him to sell his stake in Palace before landing at Goodison Park. Friedkin also has footballing interests away from Merseyside, having purchased AS Roma in 2020, though that would not impact his prospective buy-in on Merseyside.

Everton supporters will hope that the American can replicate the silverware success he enjoyed with the Giallorossi when manager Jose Mourinho lifted the Europa Conference League in 2022.

Moshiri, who owns 94 per cent of Everton, has invested heavily in the club since 2016. But fans are broadly unhappy with the way it has been spent, with a succession of poor transfer decisions leaving them in bad shape financially.

Friedkin will take on Everton's huge debt if his takeover attempt proceeds as planned, including the £200m owed to 777. The 59-year-old is reportedly worth £5.7billion and his company, The Friedkin Group, is one of the largest Toyota distributers in the United States.

Everton are planning to move into their brand new stadium at the start of next season after investing approximately £750m into its development - significantly more than originally planned.

The Toffees were hit with two separate points deductions for breaching the Premier League's Profit and Sustainability Rules (PSR) last season. But manager Sean Dyche successfully led them to safety with time to spare.

After another summer of spending significantly less than they raised through player sales, Everton have made a tough start to the new season. Saturday's draw at Leicester City banked them their first point of 2024/25 after kicking off the campaign with three consecutive defeats - including two games in which they gave up a two-goal lead - and a third-round Carabao Cup exit.