Everton fans have got to the point where they don’t need much to get excited.
News of Texan businessman Dan Friedkin signing an exclusivity agreement with Farhad Moshiri to begin the process which would see the American acquire the latter’s 94.1 per cent stake in the club has certainly got the majority believing things may be about to take a turn for the better.
It’s true to say there’s a way to go before qualified pilot Friedkin will be flying over Everton’s new stadium on the Mersey riverfront, but those connected with the deal tell me there is a real willingness to get the job done and begin to re-establish the potential at one of English football’s historic institutions.
The Friedkin group, headed by the 59-year-old, has shown early commitment and intent by agreeing to pay off the loan made by MSP Sports Captial to Everton last year, plus around £40m to assist with working capital and stadium funding. That was a significant step to securing the exclusive rights to commence due diligence and the Premier League process of approval.
Moshiri had a number of options before choosing Friedkin to do business with, and I understand it was because of the Texan’s intention to invest pure equity – meaning the club would be more financially secure and have a stadium virtually debt free – which attracted him. He feels the Friedkin proposal allows him to leave the club in a strong position as it moves into a new era.
Everton fans, however, are keen to know who Friedkin is and what his plans are for their club.
By all accounts he’s not a man that shouts from the rooftops, nor does he seek publicity, but it is clear that he is a very interesting and colourful character with a diverse set of interests.
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I spoke to a few contacts in the USA, and in particular Texas, and every time the word came back “he’s a good guy”. “Ah Mr Toyota” said one source, “he’s very respected by the business community here in the States”, in fact it was impossible to find anyone with a negative view.
The “Mr Toyota” reference is due to the group’s dealings as one of the largest dealerships of Toyota vehicles in the world, supplying a number of southern states, which has helped the Friedkin group develop into one of the largest private American companies with around $13bn in revenue.
Friedkin is also heavily invested in the movie industry; he is principal at ‘imperative entertainment’, a group focused on development, production and financing across media platforms including film, television and print. He is also a dedicated conservationist and chairs an organisation which aims, through technology, to repatriate American citizens missing in action since WWII.
Farhad Moshiri had a number of options before choosing Dan Friedkin to do business with
However, it will be his and the group’s involvement in AS Roma which will interest Everton fans, and indeed a wider audience, the most.
Friedkin bought the Serie A outfit in 2020 and has largely overseen an improvement in the club’s fortunes, appointing Jose Mourinho as manager and winning the Europa Conference League in 2022, before finishing as Europa League runners-up last year.
There are a number of similarities between Roma and Everton. Friedkin sees both as historical clubs in their respective leagues, with huge potential, but clubs that have fallen on difficult times. He has spent a lot of money in planning a new stadium for the Giallorossi already, and it’s the potential commercial reward from Everton’s new stadium on the riverfront at Bramley Moore Dock which has been one of the major attractions.
I understand Friedkin sees Everton as a club with a big fanbase, history and opportunity, which doesn’t come up for sale very often, and believes it represents the most potential of any club available in the market right now.
The group feels its experience in Rome will stand it in good stead to achieve success on Merseyside.
Those Evertonians, desperate to see their club return to its former glory, will hope Friedkin can close the deal and achieve what troubled 777 Partners couldn’t.
It’s expected that process will be much smoother and quicker than the eight months it took last time and the light at the end of the tunnel, or indeed the runway, will allow Friedkin to help Everton take off.
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