Everton Football Club has officially embarked on a transformative journey under new ownership, as The Friedkin Group (TFG) completes its acquisition of the club, ending Farhad Moshiri’s tumultuous eight-year tenure. The takeover ushers in financial stability and ambitious promises for the future, marking the beginning of a long-awaited fresh chapter at Goodison Park.

TFG, a Houston-based conglomerate with a diverse portfolio spanning the automotive, entertainment, and sports industries, has taken control of 99.5% of Everton’s shares through its entity, Roundhouse Capital Holdings. Marc Watts assumes the role of executive chairman, while Dan Friedkin, CEO of TFG, will serve as chairman of the board. Their immediate goal is to stabilize the club financially and inject professionalism and ambition into every aspect of the organisation.

In a statement, Watts declared: “Today marks a momentous occasion. We are committed to leading Everton into an exciting new era both on and off the pitch.”

TFG has moved swiftly to address Everton’s debt crisis, committing to a significant reduction in liabilities. The group will refinance £150 million owed to Rights and Media Funding and settle the £200 million debt to ACAP in instalments. In addition, TFG’s own loans to Everton, originally £200 million and secured against the club’s new stadium, will now be treated as a mix of equity and long-term debt.

Outgoing owner Moshiri, who converted £450 million of his loans into equity before selling his 94% stake, leaves having sustained substantial financial losses during his tenure.

Moshiri commented: “I believe this transaction is the best outcome for the club. I hand over to new owners confident in Everton’s outlook.”

TFG’s acquisition brings with it experienced leadership, including Ana Dunkel, TFG’s chief financial officer, and Colin Chong, Everton’s interim CEO, joining the board. More appointments are expected in the coming weeks to bolster the club’s operations.

Dan Friedkin expressed his commitment to the fans: “We will usher Everton into a new era marked by ambition and professionalism. The resilience shown by everyone connected to the club provides a strong foundation to build on.”

Moshiri’s tenure, which began in 2016, saw nearly £800 million spent in a bid to restore Everton to their former glories. However, his time at the club was marred by mismanagement, financial instability, and three consecutive relegation battles. High-profile sponsorship deals with companies tied to Russian oligarch Alisher Usmanov were terminated following the invasion of Ukraine, exacerbating financial woes.

Everton’s struggles extended beyond the pitch, with breaches of the Premier League’s Profitability and Sustainability (PSR) rules and the ongoing challenge of funding the club’s new stadium.

Despite the fresh optimism, TFG inherits a club in flux. Everton sits 16th in the Premier League table, narrowly above the relegation zone, and must quickly address on-pitch issues to avoid another season-long battle for survival.

The Friedkin Group’s arrival signals a turning point, but the task ahead remains immense. With a commitment to long-term growth and stability, TFG aims to transform Everton into a competitive force in English football while fostering closer connections with fans and the community. The journey to reclaiming the Toffees’ historic status has officially begun.