Friedkin family’s deal to buy Everton FC collapses

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The plan for the Friedkin family, who are billionaires, to purchase Everton Football Club has fallen through. This is the newest development in a complicated situation that has left the fate of the historic English football club unclear.

The Friedkin Group, who also has ownership of Italian team Roma, started discussions to take over Everton with owner Farhad Moshiri last month. It was revealed on Friday that the discussions ended without a deal being reached, as announced by Everton and the Friedkin Group together.

"The Friedkin Group has decided not to move forward with acquiring the club," they stated. "Both parties believe it is best for Everton to look into other possibilities."

Dan Friedkin, whose family amassed their wealth by selling Toyota vehicles in the southern United States, has a reported net worth of $6 billion, as per Forbes. Everton supporters were hopeful that his possible takeover could help stabilize the club.

Instead, the failure of the acquisition throws the high-ranking team into chaos once again. The financially burdened club was penalized with Premier League points last season for breaking spending regulations, and has been struggling to stay out of relegation for the last three years.

In the past, the club splurged on players but faced consequences when the pandemic caused financial strain in football. Additionally, Russia's invasion of Ukraine led to the termination of major sponsorship agreements tied to oligarch Alisher Usmanov.

Everton still hasn't finished building their new stadium in Liverpool's Bramley-Moore Dock. The construction costs have increased significantly in the past few years, putting a strain on the club's financial situation.

In the blog post on Friday, both parties mentioned that the Friedkin Group will continue to support the club as a lender and had an important role in making the new stadium possible.

Moshiri has been looking for someone to buy the club for over two years now. He had originally agreed to sell the club to a Miami investment firm called 777 Partners in September of last year, but that deal fell apart last month.

The company, which was under close examination for its financial situation for months, loaned money to the club to cover expenses during this time. However, they were not given the go-ahead from the Premier League to purchase the club. The takeover deal collapsed shortly after 777 brought in experts to help address the "operational challenges" they were facing.

Some of the club's primary debtors have also been competing for authority.