Everton to move into stadium debt free as owners worth £5.3bn complete takeover

Current owner Farhad Moshiri accepted a lower offer from Dan Friedkin than John Textor was willing to pay to ensure a smoother and quicker sale of the club.

Moshiri will walk away having made a significant loss on his £700m investment after agreeing to sell his 94.1 per cent stake in the Merseysiders to the Friedkin Group, fronted by Friedkin.

Sources close to Moshiri say the takeover is worth between £400m and £500m, the majority of which will be used to convert debts into equity.

These include the £200m pumped into the Toffees by 777 Sports during their ill-fated takeover attempt, with Friedkin negotiating a settlement directly with American insurance firm A-Cap, who funded the 777 bid.

This part of the deal will need to be ratified by a court in New York after A-Cap seized 777's assets.

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Moshiri decided to sell to Friedkin after growing tired of waiting for the outspoken Textor to sell his shares in Crystal Palace in order to purchase the Toffees.

It is hoped the deal, subject to approval by the Premier League and the Financial Conduct Authority, will be completed by the end of the year.

Everton are due to take up residence in their brand new 52,888-seater home at Bramley-Moore Dock for the start of next season.

Friedkin has also agreed to pump in additional funds to finance day-to-day running costs including wages and the final financing of the stadium move while the takeover is waiting to go through.

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Forbes estimates that the Friedkin Group is worth £5.3billion, making Dan Friedkin the 363rd richest person in the world.

Marc Watts, incoming Executive Chairman of Everton Football Club, said: "Today marks a momentous and proud occasion for The Friedkin Group as we become custodians of this iconic football club.

"We are committed to leading Everton into an exciting new era both on and off the pitch. Providing immediate financial stability to the club has been a key priority, and we are delighted to have achieved this.

"While restoring Everton to its rightful place in the Premier League table will take time, today is the first step in that journey."

Farhad Moshiri, the outgoing majority shareholder, said: "I truly believe that the transaction with The Friedkin Group is the best outcome for the Club and its future success.

"There has been a huge team effort in getting to this stage and I would like to personally thank my Board colleagues John Spellman and Colin Chong and all the senior management team including Katie, James, Richard and of course Kevin and Sean for their huge commitment to the club.

"Despite a challenging geopolitical backdrop, a significant amount has been achieved over the last couple of years including the delivery of a new sporting department, the stabilisation of our finances and the delivery of our iconic new stadium.

"I now hand over to new owners confident in the outlook for the club and that our incredible fans will see the success on the pitch that they so thoroughly deserve."

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The Friedkin Group have outlined their ambitions with a six-point plan. Key priorities include:

Strengthening the men's first-team squad through thoughtful and strategic investment.

Cultivating home-grown superstars through Everton's Academy.

Fostering a distinct on-pitch and commercial strategy for the women's team.

Respecting the club's traditions and keeping Everton at the heart of the community.

Maximising the potential of the new stadium through long-term commercial partnerships and events that benefit the city of Liverpool.

Enhancing Everton's reputation as a unique and historical name in world football.