Everton are facing another period of ownership uncertainty after The Friedkin Group confirmed it is exploring new investment options, including the potential sale of a controlling interest in the club, less than two years after completing its takeover.
The development is significant, but it requires an important distinction from the outset: Everton have not yet been sold, and TFG have not announced an unconditional exit at any price.
The club’s official statement says the ownership group is considering several investment possibilities, one of which is the sale of control. TFG has appointed investment bank Moelis & Company to oversee the process and says it will only consider parties it believes can take Everton forward.
That leaves Everton effectively back on the market after what was supposed to be a new period of stability following the difficult final years of Farhad Moshiri’s ownership.
The difference this time is that a prospective buyer would inherit a very different football club.
Everton now have their new waterfront stadium, a more stable financial structure and a team sitting in the upper reaches of the Premier League under David Moyes. But there are still substantial financial requirements, debt obligations and questions over how much capital would be required to turn Everton from a stabilised club into a consistent European challenger.
For supporters following the team while the ownership process develops, SoccerMatchToday provides Everton’s current schedule and results through the Everton team, while the wider competition can be followed through the Premier League.
What Have Everton Officially Said About the Sale?
The official announcement was deliberately cautious.
Everton said TFG is:
“exploring new investment options”
and confirmed those options include the potential sale of a controlling interest.
TFG said that when it took control, Everton faced serious financial difficulties both on and off the pitch. Its initial priorities were stabilising the club, providing investment and helping complete the new stadium.
The group now believes that foundation has been established and says the time has arrived to consider what it calls Everton’s “next chapter”.
TFG also made clear that it does not intend to sell indiscriminately.
The ownership group says it will only consider investors or buyers whom it regards as suitable long-term custodians.
That wording is important.
This is not yet confirmation that a transaction is close.
It is confirmation that Everton’s owners are formally testing the market.
Moelis & Company Has Been Appointed to Run the Process
Everton confirmed that Moelis & Company has been retained by The Friedkin Group.
That is another indication that this is a serious strategic process rather than informal speculation.
Investment banks typically help owners:
- identify potential buyers or investors;
- assess financing;
- structure bids;
- examine valuations;
- manage negotiations;
- and coordinate due diligence.
TFG could ultimately sell the entire controlling interest.
It could bring in a significant new shareholder while retaining some ownership.
Or it could decide that none of the offers received represents sufficient value and remain in control.
At this stage, all of those possibilities remain open.
Why Is TFG Considering an Everton Exit So Soon?
This is the biggest question.
The Friedkin Group completed its takeover only in December 2024, ending the Moshiri era and bringing immediate relief to a club that had been dealing with heavy debts, financial-rule problems, failed takeover attempts and uncertainty around the new stadium.
The group originally spoke about building a sustainable and successful Everton.
Its stated priorities included strengthening the first team, developing academy players, growing commercial revenues and maximising the new stadium.
Now, less than two years later, control could change again.
There does not appear to be one single explanation.
Instead, several financial and strategic pressures have converged.
The Cost of Making Everton Competitive Again Is Enormous
Stabilising Everton is one challenge.
Turning Everton into a regular European club is another.
This distinction appears central to understanding TFG’s position.
The Friedkins inherited a club requiring substantial financial repair.
The new stadium needed completing.
Historical debts needed restructuring.
The squad needed investment.
Commercial revenues needed growing.
And Everton were still dealing with consequences from previous financial-rule breaches.
The club is in a much healthier position than it was during the final Moshiri years, but future owners would still need very substantial capital if the ambition is to compete regularly with the Premier League’s wealthiest clubs.
Sky Sports’ analysis suggested TFG may have concluded that the investment required to push Everton back towards the upper end of English football is greater than the ownership group wants to provide.
That is analysis rather than an official explanation from TFG, but it fits the wider financial picture.
Everton Could Be Valued at Around £750m to £800m
No official asking price has been published.
However, football-finance expert Kieran Maguire told BBC Sport that he expects TFG to seek somewhere around £750m to £800m for a complete sale.
His estimate also referenced Everton carrying significant current debt, which a buyer would need to factor into the overall transaction.
Other reports have suggested a figure around £800m, including substantial debt obligations.
These figures should therefore be treated as market estimates rather than a confirmed TFG asking price.
The final valuation would depend on how a deal is structured.
A buyer purchasing shares and assuming club debt is different from paying £800m entirely to TFG.
That distinction is critical when discussing football-club valuations.
Why Everton May Be Worth Far More Than in 2024
TFG bought Everton during a period of distress.
That matters.
The club’s financial position was deeply uncertain.
Its new stadium had not yet become an operational asset.
Premier League survival had repeatedly become a concern.
And previous takeover attempts involving other parties had failed.
The Everton available today is different.
The club now operates from Hill Dickinson Stadium, a modern waterfront venue capable of producing substantially greater matchday and commercial revenue than Goodison Park.
The club’s immediate financial crisis has also been reduced.
That means TFG may be able to sell Everton as a stabilised Premier League business rather than as a distressed asset requiring emergency intervention.
This difference could explain why reported valuations today are considerably higher than the amount associated with TFG’s 2024 acquisition.
Hill Dickinson Stadium Is Central to Everton’s Value
The stadium may be Everton’s greatest commercial asset.
When TFG took control, one of its most important tasks was helping ensure the long-running stadium project reached completion.
Everton’s official statement specifically highlighted that achievement when explaining why the club is now ready for another ownership phase.
The move away from Goodison Park was emotionally difficult, but economically important.
A modern stadium gives Everton greater capacity to generate revenue from:
matchdays, premium hospitality, sponsorship, naming rights, corporate events, concerts and non-football activity.
That creates a more attractive proposition for potential buyers.
A buyer is no longer purchasing a club that must somehow finance a stadium project from scratch.
The infrastructure is already there.
Everton Still Carry Significant Debt
The new stadium also comes with financial obligations.
Different reports currently provide different estimates for Everton’s debt position, reflecting how debts and ownership financing are categorised.
BBC-linked reporting referenced around £468m of current debt, while other reports have discussed approximately £380m of long-term debt within an estimated £800m overall valuation.
Those figures should not be treated as interchangeable.
Football finances contain different forms of borrowing, shareholder funding, stadium financing and other liabilities.
What can be said safely is that a prospective owner would need to understand a substantial debt and financing structure before completing a takeover.
This is one reason due diligence matters.
The headline purchase price is only part of the cost of owning Everton.
The Burnley Compensation Case Added Another Financial Hit
Another unexpected financial burden arrived earlier this year.
Everton were ordered to pay nearly £40m to Burnley after a legal case connected to the club’s previous breach of Premier League Profitability and Sustainability Rules.
Burnley argued that Everton’s breach had contributed to competitive financial losses connected with their relegation from the Premier League in 2021/22.
Finance expert Kieran Maguire suggested to BBC Sport that this liability may have been one of several factors influencing TFG’s thinking.
Again, TFG has not officially said the Burnley ruling caused the decision to explore a sale.
But it represents another sizeable financial demand on the ownership group.
Roma Complicates the Friedkin Group’s Position
TFG does not own only Everton.
Its football portfolio also includes AS Roma, making the group part of the increasingly common multi-club ownership model.
That creates strategic complications.
UEFA rules place restrictions on clubs under common ownership participating in the same European competition.
If Everton return to European football while Roma also qualify, ownership arrangements could therefore require restructuring or temporary governance solutions.
This does not automatically force TFG to sell Everton.
Multi-club ownership groups have found ways to comply with UEFA requirements.
But it adds another complication to what is already an expensive portfolio.
TFG is also pursuing major stadium ambitions with Roma, which requires substantial additional capital.
Everton Fans Had Already Begun Questioning TFG’s Ambition
The timing of the sale announcement is particularly important because relations between the ownership group and sections of Everton’s support had already deteriorated.
Much of the frustration came from the summer transfer window.
David Moyes wanted greater squad depth as Everton attempted to move from survival concerns towards challenging higher in the table.
Instead, the window ended with concerns about whether sufficient investment had been made.
The proposed sale of young midfielder Harrison Armstrong became a major flashpoint.
BBC-linked reporting says Everton were prepared to sell the academy graduate to Nottingham Forest in a deal worth around £40m before strong supporter opposition helped lead to a reversal.
The episode was damaging because Armstrong represented exactly the sort of academy player Everton supporters wanted the club to build around.
The Sale of Iliman Ndiaye Also Raised Questions
Everton also sold Iliman Ndiaye to Manchester City for £65m during the summer.
Beto departed for Fiorentina.
The club then attempted to sign Monaco striker Folarin Balogun, but the deal collapsed too late for Everton to secure an alternative.
BBC’s account says that left Moyes with only 18 senior outfield players and insufficient depth in attack.
That summer altered the mood.
TFG had initially been credited with restoring order after years of chaos.
By September, supporters and the manager were questioning whether ownership had the appetite to fund the next phase of Everton’s development.
David Moyes Had Already Revealed a Significant Disconnect
One of the most revealing developments came before the sale announcement.
Moyes disclosed that he had never spoken directly to Dan Friedkin since returning as Everton manager in January 2025.
The Guardian reported that Friedkin had not spoken directly with Moyes during that period, with the manager instead dealing primarily with other executives and representatives.
For a club attempting to build a coherent long-term sporting strategy, that raised obvious questions.
Managers and owners do not need daily contact.
But complete separation between the first-team manager and the controlling owner is unusual, particularly when major questions about investment and club direction are being discussed.
Moyes Found Out About the Sale With Everyone Else
The disconnect became even more obvious on Friday.
Moyes said he only learned about TFG’s decision to explore a sale on the morning the announcement became public.
He admitted he was surprised because the ownership group had arrived less than two years earlier and most people around Everton expected a considerably longer commitment.
But Moyes also suggested the summer transfer window had provided clues.
He said some of the ownership group’s decisions had made him question how committed TFG remained to the long-term sporting project.
That admission is significant.
Moyes is not an outside observer.
He is the manager tasked with rebuilding the team.
Moyes Says He Feels for Everton Supporters
The manager’s strongest reaction concerned the fans.
Everton supporters have experienced repeated ownership uncertainty.
The end of the Moshiri era involved attempted takeovers, financial investigations, points deductions and fears around the club’s long-term stability.
TFG’s arrival was supposed to end that cycle.
Moyes acknowledged that supporters are now being asked to deal with another round of questions about who owns their club and what comes next.
That frustration is understandable.
Ownership uncertainty affects more than boardroom politics.
It can influence transfer budgets, contract negotiations, recruitment plans and long-term infrastructure decisions.
Everton Are in a Stronger Position Than During Previous Sale Attempts
There is, however, one major difference between this process and the turmoil of the later Moshiri years.
Everton are not being marketed from the same position of crisis.
TFG has stabilised important parts of the club.
The stadium has been completed.
The team are competing comfortably in the Premier League.
And Reuters reported Everton were seventh in the table when the sale process was announced.
That means TFG can attempt to run a controlled transaction rather than an emergency rescue.
For supporters, that should reduce some of the immediate concern even though uncertainty remains.
The latest competitive picture can be followed through SoccerMatchToday’s Premier League standings section.
Why American Investors Could Be Interested
Everton remain a potentially attractive asset for international investors.
There are only 20 Premier League clubs.
They very rarely become available.
The league remains one of the most globally valuable sporting competitions.
Everton also offer several characteristics investors typically seek:
a historic club, a large supporter base, a major English city, a new stadium and substantial opportunities for commercial growth.
Kieran Maguire told BBC Sport that he expects interest from the United States in particular.
That would fit the wider trend in English football.
Several Premier League clubs are already owned or significantly financed by American investors.
Premier League Ownership Remains Attractive Compared With US Sports
Part of the attraction is scarcity.
Purchasing a major NFL, NBA or MLB franchise can cost several billion dollars.
Premier League clubs, despite their global reach, can sometimes be acquired for considerably less.
The potential upside is therefore significant.
European football also offers opportunities unavailable within closed US leagues.
A club can qualify for the Champions League.
Commercial revenues can grow dramatically.
Player trading can generate profit.
International branding can expand.
A modern stadium can become an entertainment venue.
Everton offer all of those possibilities.
The challenge is that there is also relegation risk, financial regulation and the need for continuous squad investment.
Any New Owner Would Need Premier League Approval
Even if TFG reaches an agreement with a buyer, that does not complete the process automatically.
A change of control would need approval under the Premier League’s Owners’ and Directors’ Test.
The prospective ownership group would have to satisfy regulatory requirements relating to matters including funding and eligibility.
A deal involving hundreds of millions of pounds would also involve extensive legal and financial due diligence.
That means a sale could take months even after a preferred bidder emerges.
Everton supporters have experience with this.
Previous ownership processes involving other interested parties dragged on without completion before TFG finally succeeded in buying the club.
TFG Says It Will Not Sell to Just Anyone
The Friedkin Group’s statement attempts to reassure supporters on this point.
TFG says any new investor must be someone it believes can act as the right steward for Everton.
That is a sensible principle.
Whether supporters ultimately agree with TFG’s judgment will depend on who emerges.
Football ownership is no longer judged simply by whether a bidder can meet the purchase price.
Supporters will want answers about:
funding, debt, sporting ambition, executive structure, transfer strategy, stadium development and the club’s relationship with its community.
Those questions should become central once credible bidders are identified.
Could TFG Still Remain as a Minority Shareholder?
Yes.
The wording of Everton’s announcement deliberately leaves this possibility open.
TFG is exploring new investment options, including the sale of a controlling interest.
That could allow the group to reduce its financial exposure without abandoning Everton entirely.
A new investor might buy majority control while TFG retains a minority position.
Alternatively, TFG could sell a non-controlling stake and remain the majority owner.
The eventual structure will depend on the offers received.
This is why describing Everton as definitively “sold” or saying TFG have already left would be inaccurate.
Could TFG Decide Not to Sell?
Also yes.
Exploring a sale does not guarantee one will happen.
If prospective buyers do not meet TFG’s valuation, funding requirements or standards for ownership, the group could retain control.
That possibility matters when evaluating reported asking prices.
An owner testing the market may begin with a valuation higher than potential buyers are willing to pay.
Negotiation then determines whether a transaction is possible.
Until Everton announce a preferred bidder or agreement, speculation over individual buyers should be treated cautiously.
The New Owner Will Need More Than the Purchase Price
This may be the most important part of Everton’s ownership story.
Buying the club is only the beginning.
A new owner would also need substantial capital to compete.
Premier League squads are expensive.
Top forwards can cost £60m, £80m or more.
Elite wages continue rising.
Stadium financing creates ongoing obligations.
Academy, recruitment and infrastructure spending must continue.
And Everton cannot simply rely on transfer spending without regard for Premier League financial rules.
A buyer therefore needs both acquisition capital and long-term operating capacity.
The richest bidder is not automatically the best owner, but a seriously undercapitalised buyer would create obvious risks.
Everton’s Sporting Project Cannot Stop During the Sale
For David Moyes, ownership speculation cannot become an excuse.
Everton still have matches to play.
They still have a season to manage.
And their strong league position gives them an opportunity to make progress despite uncertainty above the manager.
Moyes has said his responsibility is to keep the players focused.
That is particularly important because good performances can improve Everton’s attractiveness to prospective investors.
A club competing near the European positions is a more compelling purchase than one fighting relegation.
Upcoming matches can be followed through SoccerMatchToday’s Everton fixtures page, with previous performances available via Everton results.
What Does the Sale Mean for January Transfers?
This is one of the biggest practical questions.
There is currently no official indication that Everton’s January transfer activity has been suspended.
TFG’s statement explicitly says it will continue supporting the club throughout the investment process.
However, uncertainty around ownership can complicate recruitment.
A current owner may be reluctant to make major long-term financial commitments while negotiating a sale.
A prospective buyer may also want input into large investments.
Everton’s squad depth means the issue could become significant quickly.
Moyes already emerged from the summer wanting more options.
If injuries arrive before January, pressure for reinforcements will increase.
Would a Quick Sale Be Better for Everton?
Not necessarily.
Speed is useful because uncertainty can become disruptive.
But choosing the wrong ownership group simply to complete the process quickly would create a much greater problem.
Everton supporters have already experienced failed takeover discussions.
They know what a prolonged ownership saga looks like.
But they also know how damaging poor ownership can become.
The priority therefore should be a credible buyer with:
transparent funding, realistic sporting ambitions, respect for financial regulation and a viable long-term plan.
TFG’s responsibility is to balance speed against quality.
TFG Deserves Credit for Stabilising Everton
The ownership group’s short tenure should not be assessed only through the decision to explore a sale.
When TFG arrived, Everton were in a precarious condition.
The club had experienced years of financial problems.
The stadium project needed certainty.
The relationship between supporters and previous ownership had collapsed.
TFG provided immediate financial stability and completed the transition into the new stadium. Everton’s official takeover announcement in December 2024 specifically identified stabilisation and sustainable growth as core priorities.
Those achievements matter.
A future owner would inherit a significantly more stable organisation because of them.
But Supporters Can Still Question TFG’s Sporting Commitment
At the same time, stabilisation does not automatically equal sporting ambition.
The summer transfer window raised legitimate questions.
The Armstrong episode damaged trust.
The squad remained thin.
Moyes publicly expressed frustration.
And Dan Friedkin’s distance from the football operation became increasingly difficult to ignore.
Those concerns form part of the explanation for why the sale announcement has not produced universal surprise among supporters and observers.
The group may have repaired Everton sufficiently to create value.
The question is whether it ever intended to finance the much more expensive step of returning the club to sustained European competition.
Everton Could Be an Exceptional Opportunity for the Right Buyer
Despite the uncertainty, the next ownership era could begin from an unusually promising foundation.
Everton have:
a world-class new stadium, one of English football’s largest historic fanbases, Premier League status, a recognised global identity, valuable academy infrastructure and substantial room for commercial growth.
The club also exists in one of England’s most important football cities.
Those assets are difficult to recreate.
A prospective buyer would therefore not be purchasing only the current squad.
They would be purchasing a football institution with significant unrealised potential.
That is why strong interest would not be surprising.
The Key Questions Everton Fans Should Watch
The most important developments now concern the identity and quality of potential buyers rather than speculation about whether TFG wants out.
Everton have officially confirmed that process.
The next questions are practical:
Who submits credible offers?
How much investment can they provide after purchasing the club?
Will TFG sell full control or retain a minority stake?
How will stadium debt be structured?
What is the plan for the squad?
Will David Moyes remain central to the football project?
And can a new owner realistically return Everton to European competition without recreating the financial excesses of the Moshiri era?
Those questions will determine whether this ownership change becomes progress or simply another transition.
Everton Are for Sale, but They Are Not Back in Crisis
That is perhaps the most important conclusion.
The phrase “Everton are up for sale again” naturally brings back memories of previous instability.
The circumstances today are different.
TFG has formally opened the door to new investment and potentially the sale of control.
It has hired Moelis & Company.
Reported valuations place a potential transaction around the £750m to £800m range, although no official asking price has been announced.
David Moyes was surprised by the timing but remains focused on the team.
And Everton are currently competing from a much stronger football and infrastructure position than they were when TFG arrived.
This is uncertainty.
It is not yet crisis.
What Happens Next for Everton?
The immediate process should be straightforward.
Moelis will test the market.
Potential investors will assess Everton’s accounts, stadium obligations, debts, commercial opportunities and squad.
Credible bidders may then enter negotiations with TFG.
Any agreement for control would require regulatory approval before completion.
That process could take months.
Meanwhile, TFG remains Everton’s owner.
Moyes remains manager.
The team continues playing.
And Hill Dickinson Stadium remains the cornerstone of what makes Everton attractive to potential buyers.
For Evertonians, the challenge is familiar but the circumstances are new.
They are once again waiting to discover who will own their football club.
This time, however, the buyer would not be arriving simply to rescue Everton from immediate financial danger.
They would be buying the opportunity to determine how far a stabilised Everton, equipped with a new stadium and an enormous supporter base, can actually go.
For ongoing match coverage while the ownership process develops, SoccerMatchToday provides Everton fixtures, Everton results, the Premier League schedule and live football scores.
