U.S. billionaire Dan Friedkin agrees to buy EPL soccer club Everton

LONDON — The investment group run by U.S. billionaire Dan Friedkin on Monday agreed to buy Everton F.C., potentially ending years of uncertainty for the struggling English Premier League soccer club.

The deal is subject to subject to regulatory approval from the EPL, the Football Association, and Britain’s Financial Conduct Authority.

A spokesperson for The Friedkin Group, a privately held consortium of businesses with Chairman and CEO Dan Friedkin at the helm, said it was “pleased to have reached an agreement to become custodians of this iconic football club.”

“We are focused on securing the necessary approvals to complete the transaction. We look forward to providing stability to the club, and sharing our vision for its future, including the completion of the new Everton Stadium at Bramley-Moore Dock,” it said in the statement.

The deal would give Friedkin the 94% stake currently owned by Farhad Moshiri. British-Iranian businessman Moshiri bought a 49.9% slice of Everton in 2016 and more recently increased that stake with a 100-million-pound capital injection.

Despite Moshiri’s investments, the club — founded in 1878 — has gone backward and has narrowly avoided relegation out of the EPL on several occasions in recent years. The club currently sits 19th out of 20 teams in the EPL and is yet to win a game this season. Last season, it was docked points for breaching Premier League financial rules.

The club has seen interest from various buyers in recent years, including U.S. private equity firm 777 Partners and more recently American businessman John Textor. Earlier this year, The Friedkin Group agreed a deal in principle to buy Everton but pulled out of talks when it failed to reach an agreement.

Friedkin also owns Italian Serie A side Roma and, according to Forbes, has a net worth of $7.6 billion.