Everton’s proposed sale to Texas-based Friedkin Group has fallen through

MANCHESTER, England — The proposed sale of Premier League club Everton to the Texas-based Friedkin Group has fallen through, both parties said in a joint statement on Friday.

The Friedkin Group, which has a portfolio of companies in the automotive, entertainment, hospitality, sports and adventure industries, entered into exclusive discussions to buy a majority stake in Everton last month.

But the two parties said Friday that discussions had ended and the proposed deal would not go ahead.

“The parties agree it is in both their interests for Everton to explore alternative options,” the joint statement said.

The development places more uncertainty over the future of Everton after the proposed takeover by 777 Partners — a Miami-based private investment firm — collapsed last month.

Nine-time English champion Everton has battled relegation in each of the last three seasons and in its most recent accounts reported losses of $112.5 million.

Last season it received two separate points deductions for breaching the league’s financial rules, but still retained its top-flight status for another year.

Uncertainty surrounding the club comes at a time when it is constructing a 52,888-capacity stadium, which it is due to move in to next year.

Mahority shareholder Farhad Moshiri, who has as 94.1% stake, said last September that the sale would secure financing to complete the new stadium.

The Friedkin Group’s move for Everton came after it bought Roma for $700 million in 2020. Its other companies include Gulf States Toyota, which Forbes said sold $9.1 billion worth of Toyotas in 2022.

The statement said the group would remain a lender to Everton and was “proud to have played a key role in enabling the new stadium to be built.”

Everton was a founding member of the English Football League in 1888 and Premier League in 1992. It was one of English soccer’s most successful teams in the 1980s — winning the league title twice, the FA Cup and European Cup Winners’ Cup.

But it has not won a major trophy since the FA Cup in 1995 and has gone through a period of frequent managerial changes.

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James Robson is at https://twitter.com/jamesalanrobson

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AP soccer: https://apnews.com/hub/soccer