Crystal Palace co-owner John Textor has faced a setback in his bid to acquire Premier League rivals Everton, as The Friedkin Group has emerged as the new owners of the Toffees. This development comes two months after The Friedkin Group withdrew from negotiations to purchase Farhad Moshiri’s 94.1 percent shareholding in Everton.
Textor, who made a significant investment in Crystal Palace in 2021 by acquiring 40 percent of the club for £87.5 million, had increased his stake to 45 percent with an additional £30 million injection. However, as per Premier League regulations, an individual cannot own multiple teams within the league, leading Textor to put his Crystal Palace shares up for sale and pursue the acquisition of Everton.
The Friedkin Group’s acquisition of Everton was confirmed on Monday, with both parties reaching an agreement for the sale of Blue Heaven Holdings’ majority stake in the football club. The transaction is still pending regulatory approval from the Premier League, the Football Association, and the Financial Conduct Authority.
In a statement released by Everton, it was mentioned, “We are 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 and 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.”
Textor’s Ambitions and Investments
John Textor’s foray into the world of football ownership began with his investment in Crystal Palace, a move that was seen as a strategic decision to establish a foothold in the Premier League. However, his aspirations to acquire Everton, a club with a rich history and fan base, were thwarted by The Friedkin Group’s successful bid.
Textor’s financial commitment to Crystal Palace was substantial, with an initial investment of £87.5 million to acquire 40 percent of the club. This was followed by an additional £30 million investment to increase his stake to 45 percent, showcasing his dedication to the club and its future prospects.
Despite his significant investments in Crystal Palace, Textor’s desire to expand his football ownership portfolio by acquiring Everton was hindered by the regulatory restrictions imposed by the Premier League. The league’s rules prohibit individuals from owning more than one team within its ranks, forcing Textor to choose between his stake in Crystal Palace and his pursuit of Everton.
The Friedkin Group’s Acquisition of Everton
The Friedkin Group’s acquisition of Everton marks a new chapter in the club’s history, with the American conglomerate set to take over Blue Heaven Holdings’ majority stake in the Toffees. The deal, which is subject to regulatory approval, signifies The Friedkin Group’s commitment to becoming custodians of the iconic football club.
In a statement released by The Friedkin Group, a spokesperson expressed their satisfaction with reaching an agreement to acquire Everton and emphasized their focus on obtaining the necessary approvals to finalize the transaction. The group also highlighted their vision for the club’s future, including the completion of the new Everton Stadium at Bramley-Moore Dock.
The acquisition by The Friedkin Group is expected to bring stability and new opportunities for Everton, as the club looks to build on its legacy and strengthen its position in the Premier League. With the backing of a reputable and financially sound entity like The Friedkin Group, Everton fans can expect a renewed sense of optimism and ambition for the club’s future.
Implications for Crystal Palace and Everton
The acquisition of Everton by The Friedkin Group has significant implications for both clubs involved, as well as for John Textor’s ownership interests. For Crystal Palace, Textor’s decision to put his shares up for sale indicates a potential shift in ownership dynamics, with the club likely to undergo changes in leadership and direction in the near future.
On the other hand, Everton’s new ownership under The Friedkin Group brings a sense of stability and investment opportunities for the club, as they look to capitalize on their rich history and fan base to achieve success in the Premier League. The completion of the new Everton Stadium at Bramley-Moore Dock is set to be a key milestone in the club’s development under the new ownership.
In conclusion, the acquisition of Everton by The Friedkin Group represents a turning point for both clubs involved, with implications for their future prospects and ambitions in the Premier League. While John Textor’s bid to acquire Everton may have been outbid, his investments in Crystal Palace and his strategic decision-making continue to shape the landscape of English football ownership.
