Friedkin Group weighs selling control of Everton less than two years after buying it

TFG's case for the timing rests on the stadium. The group said its priority on arrival was stability, investment and "helping to bring the long-promised stadium to completion for its deserving supporters" ^[3]. The ground opened last year ^[10]. City AM gives TFG a smaller share of that job. It reported that the group inherited the majority of a completed Hill Dickinson Stadium, which holds 52,888 ^[9].

The group describes its tenure as a rescue. When TFG arrived, it said, "the club faced significant financial uncertainty and challenges both on and off the pitch" ^[3]. Its conclusion followed: "With that foundation now safely in place, the time is right to consider the next chapter for Everton" ^[4]. I think the record supports a narrower version. City AM may be right that the stadium was mostly built before TFG took control ^[9]. If so, the mandate the group now calls complete was the last stretch of an existing project, and TFG finished it inside a hold of under two years ^[1].

The incentive to move now is about price. City AM linked the timing to the rise in Premier League valuations after a consortium involving Jeff Bezos bought a significant majority stake in Liverpool at a valuation of £4.6bn ^[19]. It also reported that Crystal Palace has floated a price of £900m, and said Everton would likely seek more because of its stadium and facilities ^[20]. At £900m, Everton would be valued at 2.25 times the £400m City AM put on TFG's purchase ^[18]. The statement sets no price and no deadline ^[2].

A buyer would also take on a recent record. The BBC reported that TFG's leadership came under scrutiny during the summer transfer window ^[14]. Everton accepted a £40m bid from Nottingham Forest for England Under-19 midfielder Harrison Armstrong, angering fans, then pulled out of the deal ^[15]. The club then sold Beto to Fiorentina. According to the BBC, that left 23-year-old Thierno Barry as its one recognisable striker ^[16].

For TFG, the trade-off is about timing. A sale now would capture a valuation that City AM ties to the stadium and the Liverpool deal ^[19][20]. Holding on means a season as an owner that has told the market the club is available ^[2]. Everton is one of two clubs in the group, alongside Roma ^[17]. TFG said its "focus will remain unchanged" and that it will "support the club in all ways necessary to achieve success on the pitch" ^[8].

This quarter, the decision belongs to the group: a minority partner or a new controlling owner. We do not know yet which it prefers. Next quarter, the consequence falls on Moyes and the executives under him ^[13]. They will make squad decisions without knowing who will own the club.