NafisaAs the sun sets on the Farhad Moshiri era, Everton supporters are cautiously daring to dream of a new dawn under the stewardship of American billionaire Dan Friedkin the owner of Italian Giants A.S Roma.
Moshiri’s time in charge of the club was full of ups and downs, beginning with lavish spending and high-profile signings, before financial difficulties and the withdrawal of Kazakh oligarch Alisher Usmanov left the club on the blink of disaster.
Moshiri’s aggressive approach to the transfer market in the early years was matched by equally bold ambition. However, when Usmanov was forced to cut off ties with the club amid geopolitical tensions, the financial support that had powered Moshiri’s spending vanished.
Without this backing, Everton soon found themselves facing the harsh reality of the Premier League’s Profit and Sustainability Rules (PSR), which restrict clubs to losses of no more than £105m over a three-year period.
Everton had already breached this limit by the time they posted losses of £372 million over the 2021-22 and 2022-23 seasons, triggering a points deduction – the first in the Premier League era for a PSR breach.
To make matters worse, the club’s financial woes have not yet fully played out. Everton are currently awaiting a third hearing concerning the controversial capitalisation of interest on loans taken out to fund the construction of their new Bramley Moore Dock stadium.
These financial challenges, paired with the club’s relegation battles over the last two seasons, have left the Goodison Park faithful seeking for change.
Despite the turmoil, Friedkin’s arrival offers a glimmer of hope for supporters, who are hoping for a step up from years of instability. Yet, questions linger about whether he will be the man to lead the club back to prosperity.
His track record at AS Roma, the other football club in his portfolio, offers some insight into the kind of owner he might be.
Friedkin purchased Roma in 2020 for £532 million, and his early tenure appeared promising. The appointment of José Mourinho as manager was widely hailed as a coup, and the club’s triumph in the inaugural UEFA Conference League added a historic chapter to their trophy cabinet.
However, the relationship between Friedkin and Roma’s fanbase bittered significantly in 2024 after sacking club legend Daniele De Rossi as manager prompted a backlash, with many supporters accusing Friedkin of mismanagement in the club.
In a further sign of growing discontent from the supporters, reports suggest that Friedkin is considering selling a substantial stake in Roma to Saudi investors.
The situation has worsened for Friedkin in Rome, with the club languishing in mid-table and enduring a 3-2 defeat to Bologna that ultimately led to the dismissal of manager Ivan Juric, who was in charge for just 12 matches making him the third manager to be sacked.
While Friedkin is now surrounded by turmoil at Roma, his focus has shifted to Merseyside, where Everton’s much-anticipated takeover is inching closer.
The Premier League and the Financial Conduct Authority are finalising their checks ahead of the takeover, but key decisions remain.
One such decision concerns the £431 million in soft loans provided by Moshiri to the club. These interest-free loans, which Everton have treated as equity, are now under scrutiny, particularly in the wake of Manchester City’s successful challenge to the Premier League’s Associated Party Transaction (APT) rules.
Moshiri’s loan arrangements are the subject of considerable debate. The Premier League’s new stance, following the City case, could mean that soft loans are no longer treated as equity, and that a commercial interest rate will be applied for PSR purposes.
As the club with the highest volume of soft loans in the league, Everton’s situation is precarious. How these loans are treated in the takeover negotiations will have a significant impact on the club’s financial future.
Football finance expert Kieran Maguire has suggested that the loans could be converted into a new class of equity without voting rights, thereby avoiding dilution of the Everton Shareholders Association’s influence, which currently holds around 6% of the club.
The immediate priority for Friedkin, once the takeover is complete, will be ensuring Premier League survival. A relegation to the Championship would severely devalue Everton, potentially leaving Friedkin paying far more than he would have for a club that had remained in the top flight.
But beyond this, there are other tough challenges to address. Notably the looming move to the club’s new stadium at Bramley Moore Dock.
While the construction of the stadium progresses, Everton are yet to announce a naming rights partner, despite having enlisted the Elevate Sports agency to assist in the search for sponsors. Companies such as Red Bull, Qatari Airways, and Friedkin’s own Toyota have been linked to a potential deal to the stadium.
Friedkin’s remit will be vast. In addition to stabilising Everton’s finances, he will need to address a squad that currently lacks both direction and identity.
Manager Sean Dyche’s uninspiring start to the season has left the team in 16th place, and fans are beginning to question the club’s sporting philosophy, or rather the lack of one. A clear and coherent vision for the future is needed if the club is to rise from the ashes of its recent troubles in the field.
In many ways, Friedkin’s tenure at Everton will be shaped by how he navigates these financial and footballing obstacles. For a fanbase starved of success, the hope is that he can deliver the stability and vision the club so desperately needs and get back on track and retrieve her glory once more.
Nafisa
