Transfer Turmoil, Fan Backlash, and Millions in Debt: Why Everton Are Back on the Market

When Everton owners The Friedkin Group (TFG) issued a brief 170-word statement on Friday morning effectively putting the club up for sale, it was as understated and underwhelming as their entire tenure at Goodison Park. TFG, who also own Serie A side Roma, paid over £400m for a 99.5% stake in Everton in December 2024, rescuing the club from financial turmoil and the toxic atmosphere that defined the final chapter of Farhad Moshiri’s chaotic reign.

It was supposed to herald a bold, ambitious new era as the club prepared to bid farewell to Goodison Park and move into their state-of-the-art new stadium at Bramley-Moore Dock. Instead, TFG are now testing the market. Football finance expert Kieran Maguire told BBC Sport he expects the owners to seek between £750m and £800m for a full sale, with any prospective buyer also needing to absorb existing debts of around £468m.

Despite the initial optimism and bold promises, TFG quickly turned into absentee owners, keeping their primary focus on Roma. Tellingly, chairman Dan Friedkin never attended a single Everton match and, remarkably, never spoke to manager David Moyes following his return to the dugout in January 2025.

Moyes revealed that disconnect following a turbulent summer transfer window, which saw the Everton fanbase’s lukewarm sentiment toward TFG turn into outright hostility.

The catalyst was TFG's attempt to sell teenage midfielder Harrison Armstrong—one of Everton's brightest academy prospects in recent years—to Nottingham Forest for £40m. The deal had already been sanctioned by TFG before news leaked, triggering outrage among Everton supporters, who threatened a "revolt" during an away clash at Bournemouth later that day.

The backlash was so severe that TFG were forced into damage control, halting the 19-year-old's transfer. Yet it was seen as little more than a face-saving exercise after a disastrous miscalculation that irrevocably alienated the fanbase.

Everton went on to sell Iliman Ndiaye to Manchester City for £65m and striker Beto—hardly world-class, but an established central forward—to Fiorentina. A subsequent pursuit of Monaco forward Folarin Balogun collapsed late on, leaving no time to secure alternatives.

That left Moyes a striker short and working with a threadbare squad of just 18 senior outfield players. From that point on, the end of TFG's ownership felt inevitable, culminating in the announcement that they are now actively seeking buyers.

Reflecting on the situation, Maguire said:

"I think there are several factors at play. I suspect they were taken aback by having to pay Burnley upwards of £35m over financial breaches."

In 2024, Everton were found to have breached Profitability and Sustainability Rules (PSR) over a three-year period. Burnley argued that this breach directly affected their relegation battle in the 2021-22 season and sought compensation for the resulting financial losses.

TFG injected £38m into the club to settle the claim, with Everton subsequently lodging an appeal.

"I think they may have realised that English football is heading towards the same litigious environment you see in American sports business," Maguire added. "That probably didn't sit well with them.

"It's also a great time to sell because the market is red-hot. American investors will be interested. There are only 20 Premier League clubs available to buy, and plenty of suitors. The scarcity value is real. I'd expect TFG to look for £750m to £800m. In the US, buying a major sports franchise costs upwards of $5bn.

"They likely view this as a straightforward opportunity to turn a quick profit—effectively buying low and selling high."

What TFG did deliver was a measure of financial stability following the crisis-ridden Moshiri era, and Maguire believes that clean balance sheet will make Everton an attractive proposition.

"Everton have history, heritage, and tradition," Maguire said. "They are a Premier League staple, well-positioned to stay in the top flight, with a loyal fan base filling a magnificent 50,000-plus capacity stadium. You don't need to spend millions modernising the ground. I have immense respect for the financial team currently running the club. Unlike the chaos left by Moshiri, you can look under the hood at Everton now and there are no nasty surprises waiting.

"To paraphrase a former prime minister, this is an 'oven-ready' football club coming onto the market. If you're an investor looking to fast-track growth, the foundations are already laid.

"And I would certainly start looking for suitors in the United States."

There is little doubt that relations between the Houston-based group and Merseyside had frayed considerably. The lack of dialogue with Moyes became painfully evident when the manager admitted he only learned of the impending sale at the same time as the general public—further underlining the detachment compared to TFG's hands-on approach at Roma.

Speaking ahead of Sunday's fixture against Hull, Moyes said:

"I'm disappointed for the supporters that they're having to go through another period of 'Who are the owners?' I genuinely believed with the new ownership we were all aligned and pulling in the same direction. When I came back, the vision was to get Everton back to where they belong, competing regularly for European qualification.

"The summer was tough on all of us. I only found out about the sale this morning. I'm perhaps a little surprised, but then again, maybe I shouldn't be."

On TFG's overall approach, Maguire added:

"They never really forged an emotional connection with the club or the city of Liverpool. Dan Friedkin never attended a game, which says a lot. At Roma, they have a club competing in the Champions League—with all the associated revenue—and a far better chance of regular European football. That simply isn't the reality at Everton right now."

How, then, will TFG's spell at Everton be remembered?

"With a mixture of disappointment and indifference," Maguire noted. "The positive is that Everton now have competent professionals in place, whereas under Moshiri there were too many decorative figures with little substance."

TFG will now be pushing for a swift resolution.

"Because the Friedkins conducted extensive due diligence prior to their takeover, any major skeletons in the closet have already been dealt with," Maguire explained. "The primary hurdle now is clearing the Premier League's Owners' and Directors' Test. Are you a fit and proper person? Do you have the capital, and can you demonstrate proof of funds—not just to buy the club, but to run it sustainably?"

For his part, Moyes remains confident in the club's underlying appeal.

"I look forward to the right people coming in to take this club forward," Moyes concluded. "It's a fantastic football club. If anyone asks for my opinion, I'll be the first to tell them it's well worth buying."