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U.S. billionaire Dan Friedkin’s company, The Friedkin Group, has agreed to acquire a majority stake in Everton Football Club, according to a joint statement with Blue Heaven Holdings, the club’s current majority owner. The deal marks a significant turning point for the club after a prior sale to 777 Partners fell through earlier this year.

The agreement will see The Friedkin Group, known for its ownership of Italian football club AS Roma, take control of Everton from British-Iranian businessman Farhad Moshiri, whose Blue Heaven Holdings has been the club’s majority shareholder.

Everton Finds New Buyer In US Billionaire : Stabilizing the Club’s Future

“We are pleased to have reached an agreement to become custodians of this iconic football club,” a spokesperson for The Friedkin Group said. The group emphasized its commitment to providing stability to the club and completing the construction of Everton's new stadium at Bramley-Moore Dock.

While financial terms of the transaction were not disclosed, the sale remains subject to regulatory approvals from the Premier League, the Football Association, and the Financial Conduct Authority.

Legal Troubles and Failed Sale to 777 Partners

The acquisition comes after Everton’s proposed £550 million ($704 million) sale to private equity firm 777 Partners collapsed. That deal fell apart as 777 faced legal challenges, including a lawsuit from British asset manager Leadenhall Capital Partners LLP, accusing the firm of fraud.

Everton’s minority shareholders and the Everton FC Shareholders Association also raised concerns about the sale to 777 Partners, further complicating the deal.

Everton's Financial Struggles

The sale to The Friedkin Group comes at a critical time for Everton, which has faced financial difficulties and sanctions from the Premier League Independent Commission in recent years. With the new ownership, the club hopes to regain stability and secure its future both on and off the field.