This week’s Carabao Cup win for Everton was attended by two prime ministers: Andy Burnham and Canada’s Mark Carney. But this distinction should not obscure some worrying concerns for fans.
Towards the end of last season, The Friedkin Group should
have been basking in the progress made by two of the clubs in its sports
portfolio. Everton and Roma were both pushing for the upper reaches of their
respective domestic leagues, with designs set firmly on European qualification. Rather than a source of satisfaction,
however, it quickly presented a problem for TFG and one that may now contribute
to the American conglomerate considering how best to continue its Premier
League association.
Uefa’s rules on multi-club ownership prevent clubs under one
umbrella from competing in the same continental competition and, for a while,
it seemed as if Everton and the Italian side Roma were both destined to qualify
for the Europa League. In that
eventuality, the regulations state that the team who finished lower in their
standings would have been demoted to the Conference League — an unsatisfactory
scenario for one of the clubs after nine months chasing a different prize.
When asked about such a scenario playing out, briefings on
TFG’s behalf said it had come up with a “structural solution” that would allow
it to pass Uefa’s decisive influence test.
Unlike other teams in multi-club ownership models, such as
the City Group (Manchester City and Girona) and Sir Jim Ratcliffe’s Ineos
(Manchester United and Nice), TFG opted not to establish a blind trust by March
1 of this year. That would have meant one of the clubs, most probably Everton
given its ties with Roma appear stronger, being controlled by independent
lawyers, so as not to conflict with Uefa’s rules.
Instead, there was confidence that everything would be fine
even if no further details were forthcoming as to how that would be the case.
It was noted that Dan Friedkin, TFG’s billionaire supremo, sits on the board of
the European Football Clubs, formerly the European Club Association.
Ultimately, it did not matter. Roma qualified for the
Champions League and Everton dropped out of contention altogether after a
miserable run-in, finishing 13th. Yet if the issue was averted
in the short term, it is not going away.
It is understood that TFG’s belief it could essentially get
round the regulations has proved misplaced. Uefa reiterated its rules to
Friedkin and Roma executives as recently as last month, and TFG now intends to
comply with them. The Times approached TFG for comment on Monday.
As unlikely as it may seem at present, Roma and Everton
could not play in the Champions League in the same season, for instance, even
if both qualified. That would mean one club missing out on tens of millions of
pounds.
Something broader is at stake, too, because the situation
poses the question of which club does the ownership group want to do well? Roma
are top of Serie A after winning their first four games and there is less
established competition for the Champions League berths
in Italy than in England.
Some 18 months ago, TFG also set up Pursuit Sports to
oversee its sporting franchises (the French side Cannes are the third football
club it owns) with the idea of sharing data and expertise. If either
Everton or Roma were placed in a blind trust, they would not be allowed to tap
into the information that was previously available.
Not that Pursuit Sports is underworked. It has an exclusive
agreement with the National Hockey League to evaluate bringing a 33rd ice
hockey franchise to Texas, in Houston or Austin. That would cost TFG about
£2.6billion if it goes ahead.
The developments come at a time when TFG’s commitment
to Everrton, which it bought as a distressed asset in December 2024 from
the former owner Farhad Moshiri, is already under scrutiny. Dan Friedkin never went to Goodison Park,
even in the stadium’s last days. He has never been to Hill Dickinson and has
never spoken to Moyes. His son, Ryan, has been to the club’s new stadium on the
banks of the River Mersey once — and it is telling that was for a pre-season
friendly before the 2025-26 campaign against
. . . Roma.
Everton have been estimated as having an enterprise value of
about £790million and an equity value — what the shares are worth once debt is
factored in — of about £400million. A
new buyer would not be taking over the financial mess TFG signed up
for. TFG has stabilised Everton’s balance sheet, refinanced expensive
debt, and completed and monetised the new stadium, but there is a five-year
capital requirement of about £450million. That is a large chunk of change for
owners who have just been informed that under the present structure there could
be a ceiling to what they can achieve.
Exactly how committed TFG is to Everton should soon become
clearer.
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