Absent Friedkins Never Gave Themselves the Chance to Be Touched By Everton
Given how TFG's intervention 22 months ago pulled Everton back from the edge of the abyss, it's hard to be angry at their decision to put the club up for sale. Instead, the overriding feeling is of colossal disappointment.
There was a point late in the summer transfer window, some time between CEO Angus Kinnear’s sit-down interviews with fan and local media and the Blues’ game against Bournemouth on the 29th of August, where Everton’s approach — or, more specifically, that of the ownership — perceptibly changed.
Had it not been for David Ornstein of The Athletic going public with information he had received regarding Everton’s acceptance of an offer from Nottingham Forest for the midfielder before kick-off that day on the south coast, that change would have involved the loss to a rival club of our best academy graduate of the past few years.
Thankfully, however, the emphatic Evertonian voice was heard from the stands of Vitality Stadium (and on social media and, perhaps, through those same fan media representatives with Kinnear’s ear) and The Friedkin Group changed tack, banking instead on Iliman Ndiaye’s sale to Manchester City going through before the deadline to help them fund a very late move for a striker.
No one of a Blue persuasion needs reminding how that went in the minutes either side of the 11pm cut-off and the collapse of Folarin Balogun’s proposed move to Hill Dickinson Stadium from Monaco, but the circumstances behind the attempted Armstrong sale and the increasingly chaotic nature of Everton’s transfer dealings as the summer wore on prompted a significant shift in the fanbase’s opinion of — and faith in — TFG.
There was already a steady drumbeat on social media over the summer of people arguing that the Friedkins’ passions lay in Italy with AS Roma and that the Americans were only interested in “flipping” Everton for profit at some point not too far down the road.
Kinnear’s insistence of the owners’ ambitions for the club suggested otherwise but their decision to rein in spending at the end of the transfer window was a tacit admission of that notion; reports soon afterwards that TFG were entertaining minority investors provided further evidence; and Friday’s brief club statement was confirmation.
All of which has plunged Everton back into uncertainty over the future less than two years after it seemed as though the sky was the limit for the club under well-heeled ownership who had earned their scars and stripes through five years of owning Roma.
Granted, we’re not weighed down by the existential fears that accompanied the last takeover saga, when the Toffees were caught between the devil, three sevens and a baseball cap on one side and the blag artistry of John Textor on the other, but we have been swiftly and collectively stripped of the dream that TFG might bring about the same renaissance at Everton as Fenway Sports Group have effected up the hill at Anfield over the past decade and a half.
In the context of just how precariously Everton were teetering on the edge of the abyss in the last days of Farhad Moshiri and the extent to which TFG returning to the negotiating table to complete a deal for the Anglo-Iranian’s stake rescued our club, it’s hard to feel too aggrieved by their decision to offload their acquisition so quickly.
The Houston-based firm have not only put the Blues on a stable financial footing, completed the new stadium and significantly improved the club’s commercial performance but they have also put some of the building blocks in place at Finch Farm to revive the academy and retooled the recruitment setup (even if the latter’s results over the summer were decidedly mixed and needs further work to divest Kinnear of his input on the playing side).
It’s become clear, though, that the realisation of just how much investment and savvy is required to achieve the same level of success in the Premier League as they have enjoyed to date with Roma has hit TFG like a truck. And with planning permission finally granted on a new stadium in Rome and an NHL expansion team in the works in Texas, the Friedkins clearly felt they don’t have the bandwidth or capital that would be required to push Everton into the Champions League picture. Their loss, one they might not ever fully appreciate if the Toffees ever return to the "top table", will be someone else's gain.
The first feeling was one of annoyance at TFG for not following through on their initial promises, but the overriding emotion now is colossal disappointment. Disappointment at Dan Friedkin’s refusal to even dip a toe into Everton as a club, culture and community by so much as attending even one game at either Goodison Park or Bramley-Moore Dock so that he and his family might be “touched” by Everton in the manner expressed so eloquently by Alan Ball.
And it could well be that that was by design. The intention was never to spend any emotional capital on the Blues, but to treat it solely as a shorter term business venture. (That would certainly explain why they opted not to attend Hill Dickinson Stadium this season, even though they were said to be in the country at the time.)
Disappointment that they couldn’t see the enormous potential in what is genuinely a sleeping giant of English football. And disappointment that our prospects to return to the top (or close to it) under a hugely successful multinational firm with the resources and capability to drive Everton forward like FSG did at Liverpool has, temporarily at least gone, to be replaced by yet more uncertainty.
If there’s room for optimism, though, it comes from the fact that the Everton that is for sale this time is not a distressed asset with real worries over its short- to medium-term viability as a going concern as was the case in the darkest days in the spring of 2024.
While the club’s debts are north of £400m and servicing that loan secured against the stadium, when combined with the costs of running Hill Dickinson Stadium, largely offsets the increase in revenue from Goodison Park, the terms are long-term and based on favourable rates.
TFG have rid Everton of the far more debilitating “payday” loans from the likes of Rights & Media Funding that Moshiri and Bill Kenwright before him felt compelled to take on and the stadium itself, when combined with new sponsorship deals, has opened up new sources of revenue.
The hope now is that a similarly well-run and well-resourced outfit to TFG, free of the baggage of sports-washing accusations and sovereign wealth but with serious ambition and a laser focus on making Everton successful on and off the pitch, are waiting in the wings to take us into the bright future for which we’re all desperate.
After three decades of obscurity and frustration, Evertonians are due their moment back in the sun.
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Reader Responses
Selected thoughts from readers11/10/2026 03:01:45
Lyndon, it's hard not to believe this was their primary objective. They had the savvy, the money and opportunity to do a fixer upper, however I think it was quite possibly a three year plan to put the finances right and then the team. Alas the reality of wheeler dealing meant selling the crown jewels to do it in their eyes but it showed their naivety. Much more money would be needed and that wasn't in the plan. A vastly underestimated one. Hence sell early.
If all had gone to plan in their eyes we would probably still been up for sale, just a year later. Take the handsome profit, they deserve it, but yes, they have done what they set out to do.
The constant, unforgivable clamour of "stability" just hid the reality for their lack of emotional commitment.
Oh well, I guess Dan can get into his Spitfire and fly off with a bit of dosh under his wings, in search of the next Dunkirk...
11/10/2026 03:50:55
The acquisition by TFG was basically a private equity type move.
Buy a distressed asset cheaply, overhaul management, streamline supply chains, restructure debt, and make the business run more efficiently. Then, inject modest capital to generate more commercial revenue.
Once the P&L looks better, flip it for profit- minimum £250 million in the case of TFG.
They came, they saw, they profited and they left just about sums it up.
11/10/2026 04:24:03
Well put, Steve. Frustrating from our perspective as fans who can only hope that a) the next owners arrive quickly and b) they’re prepared to inject significant money into the club to fund our forward progression without any guarantee they’ll get it back.
11/10/2026 08:12:35
To the tune of “unforgettable” by Nat King Cole, I just hope Everton can get people through the door that are just “so professional”🤞
We nearly signed Balagun, but we nearly sold Harrison Armstrong, which with hindsight was nothing more than a very cynical move.
It didn’t take long to realise that they didn’t really give a fuck about us, and because i’m an Evertonian, who knows and still believes, that we can be great again, I found this very disrespectful, but I suppose they didn’t tell many lies, and hopefully soon they will be gone.
The bigger the price, the more chance we must have of being sold to another investment company, but what are we without hope? something I just never really had with those invisible Friedkin’s.
11/10/2026 08:21:32
Steve Brown
Great Buisness on their part, especially when you consider how they tightened their belt during the Transfer Window, while at the same time selling off one of our most creative players, since James Rodriguez.
Addressing our most urgent need, for a Right Back, by spending a paltry 4 million on a well worn Maitland Niles.
One would be forgiven, for holding a conspiracy theory, that Davy was well aware of the plan.
A straight swop, mediocrity, for mediocrity.
Swapping players is rare in modern day football, but, hey!, if your going to save a few quid.. why not?
The Armstrong affair !
Even myself, I can’t help but believe, that the acquisition of Norgaad, for the Princely sum of 7 million, was a cynical attempt to replace Armstrong.. Conspiracy Theories all around !
11/10/2026 08:35:12
I think you wrote something similar to Steve, in one particular paragraph, Lyndon, but otherwise I think you have been very kind to TSF, imo mate!
11/10/2026 08:53:44
Paul #6 some good theories there mate, they’re timing was 24 hours out with selling Armstrong though wasn’t it, bet Angus got a right bollocking for that!
The worry now is when this drags on and on what investment in the squad will TFG make then? No doubt it will be player trading, you need a striker,a left back ?
then a Garner a KDH or the crown jewel Jarrad Branthwaite will be sold.
They need to be gone asap so whoever comes in needs to build a squad rather than flip a squad, the writing will be on the wall for Goodison too, that was their idea for running it for the ladies team,can’t see that lasting under new ownership, they get crowds that average 2000, doesn’t cover the leccy bill.
11/10/2026 09:54:22
They saw an opportunity with a distressed Everton acquired on favourable terms.
They de-stressed us financially, for which we have to be grateful, but in truth any sensible owner would have done the same.
I’m not convinced they intended to sell so soon but circumstances ( Roma stadium, Hockey franchise, money required at Everton- seems they underestimated) dictated it.
Running any longer we’d have gotten more of the same, frustrating cash tight transfer windows, sale of better players, simply existing in the PL.
The frustration would have grown.
So yes it’s frustrating. Yes we’re faced with more uncertainty. But the sooner it’s resolved, the sooner we can move forwards, hopefully with new Owners who have both ambition ( and the means to support it) and an affinity for our Club.
11/10/2026 12:01:48
Steve#3
That is basically what TFG have done.
A new majority investor would be buying a stabilised platform with unrealised upside. TFG did the hard restructuring work: debt refinanced, stadium built, financials cleaned up. What they didn't do was push the football side forward or fully develop the property potential.
The Sums I worked out are full sale or sale of Majority stake in less than two years in, and reportedly want around $1B including ~£502m debt. They bought for ~£500m, so the target profit is roughly £250m–£350m.
11/10/2026 12:10:12
I think its the lesser of two evils for both parties. TFG can't afford to keep us, especially with what Roma's new stadium and the new hockey franchise are going to cost them. If they had stayed, they would potentially have drawn more and more profit down from the club to pay othe costs,
While at the same time investing less and less. Bad for us, slower financial revenue streams for them.
A sale, with a net profit of 200m-400m, in one lump makes things easier and quicker for TFG to pay for all the other things.
Would I have preferred they stayed, yes, even if only for another couple of years.
I didn't think there was any slyness or anterior motives with them. I just think that the enormity of what it would have taken to see the project through long term was beyond them.
Going forward, it just is what it is. I'm not going to get sucked into into conjecture, ifs and or buts around the sale of the club and how TFG will approach it. I'll only drive myself mad, and make more of a battle for myself in trying to enjoy being a fan.
I can do without the worry of something that will only come to light as the sale process played out. Like Ian @9, I will just have to live in hope for now.
11/10/2026 12:15:59
If these people are going to be pulling up close to $5 Billion, for two other ventures, then isn’t it clear that they have definitely got the money but they have never had any real inclination to get really stuck into Everton?
11/10/2026 12:20:48
You could make a case for the idea that we, the fans, forced them out or helped them make a decision. And all with no blood-letting. We just protested the Harrison sale which meant they realised that it's better to leave now than for it to become a war of wills with the fans in the pursuit of maximising their returns. I bear no ill will against them though. Both Moshiri and TFG have been important parts of our story and whilst both reigns have been ultimately disappointing, the stadium and financial stability (and dare I say it stability on the pitch even) have set us up for a promising future that looked and felt like a distant dream not so long ago.
11/10/2026 12:21:48
This could be a good thing. They have got us back on our feet, although dazed, we are pointing in the the right direction.
They clearly have no interest in us to compete at the top, so there is a chance that someone passionate to do so, could safely come in, knowing that all the skeletons have been removed from the closet.
TFG were one of the poorer owners in the Premier League, yes we could do worse (again), but law of averages say we could well do better at last.
11/10/2026 13:26:47
we know what this crew are about, we've got six years of Roma to analyse. Spending the bare effing minimum.. And that's when they're keen to impress! So it's galling that these lying carpetbaggers have turned us for a fast profit, but it's great to see them in the rear view mirror, cos they were never going to shape up. From the moment they appointed Kinnear it was clear what their priorities were. And then their general rudeness just cemented that.;
Good riddance.
11/10/2026 14:23:35
Big game right now. Club in a period of insecurity due to TFG sale. A loss might be blown up into, "Chaos at Everton" which I don't believe is accurate. Avoid the drama and over exaggerations of a Club in flux, please.
Lyndon... we seriously need a live forum for games here at Evertonia.
11/10/2026 14:27:17
Well, it’s taken my mind off Man City!
We obviously don’t know how long this will drag on for, or indeed who the new owners will be, but I’m feeling optimistic for the first time in a while.
I posted on another thread the other day that the Freidkins were golfing in Scotland but now we know why they had no inclination to venture south.
Grateful they have put us on an even keel but happy they are willing to move aside and let (hopefully) someone in who want to move us forward.
11/10/2026 14:39:57
TFG has done us a favor.
They've rescued us from sure financial disaster. Thanks to their economic clout, they've had the leverage to restructure our crippling debt. The club is now out of the relegation disaster area of the table. They've sold assets, but left us with a competitive, yet thin, team.
Hopefully new owners will come in, add to the squad, and keep the team financially stable and out of the relegation battles of sure death.
I have zero issues with TFG making serious money with the sale. They've actually done a good job stabilizing the club. Pray for good ownership moving forward.
I've actually seen some commentators say TFG are "asset strippers". If so, how in the world are we 4th in the table if we beat Hull? That position in the table doesn't quite jive with the "asset stripper" narrative.
11/10/2026 15:08:09
Hopefully not Jamie, let’s hope that a sale goes through without a hitch
11/10/2026 15:14:48
Definitely, Tony.
I see TFG just wanting to sell, make some (a lot of) dosh, and get out. I think a sale will happen soon-ish and will be smooth.
So much for top 4. M-N got skinned.
11/10/2026 15:36:19
I reckon, some organisation approached them, indicating they would prefer a majority holding. TFG, thought about it and said ok. A bird in the hand so to speak. Anyway as long as the new owners are genuine, lets hope they get on with it. We need players in January.
Lyndon please sort out a live forum for this site. It's desperately needed.
11/10/2026 18:15:57
Get Burnham to nationalise us and Carney in to run the finances…..sorted.
I’m with Jamie and Jack, we need a Live Forum. What’s going on at Toffeeweb is dreadful.
11/10/2026 20:27:00
Si, that's what I was thinking. Burnham is nationalising everything else maybe us too, 'Great British Everton FC, the people's national club'. You can forget defence, the NHS and education we've got the people's club who need investment in the next budget. Sound familiar of a club down the east Lancs?
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11/10/2026 01:24:51
AJ Bell, please come forward.
The main surprise of TFG seeking to sell is the timing. Had I been a betting man season 27-28 would have seemed the time to sell.