Draped in blue scarves, representatives of The Friedkin Group (TFG), Everton’s new owners, saw out a landmark week in Goodison’s directors’ box, watching their new club’s 0-0 draw against Chelsea. At full time, the delegation, including new executive chairman Marc Watts, stayed to applaud a gritty, defensively resolute performance.
The on-pitch toil from Sean Dyche’s team merited such a response, but now the hard work starts in earnest for all, including TFG.
The mood less than a week into their incumbency has been uplifting, among a fan base eager to turn a new page and staff keen to do the same.
TFG has already been busy. It has cut significant chunks of the club’s debt, which stood at more than £800million ($1bn), including monies owed to TFG itself and former owner Farhad Moshiri. One long-time creditor in Rights and Media Funding has been paid off, while a payment plan has been agreed with another in the U.S. insurer ACAP. The plan is for the only debt remaining at the club to be restructured on long-term, low-interest rates, secured against the new stadium at Bramley-Moore Dock.
As opening gambits go, it was a significant one and has been welcomed.
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Financial stability and sustainability have been early buzzwords for the new regime, with a key focus on increasing revenues and tapping into the commercial opportunities that come with Everton’s new stadium, set to be opened at the start of next season, on the banks of the Mersey.
TFG’s delegation, which includes Watts, vice president of strategy Brian Walker and London-based pair Charlie Daniel and Rishi Majithia, has already held a series of meetings with club staff at Everton’s Finch Farm training ground and Royal Liver Building headquarters.
From left, Walker, Thelwell, in glasses, Chong and Watts before the draw with Chelsea (Carl Recine/Getty Images)
Separate conversations took place with Dyche and his players, during which time the group emphasised the club is now on a stable financial footing after years of worry.
They have given their backing to Dyche and director of football Kevin Thelwell, both of whom are out of contract at the end of the season, for the foreseeable, but stressed the situation will be governed by results. Both will be given opportunities to prove themselves in the coming months; an audition of sorts to be part of Everton’s new era.
Thelwell and head of insights Charlie Reeves delivered a detailed presentation to TFG on the state of play in the league and at Everton, mapping out playing and coaching styles and offering thoughts on where the game is headed.
TFG watched a training session, met women’s head coach Brian Sorensen and women’s CEO Alan McTavish, and pledged fresh resources across all levels.
It was no surprise that Everton Women made their first new signing in France international Kelly Gago for an undisclosed fee a day after TFG’s takeover was confirmed. Attention will be paid to the success of Roma Women, who won Serie A Femminile last season and are also owned by the group, and how that can be translated.
‘Town hall’ sessions were held with other staff at both sites, during which an overview was offered of TFG’s plans and business and questions were taken.
TFG has been keen to emphasise to staff it is not in the business of asset-stripping or cost-cutting. Infrastructural developments, at Finch Farm and Walton Hall Park, home of Everton Women, have not been ruled out.
The early indications are that TFG has learned lessons from its tenure at Roma, where the general consensus is that it went too fast, too soon.
Dyche, who is out of contract in July, will be given the chance to prove himself to TFG (Carl Recine/Getty Images)
The approach here is likely to be more measured, even if there is an acknowledgement that many areas of the club, including the men’s first team, need strengthening.
That process is made harder in the interim by profit and sustainability rules (PSR) considerations. TFG would like to help Dyche and Thelwell strengthen in January, but the club will need to work within tight financial parameters this season.
There has been little fanfare since the group’s arrival, nor is there likely to be. Chairman and president Dan Friedkin has never spoken publicly at Roma and the role of liaising with fans at Goodison is likely to fall to a new CEO, who will be appointed in due course. Interim CEO Colin Chong, who has stayed on the board while further hires are made, is expected to move into another role with the stadium or in operations.
Watts and other TFG staff attended the handover ceremony at Everton’s new stadium on Friday, during which the club officially took over the site from constructors Laing O’Rourke. TFG has provided fresh cash to complete the internal fit-out of the stadium, which will happen during the first half of 2025.
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There is a belief the ground is one of the best of its kind in Europe and commercial opportunities can be maximised, in the form of naming rights and other sponsorships. That is a key strand of TFG’s strategy, as growing revenues will allow fresh resources to be funnelled into the team.
Little surprise, then, after years of existential concern, that Goodison was more upbeat on Sunday than it has been for some time. Fans became worn down by off-field issues and successive relegation battles and the hope is that Everton will have a fighting chance once again under TFG. The bellow that greeted Z Cars as the players walked out spoke of fresh optimism.
Jordan Pickford and captain James Tarkowski typified Everton’s gritty performance against Chelsea (Paul Ellis/AFP via Getty Images)
“I was more relieved and emotional than I expected (after the takeover),” Paul McMonnies of Everton’s Fan Advisory Board told The Athletic. “We’ve had the 777 thing and, for all the reassurances that everything was going OK with this, until it’s all done, you don’t actually get that.
“We’re looking forward to meeting the new owners, explaining what the fanbase is about and they can hopefully explain their plans.
“They seem to have sorted the financial side, which is massive. The stability going forward (is crucial). There are some concerns over what’s happened at Roma — things like managerial changes — so people want to hear about that.
“From everything we’ve seen so far, they seem to have the right attitude and will bring a more professional approach. Even if they are looking at it from a money-making perspective, to do that you have to be successful.
“Over the last 30 years, it’s mainly been about keeping our head above water. Hopefully, they’ll be more forward-thinking and it looks like we’re now operating in a different market.”
Dyche told BBC Match of the Day that he and his players had “come through a storm”. After a landmark week, the skies now appear to be clearing at Goodison.
(Top photo: Chong, left, talking to Watts at Goodison Park; by Chris Brunskill/Fantasista/Getty Images)
