Everton Football Club Announces New Investor: US Billionaire Christopher Sarofim Joins Ownership Group
In a significant development, Everton Football Club has announced that American billionaire Christopher Sarofim has joined their ownership group. The 62-year-old fund manager, who is also a minority shareholder of the Houston Texans NFL franchise, has been brought on board to provide access to broader sources of funding.
According to a report from The Guardian, Sarofim’s family company, Fayez Sarofin & Co, manages assets worth an estimated $31bn (£23bn), and his personal wealth is reported to be more than $3.7bn. As quoted in the publication, Dan Friedkin, The Friedkin Group’s (TFG) chairman and CEO, said: “Christopher Sarofim is someone I have known and respected for many years. He brings experience, sound judgment and wisdom that will be valuable as we continue to drive the club forward in all areas.”
Sarofim has been given an observer position on Everton’s board and will be working closely with TFG, which bought the club from Farhad Moshiri last December. The club will remain under the day-to-day control of TFG, and no new shares will be issued at this stage. It is understood that Sarofim’s investment will be going into Roundhouse Capital, the ownership group, rather than the club itself.
The Guardian reports that Sarofim is the first new investor to join Everton’s ownership group, but more are expected to follow. TFG is understood to be targeting investors with specific skillsets and contacts, rather than celebrity investors, in a model favoured by other American owners. This approach is in contrast to some other clubs, such as Swansea City, which recently saw Luka Modric, the Real Madrid star, buy a stake in the club.
Everton has undergone significant changes in recent months, with Sean Dyche being sacked as manager in January and replaced by David Moyes, who successfully guided the club to Premier League safety. Additionally, Angus Kinnear has been recruited as chief executive from Leeds and will join the club in the summer. The sporting director, Kevin Thelwell, has been told his contract will not be renewed when it expires next month.
The club’s debts, which at one stage had been more than £700m, have been significantly reduced under TFG’s ownership. Last month, the club agreed a £350m refinancing package to fund the new 52,888-capacity stadium at Bramley-Moore dock, which will open this summer. According to The Guardian, the borrowing was secured at less than half the previous interest, with club sources claiming it will save Everton up to £50m a year.
TFG has also commissioned a feasibility study to investigate the possibility of Goodison Park becoming the new home for the women’s team. The findings are expected by the end of next month. With Sarofim on board, Everton is expected to continue to drive forward in all areas, both on and off the pitch.
As reported by The Guardian, Christopher Sarofim’s investment in Everton is seen as a significant coup for the club, and his experience and expertise are expected to be invaluable in the coming months and years. With a new investor on board and a renewed focus on driving the club forward, Everton fans will be eager to see the impact of this development on the team’s performance and future prospects.
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