In the past when flagging concerns about Everton’s ownership and governance, going back to Kenwright, then Moshiri, then his choice of potential new owners, I have often been accused of drawing unnecessarily negative conclusions. Unfortunately, in the main, those concerns were subsequently borne out.
We survived, albeit with a great deal of fortune on the pitch, amazing efforts and support from the terraces, equalled albeit more quietly and privately by financial support beyond what might usually be expected.
That all changed with the arrival of the Friedkins, something which I have championed and widely praised over the last twelve months. They have brought professionalism, financial expertise and stability to our great club as we transitioned away from the chaos of the past and the huge challenge of moving to our new home, the Hill Dickinson stadium.
By the by, we have advanced on the pitch, albeit hamstrung by a very lightweight squad and inevitably more injuries than might be reasonably expected. Lacking a regular goalscorer and with the pragmatism of David Moyes back at the helm we have, bar the occasional flashes, carved out results which means we are looking at the top half of the table, and with a bit of fortune and perhaps some activity in the transfer window, an outside chance of European qualification. Heady days when compared with more recent expectations, although no one wishes to see this as the limit of our ambitions.
That’s not to say that there isn’t cause or reason to continue asking questions of the ownership and leadership.
One aspect of their ownership that has stuck out is their complete lack of communication, a lack of willingness to share their vision for our club. What are their motivations in owning Everton? Is it purely financial or does it extend to a greater custodial role that they hinted at initially?
Recent events:
Immediately before Christmas the club formally announced a number of necessary legal procedures that in isolation made sense – the shareholder resolution of the 23rd December 2025 was eminently sensible and prudent. The act of good, financially literate stewardship.
The announcement of a proposed dividend arising from the sale of EFCW Holding Company Limited (the women’s club and operations) raises questions I did not think I would have to ask of the Friedkins. Let me explain.
The sale of EFCW was explained and accepted as a means of ensuring compliance with profitability and sustainability rules. By transferring ownership of EFCW (at an undisclosed price) from Everton Football Club Company Limited (99.7% owned by Roundhouse Capital Holdings) to Roundhouse Capital Holdings directly, Everton created more wiggle room regarding PSR compliance.
In return for ownership of EFCW, Roundhouse (it is assumed) will have paid Everton an undisclosed capital sum, creating both an accounting profit (and one assumes) increasing Everton’s cash balances.
However, on the 23rd December 2025, the directors of Everton Football Club announced a proposed dividend payment that is expected to total £44 million arising from the sale of EFCW. Roundhouse Capital Holdings will receive (as 99.7% owners of Everton) 99.7% of this dividend payment.
The women’s game is expanding rapidly, interest is growing, revenues are increasing, player values growing and club valuations growing at a significant rate. All of those benefits (and future value appreciation) will now fall into the hands of the Roundhouse Capital shareholders, not Everton Football Club.
Other than brand association and the fact that games are played at Goodison (although Everton no longer own Goodison), Everton Football Club no longer has any exposure to the women’s game from a financial perspective. Not only do we not benefit from future capital value increases but we can not use revenues associated with the women’s game in future squad cost ratio calculations.
Meanwhile, Roundhouse Capital (majority owned by the Friedkins) derives all of those future benefits, and by virtue of the proposed dividend paid by Everton Football Club Company Limited see their acquisition cost significantly reduced or perhaps even eliminated.
Thus, the interests of the Friedkins and that of Everton Football Club are not wholly aligned.
As a means of value extraction it’s an excellent investment play by Roundhouse Capital – maintain common ownership but by separating the legal entities one creates value at potentially minimal cost.
One must ask the question (certainly from an Evertonian’s perspective) are cash resources to be utilised in the dividend payment best serving the interests of Roundhouse or Everton Football Club? My view is that the maximum amount of funds be retained and utilised within the club – be that investment in players, wages or indeed the academy – a key future player on the new financial regulations.
It is, thankfully, of course, more difficult for owners of clubs to transfer assets such as property or more typically the stadium, even among common ownership (it should be highlighted of course that the ownership of Everton Football Club and Roundhouse Capital whilst having common controlling shareholders is not entirely common. Both companies have different minority shareholders).
I offer this theoretically, I am not suggesting it will happen or would be approved, but in theory, Roundhouse Capital could attempt a similar value extraction exercise with the Hill Dickinson Stadium, currently owned (along with the land lease) by Everton Stadium Development Company Limited, which is 100% owned by Everton Football Club Company Limited.
Such a move would now require full regulatory approval and have no financial benefit re PSR or SCR regulations.
Outside of the scope of football regulations, additional development opportunities such as Nelson Dock do not necessarily have to benefit Everton Football Club directly – the beneficiaries could be Roundhouse Capital directly or an alternative development company in which they have an interest.
Conclusion
Any concerns I may have now are significantly less than the concerns I had previously under Moshiri and his potential choices, however, the proposed actions by the Everton Board (the dividend payment), which will be approved by Roundhouse do warrant the questions to be asked, respectfully and with the best of intent.
One hopes they are answered fully and in a similar manner
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With my very limited knowledge of the financial world, it appears if they had an unwavering interest in building Everton efficiently and providing the club with consistent resources to do so, they’ve just shot themsleves in the foot a couple of times. Which, rather pessimistically, suggests it isn’t really what they want to do.
, My overall impression of The Friedkin Group’s approach to Everton FC is that the club is being treated primarily as a self-sustaining franchise. The expectation appears to be that growth and development should be funded largely through internally generated revenues, rather than relying on large injections from the owners. Assets that are underutilised or capable of generating independent value—such as the women’s team or potential property developments—are likely to be treated as separate entities, with any associated financial benefits accruing directly to the holding company rather than the football club. This reflects a disciplined, commercially minded strategy: Everton is viewed as a core operational franchise, while ancillary assets are leveraged independently to optimise value and maintain financial sustainability. In this light, recent decisions, including the dividend arising from the sale of EFCW, are consistent with a long-term asset management mindset rather than a lack of ambition for the club itself.
But I will be watching your valid concerns.Apologies for lack of contributions I have read all your articles , but a went through a Tech Muppet phase trying to comment .I have referred to your points in my post on Evertonia, having become a Toffeeweb refugee.
Happy New Year Paul and Good Health in 2026.
By the way your contribution during the debacle years should always be remembered.It contributed in no small way to Everton FC survival.