Roundhouse Capital Accounts 2024/25
Executive Summary and institutional context
The financial reporting period ending June 30, 2025, presents a total institutional reset for Everton Football Club. Following nearly a decade of fiscal instability, regulatory sanctions, and chronic reliance on high-interest, short-term debt, the 2024/25 accounts show a comprehensive rescue and stabilisation operation executed by The Friedkin Group via its bespoke acquisition vehicle, Roundhouse Capital Holdings Limited.
This analysis provides a deconstruction of the consolidated financial statements, evaluating the mechanics of the re-capitalisation, the transition from predatory to institutional debt structures, and the broader implications of the multi-club ownership model under the Pursuit Sports umbrella.
The acquisition of a 99.5% controlling stake in Everton Football Club Company Limited on December 18, 2024, by Roundhouse Capital Holdings Limited terminated the ownership era of Farhad Moshiri. The enterprise value of the transaction approached £1 billion when factoring in the restructuring of distressed debt, working capital injections, and the finalisation of the Hill Dickinson Stadium at Bramley-Moore Dock. The accounts must be viewed as two distinct phases: the final six months of the Moshiri owner and unstructured funding regime and the subsequent six months of the Friedkin re-capitalisation and repair regime.
| Key Metric | Group (Post-Acquisition Period) | Club (Full Year 2024/25) | Club (Full Year 2023/24) |
| Turnover | £120,480,000 | £196,697,000 | £186,902,000 |
| Operating Profit/(Loss) (Pre-Trading) | £18,339,000 | £28,300,000 | (£28,107,000) |
| Statutory Profit/(Loss) for Year | (£74,662,000) | (£8,609,000) | (£53,222,000) |
| Net Assets / Shareholders’ Funds | £219,122,000 | £393,336,000 | £168,506,000 |
| Total Debt (External & Shareholder) | £468,542,000 | £468,542,000 | £1,044,523,000 (est.) |
Consolidated Profit and Loss Account
The Profit and Loss (P&L) account for Roundhouse Capital Holdings Limited (the “Group”) covers the period from incorporation on October 2, 2024, to June 30, 2025, but effectively reflects trading since the December 18, 2024 acquisition date. Analysis of the Club performance (the subsidiary football operations) on a full-season basis shows record turnover of £196.7 million, an increase of 5.24% over the prior reporting period.
Revenue streams and commercial resilience
The record turnover achieved during the final season at Goodison Park highlights commercial resilience despite ongoing construction disruption and the transition of ownership. The revenue growth was driven by commercial streams and matchday income, while broadcasting revenue remained essentially flat.
| Revenue Category | Group Period (£000) | Full Year Club (£m) | Full Year Variance (£m) |
| Broadcasting | 79,958 | 129.2 | 0.0 |
| Gate Receipts | 12,576 | 20.3 | +1.2 |
| Sponsorship & Merchandising | 13,118 | 24.3 | +2.7 |
| Other Commercial Activities | 14,828 | 22.9 | +5.9 |
| Total Turnover | 120,480 | 196.7 | +9.8 |
Broadcasting revenue of £129.2 million remained flat due to offsetting trends: a decrease in live domestic broadcast selections (12 matches vs 22 in some previous years) was counterbalanced by improved merit payments from a 13th-place league finish and an uplift in international TV distributions. The facility fee for domestic broadcasts generated £9.9 million, while merit payments for the 13th-place finish contributed £12.0 million domestically and £7.7 million internationally.
Gate receipts of £20.3 million represent a record for the final season at Goodison Park, driven by 19 Premier League matches and high attendance across four home domestic cup fixtures. Other commercial revenue rose by 34.7% to £22.9 million, fueled by legacy products including the Everton Way commemorative stones at the new stadium and commemorative Goodison Park packs/seat sales.
Operating expenses:
The Group’s operating expenses (excluding player trading) totaled £96.5 million for the post-acquisition period. On a full-year basis, the Club recorded a reduction in staff costs from £156.6 million to £152.1 million, despite the general inflationary pressure in the Premier League.
| Expense Category | Group Period (£000) | Club Full Year (£m) | Variance (%) |
| Staff Costs | 84,325 | 152.1 | -2.9% |
| Other Operating Costs | 24,342 | 55.8 | +26.0% |
| Depreciation | 1,409 | 2.6 | -29.7% |
| Amortisation of Brand | 14,000 | 14.0 | N/A |
| Amortisation of Negative Goodwill | (27,592) | (27.6) | N/A |
| Total Operating Expenses | 96,484 | 196.9 | +2.9% |
The operating expenses of the Group are suppressed by a significant non-cash accounting credit: the amortisation of negative goodwill.
Upon acquisition, the fair value of identifiable assets (including the brand and stadium) significantly exceeded the purchase consideration, resulting in £473.0 million of negative goodwill. This is being amortised over 10 years, providing an annual P&L credit of approximately £47.3 million (of which £27.6 million was recognised in the 2025 truncated period). This credit is offset by the amortisation of the Everton brand valued at £240.0 million and also amortised over 10 years, creating an annual charge of £24.0 million (£14.0 million in the Group period).
Exceptional Items and management trading
The Group recognised £9.8 million in exceptional operating costs related to the takeover and institutional restructuring. These include:
- Coaching staff changes: £4.1 million for amounts payable in relation to the change in coaching staff during the period.
- Institutional redundancies: £4.9 million for amounts payable to former employees as part of a post-acquisition streamlining exercise.
- Refinancing costs: £0.8 million in legal and professional fees related to the retirement of Moshiri-era debt facilities.
Player and management trading resulted in a net loss of £87.5 million for the Group period, primarily driven by the amortisation of players’ registrations. The acquisition necessitated a fair market value (FMV) uplift in the carrying value of the playing squad, which subsequently increased the amortisation charge to £89.7 million for the period. For the full season, however, the Club generated a profit on player trading of £31.3 million, largely due to the disposal of Amadou Onana to Aston Villa for a reported £50 million.
Analysis of the Consolidated Balance Sheet
The consolidated balance sheet of Roundhouse Capital Holdings Limited as of June 30, 2025, documents the transition from a state of negative equity to a robust, re-capitalised structure. The net asset position of the Group stood at £219.1 million.
Intangible assets: Brand, players, and goodwill
The fair value accounting applied at the business combination date (18 December 2024) fundamentally altered the intangible asset profile.
| Intangible Category | Fair Value at Acquisition (£000) | Net Book Value 30 June 2025 (£000) |
| Player Registrations | 479,856 | 244,285 |
| Brand | 240,000 | 226,000 |
| Negative Goodwill | (473,002) | (445,410) |
| Total Net Intangibles | 246,854 | 24,875 |
The Brand valuation of £240.0 million was determined using the relief from royalty method, which assumes a licensing fee that an entity would be willing to pay to use the brand if it did not own it. Player registrations were valued at £479.9 million based on a market approach utilising recent Premier League transfer market data. The resultant negative goodwill of £473.0 million indicates that Friedkin acquired the Club at a significant discount to its underlying asset value, primarily due to the distressed debt situation inherited from the Moshiri era.
Tangible fixed assets and stadium development
Tangible fixed assets reached £827.1 million, with the Hill Dickinson Stadium project (Asset Under Construction) accounting for £813.1 million of the total.
| Tangible Asset Category | Cost (£000) | NBV June 2025 (£000) |
| Freehold Properties | 22,594 | 12,006 |
| Plant and Equipment | 41,635 | 2,027 |
| Asset Under Construction (Stadium) | 813,057 | 813,057 |
| Total Tangible Assets | 877,286 | 827,090 |
A critical detail is the capitalisation of borrowing costs under FRS 102 Section 17. The Group capitalised £14.7 million in interest payments directly related to the stadium construction for the period. On a full-year basis, the Club capitalised £32.3 million in borrowing costs (down from £54.6 million in the prior year), as the construction entered its final stages. Capitalisation ceased on June 30, 2025, as the stadium was deemed substantially complete and ready for its intended use.
Net current liabilities and liquidity position
The Group reported net current liabilities of £191.4 million, reflecting the high level of creditors falling due within one year (£315.7 million) relative to current assets (£124.3 million). However, this figure includes the current portion of the new JP Morgan revolving credit facility (£127.6 million). Cash at bank and in hand improved to £79.7 million, providing a stable liquidity buffer that was entirely absent in the prior fiscal year.
Analysis of rec-apitalisation and balance sheet repair
The repair of the balance sheet was a multi-stage operation involving the conversion of shareholder debt, the injection of fresh equity, and a legal capital reduction to remove accumulated deficits.
Conversion of Moshiri shareholder loans
Prior to the acquisition, the Club faced an immediate crisis regarding Associated Party Transaction (APT) and Profitability and Sustainability Rules (PSR). Farhad Moshiri (via Bluesky Capital) had provided £450.75 million in interest-free, unsecured shareholder loans. To ensure these did not fall foul of new market-rate interest rules, they were converted into equity at a price of £3,000 per share. This action effectively wiped £450.75 million of debt from the liabilities side of the balance sheet and replaced it with equity capital.
Roundhouse equity injection
Following the conversion, Roundhouse Capital acquired Moshiri’s enlarged 97.2% stake for a nominal consideration (estimated at £22 million). To address the Club’s desperate need for working capital and to retire predatory third-party debt, Roundhouse injected a further £233.4 million in cash through the subscription of 1,336,537 new ordinary shares at £174.66 per share. This price, representing a 95% discount to the previous traded price of £3,400, significantly diluted historical minority shareholders but provided the capital necessary for survival.
Capital reduction and tidy-up
In December 2025, the directors executed a tidy-up of the balance sheet. By passing a shareholder resolution on December 23, 2025, the Club reduced its share premium account to offset the accumulated profit and loss deficit, which had reached £650.2 million. This reset the financial baseline, essentially cleaning the accounting history of the Moshiri years and allowing the entity to move forward with a positive P&L reserve.
| Equity Component | 30 June 2025 (£000) | 30 June 2024 (£000) |
| Called up Share Capital | 1,622 | 135 |
| Share Premium Account | 1,004,068 | 324,869 |
| Other Reserves | 0 | 447,247 |
| P&L Account Deficit | (612,354) | (603,745) |
| Shareholders’ Funds (Club) | 393,336 | 168,506 |
Long-term debt: Source, terms, and restructuring
The most profound shift in the Group’s risk profile is the transition from high-interest, short-term predatory facilities to stable, institutional financing. Under Moshiri, the Club had become reliant on lenders such as Rights and Media Funding and 777 Partners/A-Cap, with effective interest rates reaching 15–20%.
JPMorgan private placement
On February 20, 2025, the Group secured a £350 million private placement funding package arranged by JPMorgan Chase. This long-term debt is secured against the assets of the Hill Dickinson Stadium and is repayable over 30 years (final maturity 30 June 2055).
The interest rates on these notes are market value rates, reported to be less than half of the effective rates seen in the R&MF/777 era. This interest rate arbitrage generates annual interest savings estimated in the tens of millions of pounds, providing critical headroom for PSR compliance once the stadium is operational.
Revolving credit facility
To meet seasonal cash flow requirements, the Group entered into a five-year revolving credit facility with JP Morgan Chase Bank on December 18, 2024. This facility, totaling £130 million, allows the Club to manage the timing difference between season ticket cash inflows and the monthly wage bill.
Settlement of legacy debt
The retirement of Moshiri-era debt was a prioritised objective:
- Rights and Media Funding: This facility (estimated at >£200 million) was settled in full via cash from the equity injections. This was essential to remove negative pledge covenants that gave R&MF veto power over new stadium-secured financing.
- MSP Sports Capital: The £158 million loan secured against the stadium company was repaid in full during the exclusivity period.
- 777 Partners / A-Cap: TFG negotiated a discounted haircut on the circa £200 million owed to the collapsed 777 Partners. The resolution involved a cash settlement of approximately £66 million (33p on the pound), with the balance converted into preferred equity and warrants in the holding company.
Consolidated statement of cash flows: Source and use of capital
The Group’s cash flow statement for the period ended June 30, 2025, reflects a massive restructuring of capital sources.
Sources and uses (Group period)
Net cash generated from operating activities for the Group period was £7.9 million. However, the investing and financing activities tell the true story of the institutional reset.
| Sources of Capital (Group) | £000 | Uses of Capital (Group) | £000 |
| New Loans (Gross) | 380,000 | Repayment of Legacy Borrowings | (288,578) |
| Player Sales (Cash Proceeds) | 10,341 | Purchase of Tangible Fixed Assets | (37,465) |
| Cash from Acquired Subsidiaries | 29,296 | Player Purchases (Cash) | (6,697) |
| Interest Received | 669 | Interest Paid (Total) | (15,800) |
| Total Sources | 420,306 | Total Uses | (348,540) |
The acquisition of subsidiaries brought in £29.3 million of cash while simultaneously adding £388.6 million in debt liabilities (most of which were immediately refinanced). The net increase in cash for the period was £79.7 million.
Source and use of capital (Full year club analysis)
Viewing the football club operations on a full-year basis reveals the magnitude of the re-capitalisation required following the Moshiri years.
| Source of Capital | £m | Use of Capital | £m |
| New Loans (Gross) | 480.0 | Repayment of Existing Borrowings | (385.6) |
| Net Player Sales (Cash Inflow) | 116.0 | Tangible Fixed Asset Purchases | (72.8) |
| Operating Cash Inflow (Net) | 2.5 | Player Purchases (Cash Outflow) | (58.9) |
| Interest Paid (Total) | (24.4) | ||
| Total Sources | 598.5 | Total Uses | (541.7) |
The £116.0 million in cash inflow from net player sales, driven by the Onana deal, was a vital liquidity source used to fund stadium construction and interest payments before the long-term JP Morgan placement was finalised.
Analysis of post-balance sheet events
Developments since June 30, 2025, suggest a continued strategy of aggressive commercial monetisation and squad investment under the new ownership.
Sale of Everton Women and Goodison Park Stadium Limited
On June 27, 2025, the Club sold its entire shareholding in Everton Football Club Women Limited (EFCW) and Goodison Park Stadium Limited to the parent company, Roundhouse Capital Holdings Limited. This internal disposal produced a £49.2 million gain on disposal in the Club accounts, which was critical for reducing the full-year loss to £8.6 million and aiding PSR compliance.
Squad Investment
Since the period end, the Club has entered into transfer agreements totaling £115.1 million. This includes the acquisition of Thierno Barry, Mark Travers, Adam Aznou, and Kiernan Dewsbury-Hall. This significant outlay (the 5th highest in the league for the window) signals a definitive end to the sell-to-buy austerity of the late Moshiri era.
The Hill Dickinson Stadium naming rights
In May 2025, the Club announced a long-term naming rights deal with commercial law firm Hill Dickinson. The agreement is reportedly worth up to £10 million per year over a 10-year term. This inaugural deal is central to the stadium’s commercial strategy, as it provides a predictable income stream to service the 30-year institutional debt.
External and owner factors: The Friedkin management model
The acquisition and restructuring of Everton must be analysed within the context of The Friedkin Group’s broader business interests and the Pursuit Sports management model.
Pursuit Sports strategy
In July 2025, TFG formally launched Pursuit Sports as a dedicated holding company to consolidate its sports assets, which include AS Roma (Serie A), AS Cannes (National 2), and Everton FC. This move signals a transition from a portfolio of teams to a unified multi-club ownership (MCO) model, explicitly modeled after Fenway Sports Group (FSG).
The appointment of Dave Beeston, an FSG veteran, as CEO of Pursuit Sports underscores a methodical, financially disciplined approach. The model focuses on centralising back-office functions, data analytics, and commercial sponsorship aggregation while leaving on-pitch identities distinct. This strategy aims to leverage the recession-resistant cash flow of TFG’s automotive division (Gulf States Toyota) to fund expansion into high-growth sports assets.
Governance and board composition
The Board of Roundhouse Capital and Everton FC is technocratic and deeply embedded in TFG’s corporate ethos.
| Board Member | Role | Background |
| Marc Watts | Executive Chairman | Former Managing Partner at Locke Lord LLP; President of TFG. |
| Dan Friedkin | Chairman | CEO of TFG; Owner of AS Roma. |
| Ana Dunkel | Director | CFO of TFG; former senior accountant at Plains Oil & Gas. |
| Eric Williamson | Director | President/GM of Gulf States Toyota. |
| Angus Kinnear | CEO (from June 2025) | Former Leeds United and FSG executive. |
Watts’ background in corporate securities law and his tenure as Chair of the Federal Reserve Bank of Dallas (Houston Branch) ensures that the financial discipline of the low-margin auto business is transplanted into the football operations. This philosophy emphasises sustained, long-term investment over the quick fixes that characterised the Moshiri years.
Geopolitical and regulatory factors
Everton’s financial trajectory was significantly impacted by external shocks, most notably the Russian invasion of Ukraine in 2022, which led to the immediate cessation of commercial ties with Alisher Usmanov’s USM and Megafon. This force majeure event removed approximately £20 million in annual sponsorship revenue and was a central component of the Club’s defense during its PSR tribunals. The Friedkin acquisition has resolved these legacy concerns by replacing tainted capital with institutional financing and securing long-term sponsorship deals with domestic entities like Hill Dickinson.
Conclusion: Strategic outlook and recommendations
The analysis of the 2024/25 accounts confirms that Roundhouse Capital Holdings Limited has successfully executed a rescue operation of extreme complexity. The Club has transitioned from a precarious reliance on predatory short-term debt to a stable, long-term capital structure supported by tier-one institutional lenders.
Strategic successes
- Deleveraging: The conversion of £450.75 million in shareholder loans and the haircut on 777 debt has fundamentally repaired the debt-to-equity ratio.
- Institutional stability: Replacing lenders like R&MF with JPMorgan Chase provides a predictable interest profile and removes restrictive covenants.
- Commercial changes: The £10 million/year Hill Dickinson deal and the £49 million gain from the EFCW sale demonstrate a more sophisticated approach to revenue generation and asset monetisation.
Risks and board considerations
- Underlying profitability: Without one-off internal asset sales, the Club remains loss-making (£58 million underlying loss for FY25). Operating expenses, particularly the 77% wage-to-turnover ratio, require continued scrutiny.
- MCO Regulatory Compliance: Pursuit Sports must navigate increasingly stringent UEFA and Premier League rules regarding horizontal synergies between Everton and AS Roma to avoid transfer bans or governance challenges.
The Hill Dickinson Stadium represents the primary engine for future growth, with matchday revenues projected to increase by £10–£15 million annually. Provided the Group maintains its newly found financial discipline and successfully monetises the new stadium as a multi-purpose venue, Everton Football Club is now positioned on its firmest financial footing in the 21st century.