The Analysis Series

Why the Friedkins are selling Everton Football Club? Part II, what are they selling?

Position as at 9 October 2026

Prepared by Paul Quinn, CWTE Limited (theesk.org)

Ownership chain, entity-by-entity notes, funding and security, verification log

Basis of preparation

Figures are drawn from Companies House filings (PSC registers, filing histories, statements of capital, charges registers) and audited accounts for the periods to 30 June 2025, supplemented by published analysis and press reports where filings are not yet available.

Each entity note states its verification status. Items marked ‘unverified’ or ‘derived’ should not be relied upon without inspecting the underlying filing.

 

In Part I I looked at why the Friedkins are selling Everton Football Club. Part II looks at what they are selling – it’s likely to be at the Roundhouse Capital Holdings level in my opinion

Summary

Everton is controlled by Thomas Dan Friedkin through a three-layer chain: Toffee Investments LLC (Houston, Texas) owns 100% of Roundhouse Capital Holdings Limited (15992615), which holds approximately 99.67–99.69% of The Everton Football Club Company, Limited (00036624). Friedkin is the only individual registered as a person with significant control (PSC) at the top of the UK chain; Roundhouse is the club’s only active corporate PSC.

  • Control: Friedkin holds 75%+ of shares and votes in Roundhouse and the right to appoint directors (notified 2 October 2024). Christopher Sarofim and Jason Kidd are minority investors whose stakes must sit at or above Toffee level; their percentages are not disclosed in any public filing.
  • Club capital: 2,499,889 shares in issue per the SH01 for the 27 July 2026 allotment. A reported further 81,000-share allotment on 13 August 2026 has not been confirmed on the register.
  • Minority shareholders: about 2,000 legacy holders retain 7,969 shares (c.0.3%). They have been diluted, not bought out or squeezed out.
  • Equity funding: c.£401m of cash equity from Roundhouse into the club (December 2024 to August 2026), on top of £450.75m of Moshiri loans converted into shares at completion.
  • Debt: gross borrowings of £468.5m at 30 June 2025, principally £350m of 30-year private placement notes (maturing 30 June 2055) and a £130m JPMorgan revolving credit facility. Three charges remain outstanding across the group; all TDF Capital (Friedkin-linked) bridge charges were satisfied on 26 February 2025.
  • Women’s football and Goodison Park were moved out of the club group in June 2025 and now sit under EFCW Holding Company Limited, 90.9% Roundhouse and 9.1% GED Investments (Canada).
Key analytical conclusion

The UK chain is short, fully registered and transparent. The opacity sits above Roundhouse: Toffee Investments LLC’s state of formation, membership and capital are not public, so the economic interests of Sarofim, Kidd and any other investors cannot be verified from UK filings.

Group ownership chart

Key: solid arrow = registered shareholding; dashed = control without shares (charity) or stake undisclosed. Navy = Friedkin chain; blue tint = Everton group companies; grey = external investors and the charity. Arrows run from shareholder to investee.

Entity register

Summary of every entity in the chain, from ultimate controller down. Detailed notes for each follow in section 4.

Tier Entity No. / jurisdiction Held by Capital Role Status
0 Thomas Dan Friedkin Individual, US — n/a Ultimate controller Verified
0a Sarofim; Kidd US Undisclosed Undisclosed Minority investors % unverified
1 Toffee Investments LLC US (Houston, TX) Friedkin + minorities Not disclosed Ultimate parent Partly verified
2 Roundhouse Capital Holdings Ltd 15992615, E&W 100% Toffee c.£397m £1 ord. (implied) UK acquisition holdco Accounts; filings not inspected
3a The Everton Football Club Co. Ltd 00036624, E&W Roundhouse c.99.7%; legacy 7,969 sh 2,499,889 shares Operating club Verified
3b EFCW Holding Co. Ltd 16482500, E&W Roundhouse 90.9%; GED 9.1% Not verified Women’s / Goodison holdco Directors verified
4a Everton Stadium Dev. Holding Co. Ltd 11727444, E&W 100% club Not verified Stadium holdco Charges verified
5 Everton Stadium Development Ltd 10719054, E&W 100% ESDHL Net assets £314.6m Stadium owner; notes co-issuer PSC verified
4b Everton Investments Ltd 04349739, E&W 100% club Not verified Former dormant co. % from 2024 note
4c Everton in the Community 04851552, CLG Club 75%+ votes No share capital Charity Verified
4d Everton FC Women Ltd 07335143, E&W 100% EFCW Holding Not verified WSL club Verified
4e Goodison Park Stadium Ltd 04355318, E&W 100% EFCW Holding Not verified Goodison Park owner Verified

Company notes

Thomas Dan Friedkin; ultimate controller

Registered PSC of Roundhouse Capital Holdings Limited with effect from 2 October 2024: 75% or more of shares, 75% or more of voting rights, and the right to appoint or remove directors. Identity verified at Companies House.

The Roundhouse accounts describe the controlling party in three different ways  ‘Dan Friedkin’, Toffee Investments LLC, and ‘Mr T Friedkin’. These are consistent with each other but the inconsistency of description is worth noting in any regulatory submission.

Status: verified (Roundhouse PSC register).

Minority investors; Christopher Sarofim and Jason Kidd

Christopher Sarofim joined the ownership group in April 2025 and holds a board observer role. The club described his investment as being in ‘the ownership group, Roundhouse Capital Holdings Limited’. Because Roundhouse is 100% owned by Toffee, any such interest can only sit at Toffee level or above. Jason Kidd is also reported as a minority investor.

Unverified

Press reports put Sarofim at about 10%. No public filing confirms any percentage for Sarofim or Kidd. Treat any stated figure as unverified until disclosed.

The 98.8% figure the Premier League gave at completion is out of date and should not be used.

Toffee Investments LLC; ultimate parent undertaking

  • Address: 1375 Enclave Parkway, Houston, Texas.
  • Named as ultimate parent in Roundhouse’s confirmation statement (1 October 2025) and in note 2.1 to the Roundhouse accounts.
  • State of formation, members, capital and governance documents are not publicly available.
  • If any 777 Partners / A-CAP preferred equity or warrants survive from the pre-acquisition period, none appear at Roundhouse, so they would have to sit at or above this level.

Status: partly verified.

Roundhouse Capital Holdings Limited (15992615)

UK acquisition holding company, incorporated 2 October 2024. Registered office 21 Golden Square, London W1F 9JN; SIC 64209 (holding companies).

Share capital

Date Event Shares (£1 ord.)
18 Dec 2024 Allotment on completion (SH01 filed 8 Jan 2025) 289,914,203
Aug–Sep 2025 Further allotments (SH01s filed 17 Nov 2025) c.107,000,000
— Implied issued capital c.396,900,000

 

First consolidated accounts (2 October 2024 to 30 June 2025)

  • Audited by Crowe U.K. LLP; signed 27 December 2025; filed 31 March 2026.
  • Group net assets £219.1m; loss for the period £74.7m.
  • Acquisition accounting recognised £473m of negative goodwill and a £240m brand intangible.
  • No preference shares or warrants disclosed.
  • A charge was created on 18 December 2024; its details have not been inspected.
  • Confirmation statement due by 15 October 2026; this should confirm both Toffee’s shareholding and the 2026 allotments.

Status: SH01 totals taken from the accounts and secondary sources; filing history not inspected directly.

The Everton Football Club Company, Limited (00036624)

The operating club and the Premier League PSR/SCR reporting entity. Incorporated 14 June 1892. Registered office moved to Hill Dickinson Stadium, Liverpool L3 0BW on 29 December 2025.

Ownership

  • Roundhouse became PSC on 18 December 2024; Farhad Moshiri’s Blue Heaven Holdings and Bluesky ceased to be PSCs the same day.
  • Roundhouse holds c.99.67–99.69%; legacy minority shareholders hold 7,969 shares (c.0.31%).
  • Pre-emption rights were disapplied (RES10/RES11, filed 8 August 2025), allowing allotments that diluted minorities from about 0.5% to about 0.31%.
  • Bill Kenwright’s estate holds no PSC-level interest; any holding sits within the minority shares.

Equity history

Date Event Shares in issue / allotted Price Value
18 Dec 2024 Bluesky loan conversion 150,250 allotted £3,000 £450.75m
18 Dec 2024 Roundhouse subscription (paid to lenders) 1,336,537 allotted £174.66 £233.4m
30 Jun 2025 Called-up capital per accounts £1.622m — —
12 Aug 2025 Issued capital 1,884,650 £175 —
29 Aug 2025 Allotment 1,941,793 (+57,143) £175 £10.0m*
29 Sep 2025 Allotment 2,198,935 (+257,142) £175 £45.0m*
1 Jul 2026 Allotment (SH01 filed 31 Jul 2026) 2,420,889 (+221,954) £175 £38.8m*
27 Jul 2026 Allotment (SH01 filed 26 Aug 2026) 2,499,889 (+79,000) £175 £13.8m*
13 Aug 2026 Reported, not on register 2,580,889 (+81,000) £175 £14.2m*

* Derived: increase in shares × £175. The 1 July 2026 date on Companies House differs from the ’31 July 2026′ date in some secondary commentary.

Capital reduction and dividend

Share premium was reduced on 23 December 2025 (RES13, SH19 and solvency statement). A dividend of about £20 per share (about £44m) followed, funded by the £49.2m gain on the sale of the women’s club and Goodison Park to Roundhouse.

Conflicting reports: dividend

I have previously reported  that Roundhouse waived its entitlement to the dividend; earlier reports stated 99.7% would be paid to Roundhouse. Confirm from the 2025/26 accounts.

 

2024/25 group accounts (filed 12 April 2026)

Item £m
Net assets 393.3
Called-up share capital 1.622
Share premium (before December 2025 reduction) 1,004.1
Borrowings — total 468.5
  of which within one year 127.6
  of which after five years 341.0
Cash 79.1

 

Charges and filings

  • 78 charges registered, of which 3 remain outstanding across the group (see section 5). GLAS Trust Corporation holds charge 0078 over the club in respect of the private placement notes.
  • The confirmation statement due 4 September 2026 is shown as overdue.

Status: verified (filing history, PSC register, statements of capital).

EFCW Holding Company Limited (16482500)

Holding company for Everton’s women’s football and Goodison Park, outside the club group but inside the Roundhouse group.

  • Shareholders: Roundhouse 90.9%; GED Investments (Canada) 9.1% from 19 December 2025.
  • Directors Angus Kinnear and David Beeston appointed 12 December 2025 (verified).
  • The subsidiaries were sold by the club to Roundhouse on 27 June 2025 for £50m (left unpaid), producing a £49.2m gain for the club, and then moved under this company.
Discrepancy

The Roundhouse accounts (note 28) describe the GED transaction as a new share issue; Greg Cordell’s analysis describes it as a sale of shares by Roundhouse. Capital, PSC register and SH01 have not been verified.

Everton Stadium Development Holding Company Limited (11727444)

Intermediate stadium holding company, wholly owned by the club. Incorporated 14 December 2018, formerly Everton FC Finance Limited. Immediate parent of ESDL and its principal intercompany lender (£178.7m owed by ESDL at 30 June 2025).

Charges

Chargeholder Date Status
GLAS Trust Corporation (charge 0006) 2025 (private placement) Outstanding
Aramark 19 Feb 2025 Outstanding
TDF Capital (three charges) Jun, Sep and Dec 2024 Satisfied 26 Feb 2025
Blythe Capital — Satisfied 13 Jul 2024

Status: overview and charges verified; PSC page not inspected.

Everton Stadium Development Limited (10719054)

Special-purpose company that owns and developed Hill Dickinson Stadium. Incorporated 10 April 2017; wholly owned by ESDHL (PSC since 25 November 2021), two levels below the club. Co-issuer of the £350m private placement notes. Small-company accounts for the year to 30 June 2025 filed 12 April 2026.

Headline

Net position moved from net liabilities of £49.7m (30 June 2024) to net assets of £314.6m (30 June 2025), a swing of £364.3m. Almost all of it is a £366.5m capital contribution, an accounting consequence of the refinancing, not trading performance.

 

Balance sheet comparison (£m)

30 Jun 2024 30 Jun 2025 Change
Tangible fixed assets (assets under construction) 730.2 851.2 +121.1
Debtors 21.3 14.1 −7.2
  of which advance payments to contractor 17.9 4.9 −13.0
Cash 1.0 27.7 +26.7
Total assets 752.5 893.0
External loan (due within one year) 200.0 — repaid
Intercompany 575.2 198.9 −376.3
Private placement notes (long-term) — 341.0 new
Accruals and deferred income due after one year — 15.0 new
Trade creditors and accruals (current) 26.9 c.23.5*
Net assets / (liabilities) (49.7) 314.6 +364.3
Other reserves (capital contribution) — 366.5 new
Profit and loss reserve (49.7) (51.9) −2.2

* Derived: total assets less net assets, notes, intercompany and deferred income. Both years reconcile to within £0.1m.

Funding structure before the takeover (30 June 2024)

  • Intercompany balance of £575.2m, principally to ESDHL;  the route by which group interest and fees were recharged to ESDL and capitalised into the stadium.
  • £200m external loan due within one year, secured by fixed and floating charge;  an expensive bridge funded by Rights and Media Funding, 777 Partners and later Andy Bell and George Downing.
  • Net current liabilities of £779.9m, supported by a parental letter of comfort.

Funding structure after the refinancing (30 June 2025)

  1. £350m private placement. Carried at £340.97m: £4.86m due in two to five years, £336.11m after five years. Thirty-year term to 30 June 2055, secured on the stadium, interest at ‘market rates’. The c.£9m gap to face value most likely reflects unamortised fees; the near-term tranche indicates amortisation begins within five years.
  2. Intercompany debt of £198.9m. £178.7m owed to ESDHL and £20.3m to the club; repayable on demand. Roundhouse has confirmed by letter it will not call the debt within twelve months of the accounts being signed.
  3. £366.5m capital contribution. Equity injected without new shares. Intercompany debt fell by c.£376m while the contribution arose at £366.5m, indicating parent debt written off into equity. A c.£9.8m difference is not explained in the notes.
  4. £15m deferred income. New in the year; most plausibly prepaid naming-rights or sponsorship income. Not confirmed by the notes.

The £200m short-term facility is confirmed in the notes as fully repaid.

Profit and loss and capitalised interest

  • Loss for the year £2.2m; bank interest received £442,475.
  • Wages £657,190; social security and pension costs c.£101,000; audit fee £7,350.
  • Borrowing costs capitalised into the stadium (note 8): £39.3m (2024: £61.2m).
  • Capitalisation ceased at 30 June 2025; the safety certificate was issued on 21 August 2025.

Implied cost of funding (analyst estimates)

Period Average debt Capitalised interest Implied rate
2023/24 £700–750m £61.2m 8.2–8.7%
2024/25 c.£690m (time-weighted) £39.3m c.5.7% blended
£350m notes alone — — c.8% estimate, unverified

 

Forward view

From 2025/26 interest and depreciation run through the profit and loss account. Interest of c.£28m (8% on £350m) and depreciation of c.£21m (£851m over 40 years) imply an underlying loss of roughly £50–52m a year before stadium revenues are recognised. The capital contribution already on the balance sheet gives the entity capacity to absorb those losses.

Gaps and points to reconcile

Coupon and covenants on the notes are not disclosed; the c.8% rate is an estimate.

JPMorgan’s role should be described consistently: the group accounts show £350m of notes and a separate £130m JPMorgan RCF.

Roundhouse’s stake is 99.5% at completion and c.99.7% today;  state the date wherever either figure is used.

The c.£9.8m difference between the intercompany reduction and the capital contribution is unexplained.

Everton Investments Limited (04349739)

Incorporated 9 January 2002. Wholly owned by the club according to the pre-takeover group structure note. Filed dormant accounts to 30 June 2024 and small-company accounts to 30 June 2025, which suggests some activity in the latest year.

Status: ownership taken from the 2024 group note and not re-verified; capital not verified.

Everton in the Community (04851552)

Charity and company limited by guarantee, with no share capital. The club is registered as PSC with 75%+ of voting rights and the right to appoint directors. Controlled by the club but legally separate, and not a subsidiary in the shareholding sense.

Status: verified (PSC register).

Everton Football Club Women Limited (07335143)

Women’s Super League club. Incorporated 4 August 2010. Wholly owned by EFCW Holding Company Limited, registered as PSC from 27 June 2025 (PSC02/PSC07 filed 28 July 2025).

Status: ownership verified; capital not verified.

Goodison Park Stadium Limited (04355318)

Owner of Goodison Park. Incorporated 17 January 2002. Wholly owned by EFCW Holding Company Limited, registered as PSC from 27 June 2025.

Status: ownership verified; capital not verified.

Legacy minority shareholders

Around 2,000 holders retain 7,969 shares in the club; about 0.31% at 2,499,889 shares in issue, or 0.309% if the reported 13 August 2026 allotment is confirmed. There has been no compulsory acquisition or buy-out offer; their position has been diluted through successive allotments at £175 per share after pre-emption rights were disapplied.

GED Investments

Canadian investor holding 9.1% of EFCW Holding Company Limited from 19 December 2025. Its own ownership and the price paid have not been disclosed. See the discrepancy noted at 4.6 on whether the stake arose from a new issue or a sale.

Group funding and security

Instrument Amount Borrower / security Terms
Private placement notes £350m (carried £341.0m) ESDL co-issuer; GLAS Trust charges over club (0078), ESDHL (0006) and ESDL Issued 20 Feb 2025; matures 30 Jun 2055; coupon undisclosed
Revolving credit facility £130m JPMorgan Terms undisclosed
Aramark charge — ESDHL Created 19 Feb 2025; outstanding
Shareholder equity (club) c.£401m cash Roundhouse Dec 2024 – Aug 2026, at £174.66–£175 per share
Loan-to-equity conversion £450.75m Bluesky (Moshiri) 150,250 shares at £3,000, 18 Dec 2024

 

Gross borrowings at 30 June 2025 were £468.5m (£127.6m within one year; £341.0m after five years). All TDF Capital bridge charges over ESDHL were satisfied on 26 February 2025 and the Blythe Capital charge on 13 July 2024.

Chronology since December 2024

Date Event
2 Oct 2024 Roundhouse incorporated; Friedkin registered as PSC
18 Dec 2024 Completion: Roundhouse becomes club PSC; Moshiri entities cease; Bluesky loans converted; Roundhouse subscribes £233.4m
20 Feb 2025 £350m private placement arranged; secured on the stadium
26 Feb 2025 TDF Capital charges over ESDHL satisfied
Apr 2025 Christopher Sarofim joins ownership group
27 Jun 2025 Women’s club and Goodison Park sold to Roundhouse for £50m, then moved under EFCW Holding
Aug–Sep 2025 Club allotments at £175; pre-emption disapplied (filed 8 Aug 2025); Roundhouse allots c.£107m
21 Aug 2025 Hill Dickinson Stadium safety certificate
12 Dec 2025 Kinnear and Beeston appointed to EFCW Holding
19 Dec 2025 GED Investments takes 9.1% of EFCW Holding
23 Dec 2025 Share premium reduction; dividend of c.£20 per share follows
29 Dec 2025 Club registered office moves to Hill Dickinson Stadium
31 Mar 2026 Roundhouse first consolidated accounts filed
12 Apr 2026 Club 2024/25 accounts and ESDL accounts filed
1 & 27 Jul 2026 Further club allotments; issued shares reach 2,499,889
13 Aug 2026 Reported 81,000-share allotment (unconfirmed)
Sep 2026 FT reports a minority stake sale process by TFG (unconfirmed, early stage)

Verification status and data limitations

Verified against Companies House

PSC entries for Roundhouse, the club, ESDL, Everton in the Community, Goodison Park Stadium Ltd and Everton FC Women Ltd.

Club filing history and statements of capital; ESDHL charges register; EFCW Holding director appointments.

 

Not verified directly

Roundhouse filing history and its 18 December 2024 charge; EFCW Holding capital, PSC register and SH01; ESDHL PSC page; Everton Investments capital; the 13 August 2026 club allotment.

 

Not publicly available

Toffee Investments LLC’s state of formation, members and capital; Sarofim’s and Kidd’s percentages; the notes’ coupon and covenants; the RCF terms; any 777/A-CAP preferred equity or warrants; the terms of the owner’s letter of support.

 

Discrepancies between sources

Issue Source A Source B
GED stake in EFCW Holding New share issue (Roundhouse note 28) Sale by Roundhouse (Cordell)
December 2025 dividend Roundhouse waived entitlement (The Esk) 99.7% to Roundhouse (earlier reports)
July 2026 allotment date 1 July 2026 (Companies House) 31 July 2026 (secondary commentary)
Roundhouse stake in club 99.5% at completion c.99.7% now; 98.8% (PL, outdated)

.

Sources

  1. Companies House  Roundhouse Capital Holdings Ltd PSC register https://find-and-update.company-information.service.gov.uk/company/15992615/persons-with-significant-control
  2. Companies House Roundhouse Capital Holdings Ltd overview https://find-and-update.company-information.service.gov.uk/company/15992615
  3. Companies House Everton Football Club Company Ltd overview https://find-and-update.company-information.service.gov.uk/company/00036624
  4. Companies House  Everton FC filing history  https://find-and-update.company-information.service.gov.uk/company/00036624/filing-history
  5. Companies House Everton FC PSC register  https://find-and-update.company-information.service.gov.uk/company/00036624/persons-with-significant-control
  6. Companies House  Everton FC charges https://find-and-update.company-information.service.gov.uk/company/00036624/charges
  7. Companies House ESDHL overview https://find-and-update.company-information.service.gov.uk/company/11727444
  8. Companies House  ESDHL charges https://find-and-update.company-information.service.gov.uk/company/11727444/charges
  9. Companies House  ESDL PSC register  https://find-and-update.company-information.service.gov.uk/company/10719054/persons-with-significant-control
  10. Companies House Everton Investments Ltd filing history  https://find-and-update.company-information.service.gov.uk/company/04349739/filing-history
  11. Companies House Everton in the Community PSC register  https://find-and-update.company-information.service.gov.uk/company/04851552/persons-with-significant-control
  12. Companies House Everton FC Women Ltd filing history  https://find-and-update.company-information.service.gov.uk/company/07335143/filing-history
  13. Companies House  Goodison Park Stadium Ltd PSC register  https://find-and-update.company-information.service.gov.uk/company/04355318/persons-with-significant-control
  14. The Esk  Roundhouse Capital Holdings first consolidated accounts (8 Oct 2026)  https://theesk.org/2026/10/08/the-analysis-series-roundhouse-capital-holdings-limited-first-consolidated-accounts-2-october-2024-to-30-june-2025/
  15. The Esk  Everton Stadium Development Ltd accounts, year to 30 June 2025  https://theesk.org/2026/05/01/the-analysis-series-analysis-of-everton-stadium-development-limited-accounts-year-ended-30-june-2025/
  16. ESDL 2024/25 accounts (PDF)  https://theesk.org/wp-content/uploads/2026/05/ESD202425.pdf
  17. The Esk  Analysis of Everton FC 2024/25 Annual Report and Accounts  https://theesk.org/2026/03/31/the-analysis-series-financial-reconstruction-analysis-of-everton-football-clubs-2024-25-annual-report-and-accounts/
  18. The Esk  New cash injection by Roundhouse Capital (1 Aug 2026)  https://theesk.org/2026/08/01/new-cash-injection-by-roundhouse-capital-takes-cash-commitment-so-far-to-373-million/
  19. The Esk  Capital reduction (23 Dec 2025)  https://theesk.org/2025/12/23/capital-reduction-by-friedkins-to-tidy-up-evertons-balance-sheet/
  20. The Esk  Proposed dividend from sale of EFCW (24 Dec 2025)  https://theesk.org/2025/12/24/proposed-dividend-payment-to-everton-shareholders-arising-from-sale-of-efcw/
  21. Premier League Everton publishes 2024/25 annual report  https://www.premierleague.com/en/news/4623567
  22. Greg Cordell Everton FC 2024/25 financial results  https://gregcordell.substack.com/p/everton-fc-202425-financial-results
  23. ToffeeWeb  TFG register new UK holding company https://www.toffeeweb.com/season/24-25/news/45374.html
  24. ToffeeWeb £20 dividend for transfer of women’s club  https://www.toffeeweb.com/season/25-26/news/47102.html
  25. ToffeeWeb  TFG looking for new investors  https://www.toffeeweb.com/season/26-27/news/47975.html
  26. Goal American billionaire to join ownership group  https://www.goal.com/en/lists/fresh-investment-for-everton-toffees-announce-american-billionaire-is-poised-to-join-ownership-group/bltf757050885c5bc31
  27. France 24  Friedkin Group completes Everton takeover  https://www.france24.com/en/live-news/20241219-us-based-friedkin-group-complete-everton-takeover

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