Acquisition consideration, the capital injection schedule, the ownership and board of Roundhouse Capital Holdings Limited, and revenue multiples across recent Premier League ownership transactions.
Paul Quinn, CWTE Limited
What the Friedkin Group paid for Everton
Headline price
The Premier League confirmed on 19 December 2024 that TFG had completed its purchase of 98.8% of Everton through Roundhouse Capital Holdings Limited, buying the 94.1% stake held by Farhad Moshiri’s Blue Heaven Holdings (BHH).
Purchase price: £67.4m for the equity
The Friedkins paid Blue Heaven Holdings (Moshiri) £67.4m for the shares. That breaks down as:
- £25.0m initial consideration
- £42.4m deferred consideration (£42,371k), held in Roundhouse accruals
This is note 30 of the Roundhouse accounts.
Total acquisition consideration: £331.3m
| Component | £000 |
|---|---|
| Initial consideration to Blue Heaven | 25,000 |
| Deferred consideration | 42,371 |
| Repayment of debt (paid to club lenders) | 251,881 |
| Directly attributable costs | 12,051 |
| Total consideration | 331,303 |
| Of which settled at completion | 288,932 |
Initial investment including debt: c.£289.9m at completion
- £289.9m of Roundhouse £1 shares were issued to Toffee Investments LLC on 18 December 2024. This matches, to within £1.0m, the £288.9m of consideration settled at completion (£25.0m + £251.9m + £12.1m). In substance this was a non-cash issue: Toffee paid the seller, lenders and advisers directly.
- At club level, Roundhouse subscribed £233.4m for 1,336,537 shares at £174.66. This was paid directly to lenders.
- The club’s cash flow implies about £219.7m of debt was extinguished outside its cash flow. That leaves a £32.2m gap against the £251.9m “repayment of debt” that has not been explained.
The balance sheet restructuring rested on two other elements that were not Friedkin cash:
- £450.75m of Moshiri (Bluesky) loans converted into 150,250 club shares at £3,000.
- Third-party refinancing: £350m of 30-year senior secured notes (February 2025) and a £130m JPMorgan revolving credit facility. The TFG pre-takeover bridge lending (about £158m to repay the MSP loan, plus about £40m of working capital, secured through TDF Capital) appears to have been repaid by noteholders on 26 February 2025, not converted to equity. This is inferred from the dates the charges were satisfied.
Cumulative owner funding to date
- Club level: about £401.3m of cash equity from December 2024 to August 2026 (£233.4m + £46.0m + £10.0m + £45.0m + £38.8m + £13.8m + £14.2m), excluding the Moshiri conversion.
- Roundhouse level: £396.8m verified to February 2026 (£289.9m + £107m). The Roundhouse filings for the 2026 club issues (£66.8m) are not yet verified.
- The “close to £500m” figure seen elsewhere double-counts. The £107m raised at Roundhouse funded the £101m of club tranches; it was not additional money.
Limitations: the 13 August 2026 £14.2m allotment is not yet on the register. The TDF repayment is inferred, not disclosed. The £32.2m debt-repayment gap and the £100m of acquired debt that was not repaid at completion both remain unexplained in the accounts.
Conversion of the Moshiri loans
The 2023/24 club accounts confirm that TFG acquired the Moshiri stake and that his interest-free shareholder loans of £450.8m were converted into equity. The conversion took place immediately before completion, in response to the Premier League’s new associated party loan rules. It was a balance-sheet conversion, not new cash.
Acquisition at a discount to asset value
The Roundhouse group accounts for 2024/25 recognise negative goodwill of £473.0m. In plain terms, TFG acquired the club for substantially less than the fair value of its net assets, a direct consequence of the distressed debt position inherited from the Moshiri era. For context, Football Benchmark had valued Everton at £474m including debt in January 2024.
Initial and subsequent capital injections
Every share issue below is taken from Companies House filings for Everton Football Club Company Limited. All new shares since completion have been issued to Roundhouse at £175 per share.
| Date | New shares | Price | Amount | Shares in issue |
|---|---|---|---|---|
| 18 Dec 2024 (loan conversion, not cash) | 150,250 | £3,000 | £450.75m | — |
| 18 Dec 2024 (initial investment) | 1,336,537 | £175 | £233.44m | 1,625,787 |
| 12 Aug 2025 | 262,863 | £175 | £46.00m | 1,884,650 |
| 29 Aug 2025 | 57,143 | £175 | £10.00m | 1,941,793 |
| 29 Sep 2025 | 257,142 | £175 | £45.00m | 2,198,835 |
| 1 Jul 2026 | 221,954 | £175 | £38.84m | 2,420,889 |
| 27 Jul 2026 | 79,000 | £175 | £13.83m | 2,499,889 |
| 13 Aug 2026 | 81,000 | £175 | £14.18m | 2,580,889 |
| Total new cash since completion | £401.28m |
| Component | Amount |
|---|---|
| Initial investment at completion (18 December 2024) | £233.4m |
| 2025 issues (August–September 2025, three issues) | £101.0m |
| 2026 issues (July–August 2026, three issues) | £66.8m |
| Total subsequent investment | £167.8m |
| Total new cash invested | £401.3m |
Total shares in issue now stand at 2,580,889, of which 7,969 remain with minority shareholders. Roundhouse therefore holds c.99.7% of Everton.
The 2025 injections were funded upstream. In November 2025 Roundhouse filed confirmation with Companies House that it had itself issued around £107m of new shares in three tranches across August and September 2025. Those filings do not identify which of Roundhouse’s investors provided the money.
Roundhouse Capital Holdings Limited: shareholders and board
| Item | Detail |
|---|---|
| Company number | 15992615 |
| Incorporated | 2 October 2024 |
| Registered office | 21 Golden Square, London (same address as The Friedkin Group International Limited) |
| Registered shareholder | Toffee Investments LLC, 1375 Enclave Parkway, Houston, Texas (sole shareholder) |
| Person with significant control | Dan Friedkin: holds, directly or indirectly, 75% or more of the shares and voting rights, and has the right to appoint or remove a majority of the board |
Board of directors
| Director | Role at TFG | Appointed |
|---|---|---|
| Marcus Arthur Watts | President of TFG since 2011 | October 2024 |
| Analaura Moreira-Dunkel | Chief Financial Officer of TFG | October 2024 |
Known indirect investors
These investors sit above Roundhouse, through or alongside Toffee Investments LLC, and do not appear on the UK register:
- Christopher Sarofim, Chairman of Fayez Sarofim & Co and co-owner of the Houston Texans. Announced as joining the ownership group in April 2025; reported to hold c.10%.
- Jason Kidd, head coach of the NBA’s Dallas Mavericks. His participation has been reported; the size of his stake has not been disclosed.
Beyond these two, very little is public about who else invests in Roundhouse through Toffee Investments LLC. The Everton Football Club board is a separate body from the Roundhouse board.
Recent Premier League ownership transactions and revenue multiples
Multiples are calculated as the headline implied valuation divided by the club’s most recent audited revenue at the time of the deal. Where a later year or a different revenue basis materially changes the result, the alternative is shown.
| Club | Transaction | Implied valuation | Revenue | Multiple |
|---|---|---|---|---|
| Chelsea (Sep 2026) | Clearlake buys Boehly and Walter stakes (c.25.6%) | c.£5.0bn EV incl. debt | £490.9m (FY25) | 10.2x (9.3x on group £536.5m; c.7.1x on FY26 forecast) |
| Liverpool (Aug 2026) | 1892 Holdings acquires c.38% | £5.5bn headline | £703m (FY25) | 7.8x (6.2–7.5x on cash reportedly paid) |
| Crystal Palace (Jul 2025) | Woody Johnson acquires 43% from Eagle Football | c.£442m | £190.2m (FY24) | 2.3x |
| Brentford (Jul 2025) | Lubner and Vaughn minority investment | c.£400m | £166.5m (FY24) | 2.4x (2.3x on FY25) |
| Everton (Dec 2024) | TFG acquires 98.8% | c.£400m equity | £186.9m (FY24) | 2.1x (2.5x on £474m EV) |
| Everton (asking, Oct 2026) | TFG sale process | £750–800m | £196.7m (FY25) | 3.8–4.1x; c.6.2–6.4x if c.£468m debt is additional |
Transaction notes
Chelsea. Clearlake affiliates agreed on 16 September 2026 to acquire the interests of Todd Boehly and Mark Walter, each c.12.8%. The deal values the club at c.£5bn, reported as enterprise value including debt, funded from Clearlake capital and its co-founders with no new debt. Hansjörg Wyss is not selling. My estimate of implied consideration to Boehly and Walter is c.£0.83bn. Tested against my 18 August 2026 valuation, the £5bn price does not hold once Chelsea’s weaker fundamentals are taken into account.
Liverpool. Fenway Sports Group sold a minority stake to 1892 Holdings, led by Amit Bhatia and backed by Jeff Bezos and Eduardo Saverin, at a headline valuation of £5.5bn. The stake was first reported as c.30% for £1.65bn and later confirmed by The Athletic as c.38%, with the Irish Times reporting a price of just over £2bn. If £1.65bn bought 38%, the implied value is only c.£4.3bn. The headline £5.5bn therefore depends on which consideration figure is correct.
Crystal Palace. Johnson’s purchase was reported at close to £190m for 43%. Palace has since hired the Raine Group and values itself at c.£900m, more than double Johnson’s entry price. At 2024/25 revenue of £196.6m, that equates to c.4.6x.
Brentford. Gary Lubner and Sir Matthew Vaughn invested through Best Intentions Analytics at a reported £400m valuation. The combined stake was reported at no more than 10%, although some reports put it as high as 25%. 2024/25 turnover was a club record £173.1m.
Everton (asking price). On 9 October 2026 TFG announced it was exploring options including the sale of a controlling interest. The BBC reports a target of £750–800m for a complete sale, with current debts of around £468m. The reporting does not make clear whether the debt is inside or additional to that figure. Forbes valued Everton at $930m in May 2026, largely on the strength of the 52,769-seat Hill Dickinson Stadium.
Excluded: Tottenham Hotspur. The reported sale of most of Daniel Levy’s ENIC interest to Eight Sports Capital has not been confirmed by ENIC, Levy or the club, and had not completed by August 2026.
Analysis
- A market in two tiers. Elite clubs trade at c.7–10x revenue; the rest of the league has traded at c.2–2.5x. Crystal Palace and Everton are both now seeking valuations between the two.
- The Everton arithmetic. TFG paid c.£400m for the shares and has since put in £401.3m of new cash. A price of £750–800m before debt barely returns that capital. Only if a buyer also assumes the c.£468m of debt does TFG make a material gain.
- The stadium premium. Any multiple above c.4x relies on buyers paying for the Hill Dickinson Stadium’s future revenue rather than current turnover. That is the central question for any bidder.
There is one further consideration in terms of debt, and that is the factoring of future player receivables. I understand that this figure is considerable and if my analysis is correct, I estimate that the total debt is near £600m
My opinion of the value of the equity:
Given that Everton remains a loss making business (estimated at £1 million a week) and the debt levels detailed above I cannot see how the equity value of the club is greater than £250 million. The headline acquisition price maybe near £800 million but that will factor in the debt. As per my previous analysis, I believe Everton have significant future capital calls which I have previously estimated at £400 million when one considers squad investment, some debt repayment, and the currently cancelled capital repayment projects at the new stadium and at Finch Farm.
A further cautionary note is the still live Manchester City case – the impact that that has on future club valuations, and most importantly the potential future litigation that might arise from the case.
Furthermore, the outcome of the Burnley Appeal, due to be heard in the New Year (2027) places further conditionality on any sale, although a potential purchaser may reach a contingent agreement with the Friedkins prior to the appeal concluding.
Data limitations and caveats
Read before citing
The cash consideration paid to Blue Heaven Holdings has never been published. All acquisition figures are reported, not audited.
The Roundhouse register and officer list reflect the latest publicly available data. Changes filed during the current sale process may not yet be reflected.
The identity and holdings of investors in Toffee Investments LLC are not disclosed on any UK register. Sarofim’s c.10% is reported, not filed.
Transaction valuations are press-reported headline figures. Where reports conflict (Liverpool stake size; whether Chelsea’s £5bn is equity or enterprise value; whether Everton’s asking price includes debt), the range is shown.
Revenue multiples use reported statutory turnover. They are indicative and are not adjusted for debt, stadium ownership, or profitability.
Sources
- ToffeeWeb: Another cash injection as Everton issued a tranche of new shares (7 Sept 2026)
- ToffeeWeb: The Friedkin Group register new holding company in UK
- Endole: Roundhouse Capital Holdings Limited company profile
- theesk.org: The Friedkin Group’s European Football Portfolio
- theesk.org: Roundhouse Capital Accounts 2024/25
- everton.news: The Friedkin Group inject another £107m into Everton
- Professional Liverpool: Christopher Sarofim joins Everton ownership group
- SportBusiness: Everton reduces losses, Tottenham income dips
- Inside World Football: Friedkin completes Everton buy (Dec 2024)
- Inside World Football: Friedkin Group eyes fresh investment (Sept 2026)
- AP: Friedkin Group completes purchase of Everton
- BNN Bloomberg: Everton agrees takeover (Football Benchmark valuation)
- FootballTransfers: BBC reporting on £750–800m asking price
- Sportcal: Forbes Everton valuation
- Sky Sports: Boehly and Walter sale at £5bn
- theesk.org: Clearlake’s acquisition of the Boehly and Walter stakes
- theesk.org: Clearlake’s buy-out of Boehly & Walter, what the £5bn price means
- The Citizen: Chelsea post record loss, revenue £490.9m
- Irish Times: Bezos consortium bought 38% of Liverpool
- The Roanoke Star: Liverpool £5.5bn valuation and £703m revenue
- City AM: Crystal Palace valued at £900m
- theesk.org: Crystal Palace fiscal year 2024/25
- Brentford FC: 2024/25 financial results
- Inside World Football: Lubner and Vaughn take minority stakes in Brentford
- Wikipedia: ENIC Group
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