Everton are set to announce a new investor, with the American billionaire Christopher Sarofim joining their ownership group. The 62-year-old fund manager is also a minority shareholder of the Houston Texans NFL franchise.
Sarofim is understood to have agreed to join Everton’s ownership group, Roundhouse Capital, and will be given an observer position on the football club’s board. Everton will remain under the day-to-day control of The Friedkin Group (TFG), who bought the club from Farhad Moshiri last December.
Sarofim’s family company, Sarofim International Management, manages assets worth an estimated $31bn (£23bn) and Everton’s owners have recruited him with a view to giving them access to broader sources of funding. His personal wealth is reported to be more than $3.7bn. His money is believed to be going into Roundhouse rather than the club. No new shares will be issued at this stage.
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Sarofim is the first new investor to join Everton’s ownership group, but more are expected. TFG is understood to be targeting investors with specific skillsets and contacts rather than celebrity investors to attract attention in a model favoured by other American owners.
Real Madrid’s Luka Modric bought a stake in Swansea City this month, the NFL star JJ Watt owns shares in Burnley, and Leeds have big-name minority investors including Will Ferrell, Russell Crowe, Michael Phelps and Jordan Spieth.
TFG has been extremely active since ending Farhad Moshiri’s eight-year ownership of Everton after an 18-month sales process. The manager Sean Dyche was sacked in January and replaced by David Moyes, who guided the club to Premier League safety in impressive fashion. In another significant change Angus Kinnear has been recruited as chief executive from Leeds, and will join in the summer, and the sporting director, Kevin Thelwell, has been told his contract will not be renewed when it expires next month.
TFG also immediately reduced the club’s debts, which at one stage had been more than £700m, and last month agreed a £350m refinancing package to fund the new 52,888-capacity stadium at Bramley-Moore dock, which will open this summer. 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.
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Everton declined to comment.