FootBiz newsletter #203: Everton is back on the market and much more...

Everton’s £800 million question

Less than two years after acquiring Everton, Dan Friedkin is prepared to consider selling control of the Premier League club.

The Friedkin Group confirmed on Friday that it has appointed investment bank Moelis & Company to explore new investment options, including the potential sale of a controlling interest. TFG acquired Everton from Farhad Moshiri in December 2024 after a prolonged period of financial uncertainty at the club and has since helped secure funding for Hill Dickinson Stadium on more favourable terms.

The Guardian reports that an asking price of around £800 million, including approximately £380 million of long-term debt, is being discussed. TFG spent about £400 million acquiring Everton and taking on the club's existing debt in 2024. The precise basis of the two figures is not identical, but they indicate the scale of the increase in value TFG is now seeking to realise.

TFG also owns Roma and French club Cannes, with UEFA's multi-club ownership rules creating another consideration should Everton and Roma qualify for the same European competition. The Friedkin family is simultaneously involved in an NHL process in the United States. The league is evaluating Houston and Austin as potential homes for an expansion franchise, with commissioner Gary Bettman putting the potential investment at approximately $3.5 billion, including the expansion fee and construction of a new arena.

Everton's summer transfer activity had already raised questions about the ownership's plans. A £40 million move for academy graduate Harrison Armstrong to Nottingham Forest was halted following a backlash from supporters, while Iliman Ndiaye was sold to Manchester City for £65 million. David Moyes also revealed that he had never spoken directly to Friedkin since returning as manager in January 2025.

Everton now offers prospective investors a Premier League club with a new stadium and a financial position that has improved considerably since TFG arrived, although substantial debt remains on the balance sheet and further investment will be needed to push the club higher.

Everton line up against Fulham at Craven Cottage in May 2025. The Friedkin Group is exploring investment options for the club, including a possible sale of control.

Photo: Timmy96 · CC0 1.0

King Power wants Leicester bids by Friday

Leicester City's sale process has moved into a decisive stage, with prospective buyers asked to submit offers for the club by Friday.

King Power has appointed Citi to handle the process as the Srivaddhanaprabha family considers ending an ownership that began in 2010. Sky News reported on Monday that Citi has now told interested parties to table bids on October 16, with the deadline having been pushed back to accommodate additional interest.

The valuation will be central to the discussions. Reports have put King Power's desired price as high as £225 million. Sky Sports reported in August that Citi's sales brochure included Leicester's men's and women's teams, King Power Stadium, training facilities and Belgian sister club OH Leuven, with £224 million attributed to the physical assets in the materials presented to potential buyers.

King Power acquired Leicester for a reported £35 million in 2010. The following 16 years included promotion to the Premier League, the 2015/16 title, a run to the Champions League quarter-finals and victory in the FA Cup in 2021. Back-to-back relegations have since taken the club from the Premier League to League One.

Sky News said on Monday that the identity of any serious bidders remained unclear. A sale anywhere close to the reported £225 million valuation would set a record for a club operating at League One level.

Leicester still has a Premier League-scale stadium, elite training infrastructure and a substantial international profile, but bidders must price those assets against the investment required to take the club back through two divisions.

Friday's deadline should provide the clearest indication yet of what buyers are prepared to pay.

Leicester City players before facing Fulham in August 2024. Prospective buyers have been asked to submit bids for the club.

Photo: Timmy96 · CC0 1.0

L’Oréal returns to PSG with a group-wide deal

Paris Saint-Germain has signed L’Oréal Groupe as its official beauty partner through 2028, in an agreement that will involve several brands from the French cosmetics group.

L’Oréal says this is the first time L’Oréal Groupe itself has partnered with a football club, although individual brands from the company have been involved in football before. L’Oréal Men Expert partnered PSG in 2010 and also had agreements with Bordeaux and Marseille.

The new arrangement begins with Vichy Laboratoires, which becomes the official skincare and haircare partner of PSG's men's first team. Vichy scientists will also work at the club's training campus in Poissy on observational studies covering skin and scalp health, wellbeing and athletic performance.

L’Équipe reported before the announcement that the agreement would be worth just under €5 million per season and run for at least two years. Additional L’Oréal brands are expected to become involved during the partnership.

L’Oréal generated sales of €44.05 billion in 2025 and operates in more than 150 countries. The agreement gives PSG another major French multinational partner and provides L’Oréal with a football platform that can be used across several brands rather than a single product line.

Chelsea signs GAC as Chinese carmaker expands in Europe

Chelsea has signed Chinese automotive group GAC as the club's global automotive partner, tying the Premier League club to a company in the middle of a substantial expansion into the UK and continental Europe.

The agreement, announced on October 8, makes GAC the official automotive partner of Chelsea's men's team and follows an initial relationship during the club's 2026 pre-season tour. Vehicles from the company's AION range will transport the team to Stamford Bridge on selected matchdays, with the partnership also covering digital content, fan experiences and vehicle displays. Financial terms have not been disclosed.

The deal sits within the commercial operation led by Todd Kline, Chelsea's President of Commercial, who joined the club after previously leading commercial operations at Tottenham Hotspur. Kline reports to club president Jason Gannon, who has overall responsibility for Chelsea's business operation. Chelsea named Kline President of Commercial in September 2025.

GAC formally launched its AION brand in Britain earlier this year through AION Auto UK, a joint venture with international automotive distributor Jameel Motors. The company's European expansion also now includes local production, with the AION UT being assembled at Magna's facility in Austria.

GAC said its international vehicle exports exceeded 120,000 during the first half of 2026, an increase of 132% year on year. On Monday, AION used the Paris Motor Show to unveil the UT Cross and GS7 for the European market. Both are due to reach Britain in 2027 as the company works towards an eight-model UK range by 2030.

The Chelsea agreement gives GAC a major international marketing platform just as it is building dealerships, production capacity and consumer recognition across Europe.

Chelsea in action against Fulham in April 2025. The club has signed Chinese automotive group GAC as its global automotive partner.

Photo: Timmy96 · CC0 1.0

RedBird puts €50 million into Milan

RedBird Capital Partners has provided another €50 million of capital to AC Milan as the club prepares for further squad investment and absorbs the financial impact of missing European competition last season.

The contribution comes from an ownership group led by RedBird founder and managing partner Gerry Cardinale. RedBird acquired Milan from Elliott Management in 2022. Neil Chugani, a London-based Operating Partner at RedBird, is another senior figure in the firm's European operation, having previously held executive roles at CNN, Warner Bros. Discovery Sports, Google and YouTube, BBC Studios and Sky.

The latest funding was provided in recent weeks and follows €55 million committed by the ownership between 2023 and 2024, which was used principally for costs associated with Milan's stadium project. Gazzetta dello Sport reports that the new €50 million represents RedBird's first direct capital investment specifically aimed at the sporting operation, with another injection possible in the coming months.

Milan reported revenues of €464.6 million and a net loss of approximately €24 million for 2025/26, ending three consecutive years of profitability. Calcio e Finanza estimates that the absence of European football cost the club between €70 million and €80 million in potential revenue.

The club is already looking towards January. Milan offered more than €40 million for Sporting CP defender Gonçalo Inácio during the summer and remains interested in the Portugal international. Real Madrid forward Endrick is another target, with a loan among the possibilities being considered.

Milan invested approximately €160 million gross of player sales during the summer, bringing in a group that included Gonçalo Ramos, Mario Gila and Diego Moreira. Gazzetta reports that RedBird's latest funding is intended to provide cash for further investment while limiting the club's reliance on additional debt.

Revenue has risen from €297.7 million in 2021/22 to €464.6 million last season, while sponsorship income has passed €100 million for the first time. Milan's ability to maintain that level of squad investment will depend heavily on returning to the Champions League and recovering the European revenue lost last season.

An NBA superstar buys into Atlético Madrid

Atlético Madrid has added Oklahoma City Thunder star Shai Gilgeous-Alexander to its shareholder register as the club continues to broaden its investor base following Apollo Sports Capital's move into majority control.

The Canadian basketball player has acquired a minority interest in Atlético, although the size of his holding and the financial terms of the investment have not been disclosed.

Apollo completed its acquisition of a majority stake in Atlético in March. In August, the club approved a €101.07 million capital increase, with Apollo contributing approximately €57 million. The transaction left Apollo with around 55% of the club, with the new capital earmarked for investment in the squad and the Ciudad del Deporte development beside the Riyadh Air Metropolitano.

Enrique Cerezo remains Atlético president and Miguel Ángel Gil Marín chief executive, while Apollo has installed representatives on the board.

Gilgeous-Alexander follows a growing number of leading North American athletes putting money into European football. Kevin Durant became a direct minority shareholder in Paris Saint-Germain in June 2025 through Boardroom Sports Holdings, the investment vehicle linked to Boardroom, which he co-founded with his long-time business partner Rich Kleiman. Durant had initially gained exposure to PSG through minority investor Arctos Partners. His subsequent agreement with Qatar Sports Investments extended beyond the shareholding, with Durant, Kleiman and Boardroom working with PSG on merchandise, media content, expansion in the US and potential future basketball projects.

LeBron James has taken a different route. He acquired a 2% interest in Liverpool in 2011 before exchanging that holding in 2021 for an ownership position in Fenway Sports Group, Liverpool's parent company. James later became a passive investor in AC Milan through Main Street Advisors when RedBird acquired the Italian club in 2022. Main Street invested alongside RedBird and Yankee Global Enterprises, although James did not acquire a direct personal stake in Milan.

Gilgeous-Alexander's investment gives Atlético another high-profile connection to the North American sports market at a time when the club's shareholder base is changing substantially. Atlético has not disclosed how much he has invested or the percentage of the club he now owns.

Genoa appoints Modesto and Melissano

Genoa has appointed François Modesto as Chief of Football and Stefano Melissano as Sporting Director, completing another restructuring of the club's football operation.

Modesto will oversee Genoa's wider sporting strategy, while Melissano will take responsibility for first-team squad planning, recruitment and transfer activity. They arrive as Diego López prepares to leave Genoa for Burnley after less than a year with the Italian club.

Chief executive Andrés Blázquez remains central to the new setup. Sky Italia reports that Blázquez has a long-standing relationship of trust with Modesto, who previously served as technical director at Monza and Juventus.

Melissano returns to Serie A after four seasons leading Spezia's sporting operation following his return to the club in 2022. He had previously spent the 2021/22 season as technical director at Fiorentina before going back to Spezia, where his contract ended this summer.

The appointments give Genoa a two-tier structure, with Modesto responsible for the broader football strategy and Melissano leading the first-team recruitment and transfer operation.

Both will work alongside head coach Daniele De Rossi, with January set to be the first transfer window overseen by the new structure.

DAZN wants a global Serie A deal

DAZN is discussing a wider international partnership with Serie A as the league looks for ways to increase the value of its overseas media rights.

Chief executive Shay Segev said at Leaders Week London that he has spoken with Serie A chief executive Luigi De Siervo about the possibility of a global agreement. DAZN already distributes Serie A in a number of individual markets, but Segev wants to expand the relationship into more territories through the broadcaster's international platform.

Serie A currently generates approximately €250 million annually from international television rights and has set a target of doubling that figure. The league has appointed JP Morgan to examine options for restructuring the way those rights are commercialised, including the possibility of bringing outside capital into a dedicated international-rights business.

Andrea Radrizzani has proposed going considerably further. The former Leeds United owner remains a minority shareholder in DAZN through Aser Ventures and is listed by the company as a director. Speaking about Serie A's media strategy, he argued that the league and a broadcaster such as DAZN should create a joint venture and work together for 10 to 15 years rather than continue relying on shorter conventional rights agreements.

Radrizzani also suggested building different products for different customers, including premium packages for supporters prepared to spend as much as €100 per month, alongside cheaper subscriptions and individual-match options.

Serie A's current domestic rights cycle runs until 2029. The discussions now taking place will help determine whether the league enters the next cycle with the existing broadcaster-rightsholder relationship intact or with a longer-term structure that gives its media partner a direct role in developing the product.

The Lewis family increases its hold on Tottenham

The Lewis family's position at Tottenham Hotspur has strengthened following the latest capital injection into the club, while the interest held through trusts connected to former executive chairman Daniel Levy and members of his family has been diluted again.

Updated shareholder information published by Tottenham shows that ENIC now owns 89.06% of the club's ordinary shares, up from 88.30% following shares allotted in September. Within ENIC, a discretionary trust of which members of the Lewis family are potential beneficiaries now owns 75%, up from 72.62%, while trusts of which Levy and members of his family are potential beneficiaries own the remaining 25%, down from 27.38%.

The change follows a further £120 million capital injection in September, according to Press Association reporting, taking the funding provided by the Lewis family over the previous 12 months to approximately £320 million. That included another £100 million investment earlier in the summer. Levy did not contribute proportionately to the latest funding round, and Tottenham's updated cap table now confirms that the Levy-linked trusts' interest in ENIC has fallen to 25%.

Based solely on Tottenham's ordinary shares, the 75% interest in ENIC held by the Lewis family-linked trust equates to an indirect economic interest of approximately 66.8% in Tottenham, while the 25% held through Levy-linked trusts equates to approximately 22.3%. ENIC also owns Tottenham's single convertible A share, so those calculations do not represent the complete rights attached to its holding.

The funding has come during a wider restructuring of Tottenham following Levy's departure as executive chairman in September 2025. Vinai Venkatesham now runs the club on a day-to-day basis as chief executive, with Peter Charrington serving as non-executive chairman. Vivienne Lewis, her brother Charles Lewis and her son-in-law Nick Beucher have also become more visible around the club as the Lewis family has taken a more active role in its direction.

Charrington said in May that the Lewis family had authorised a wider reset of the football operation, including investment across several transfer windows, the academy, medical and performance functions and the women's team. Two days later, the family issued its own statement saying that Tottenham was not for sale and that further investment would follow.

Those commitments have subsequently been backed by additional capital. Levy and members of his family remain potential beneficiaries of trusts owning 25% of ENIC, but successive funding rounds have shifted the balance within Tottenham's majority shareholder further towards the Lewis family-linked trust.

Tottenham Hotspur Stadium in March 2025. The Lewis family has provided another £120 million of capital to the club.

Photo: Ecco4k · CC BY 4.0

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