Everton's search for another investor comes with an eye-catching number: north of £1 billion.
The Friedkin Group has brought in Moelis to advise on the process, less than two years after taking control of the club. SportsGlare sources familiar with the discussions say the valuation guidance is above £1 billion.
Against Everton's last published accounts, that looks full. The club generated £196.7 million of turnover in 2024/25, its final season at Goodison Park. But those accounts increasingly describe an Everton that no longer exists.
What £265m does to the valuation
Chief executive Angus Kinnear said in August that revenue had risen to around £265 million, with further growth expected as the club gets more from Hill Dickinson Stadium. That number has not yet appeared in audited accounts, but if it holds, it changes the valuation discussion considerably.
At £265 million of revenue, a £1 billion valuation represents 3.8 times turnover. £1.2 billion means 4.5 times, £1.35 billion 5.1 times and £1.5 billion 5.7 times. Those numbers are not particularly unusual in the current football market.
SportsGlare's Football Club Ownership Transaction Ledger puts the recent Bayern Munich investment at around 5.1 times revenue, Paris Saint-Germain at 5.3 times and Atlético Madrid at 5.5 times. They are not perfectly interchangeable transactions, which is why revenue multiples are a shorthand rather than a valuation formula.
The stadium has changed the business
Everton's latest accounts carried £813.1 million of stadium construction expenditure at 30 June 2025, including £114.3 million added during the financial year. The new stadium financing includes £350 million of long-term debt repayable over 30 years.
The £813 million should not simply be added to a football-club valuation. The stadium already sits inside the Everton group. Its value is in what it allows the club to earn.
A move from £196.7 million to £265 million would represent almost £70 million of additional annual revenue before Everton has published a full season of accounts from the new stadium. That is what Moelis has to sell: not a building, but a different revenue class.
From rescue to re-rating
The roughly £331 million associated with Friedkin's December 2024 takeover is not a like-for-like club valuation. Accounts for Roundhouse Capital Holdings show £25 million of upfront consideration for Farhad Moshiri's shares, £42.3 million deferred consideration, £251.9 million used to repay debt and £12.1 million of transaction costs.
Since the takeover, shareholder loans have been converted into equity, borrowing has been reworked and Hill Dickinson has opened. The Financial Times reported this week that TFG is working with advisers to find new investors. SportsGlare understands Moelis is advising and that the number being discussed is north of £1 billion.
If £265 million is sustainable, five times revenue produces roughly £1.33 billion. The number to watch is therefore not simply the asking price, but whether Everton can prove its new revenue base is recurring.