Season › 2024-25 › News Open Letter from Marc Watts, Everton's new Executive Chairman 19/12/2024 43comments | Jump to last Everton's new Executive Chairman, Marc Watts, has written this Open Letter to Everton fans as the takeover by The Friedkin Group is announced: Dear Evertonians, We are proud to be the new custodians of your club. Together, we will usher Everton into a new era, one that is marked by ambition and professionalism. As stewards of Everton, we look forward to showing our commitment to the club through actions, not words. We believe there are exceptional people working in the club. The resilience and commitment shown to get through a challenging period in Everton’s history has been inspiring to see and provides a great foundation for us to build on. The Friedkin Group will take a focused approach, one that is driven by innovation and business experience. Article continues below video content Our long-term vision is to harness the passion of fans and great qualities of the Club to realise Everton’s full potential. Our goals are clear: Strengthening the men’s first-team squad through thoughtful and strategic investment. Cultivating home-grown superstars through Everton’s Academy. Fostering a distinct on-pitch and commercial strategy for the women’s team. Respecting the Club’s traditions and keeping Everton at the heart of the community. Maximising the potential of the new stadium through long-term commercial partnerships and events that benefit the city of Liverpool. Enhancing Everton’s reputation as a unique and historical name in world football. In the short term, we understand the club has faced significant challenges on and off-the-pitch for several years. That’s why our immediate priority is stabilising the club and improving results on the pitch. We have provided an injection of capital to ensure the completion of the new stadium. The transaction has seen most of Everton’s debt either converted to equity, repaid or refinanced on terms more favourable to the stability of the club. Whilst there is much work to be done, and PSR [Profitability and Sustainability Rules] remains a limiting factor in the short term, the underlying financial position is now much stronger. On the pitch, we have a lot still to fight for this season and our energies are now focused on maximising the remaining time to drive results. We’re pleased that Colin Chong has agreed to remain in his interim position while we finalise the appointment of a new permanent CEO, which we will update you on in due course. We want to thank Colin, the leadership team and everyone at Everton for their hard work and support. We also want to thank Farhad Moshiri for his cooperation during the transition and facilitating a new start for Everton. The road ahead of us is long and there will be further challenges to come, but we are committed to living by Everton’s motto: nil satis nisi optimum. Everton Shareholders and The Friedkin Group… Reader Comments (43) Note: the following content is not moderated or vetted by the site owners at the time of submission. Comments are the responsibility of the poster. Disclaimer () Christine Foster 1 Posted 19/12/2024 at 10:40:36 And so it begins, the end of a nightmare, welcome and we share your vision in getting Everton back to success. It may take time but small steps on a journey have to begin somewhere. A day to hope and dream.. Laurie Hartley 2 Posted 19/12/2024 at 10:41:35 Well this is a good start:- “Dear Evertonians, We are proud to be the new custodians of your club” Andrew Merrick 3 Posted 19/12/2024 at 10:49:01 This is so welcome, one door closing (at last) and a new opening for the club in every way.It took a few years in Manchester, I liked it when Fergie referred to his "noisy neighbour's" in a derogatory way, he had to eat those words.I am so looking forward to a blue resurgence in the City and beyond, and with the focus of the new stadium, which looks immense close up, we have an amazing focal point to shine from.Brilliant Christmas present, everything I wanted :) Joe Aylward 4 Posted 19/12/2024 at 10:54:17 And…Breathe…Jesus that was about five years worth of breathing out…😊 Colin Crooks 5 Posted 19/12/2024 at 10:56:40 I should know better at my age, but I lapped up every word of that.I'm trying to remember the name of that song D:ream did.Alexa ? Steve Brown 6 Posted 19/12/2024 at 10:58:34 “A key part of this takeover is the new owners overcoming two major financial obstacles.The reason their first bid fell apart was because of issues trying to work out how to resolve the £200m leant by 777 Partners, which has since imploded under financial and regulatory pressures. That problem has been resolved with this deal.The £450m shareholder loans provided by Moshiri were due to come PSR scrutiny from January 11, 2025. They too have been dealt with as part of this takeover.”Very good news! Debt has been repaid or restructured and loans from Moshiri dealt - I assume largely written off? Steve Brown 7 Posted 19/12/2024 at 11:00:15 They own 98.8% of shares, so looks like they purchased Mr Kenwright’s shares also. Steve Brown 8 Posted 19/12/2024 at 11:02:20 Plus the funding TFG have loaned Everton to repay loans, finish the stadium and support operational running costs coverted to equity. Derek Thomas 10 Posted 19/12/2024 at 11:03:19 Fine words, well spoken, sits back to await the arrival of matching deeds...can't be any worse though? Peter Hodgson 11 Posted 19/12/2024 at 11:03:22 I echo Christine's thoughts and wishes and even though the process leading up to the announcement has been a long time coming it is most welcome.The hard work, we all know, starts now and patience will be necessary. It will be a difficult time for those involved but needs must. There may be tears on the journey but, I suppose, that is going to be inevitable after such a long period of stagnation. We Evertonians are a hardy (and noisy) bunch but our support for the Club hasn't faltered throughout.Welcome and good wishes in taking Everton back to where it belongs. It needs to get back to the good days as quickly as possible through good management which we trust you will provide. Colin Glassar 12 Posted 19/12/2024 at 11:03:56 Action not words are needed but thank you for finally ridding us of Moshiri.“maximising the remaining time to drive results “ Does this mean Dyche is already on the plank? Dave Abrahams 13 Posted 19/12/2024 at 11:12:01 Out with the old, although I’ll always be grateful to Mr.Moshiri for our new stadium, and in with the new.Actions speak louder than words——You never said truer words Mr.Watts.Let’s give the new owners a Goodison welcome on Sunday and roar the team on to a victory to celebrate the owners first game in charge. Geoff Lambert 14 Posted 19/12/2024 at 11:14:27 Well done Laurie the first piss on the chips post in our new era. Dave Edward Williams 15 Posted 19/12/2024 at 11:16:16 At one time not so long ago, I truly believed that we might not even have a club to support. Every dark force possible seemed to be against us. That is how it felt to me anyway and I am sure many more of you. Just to have time to catch breath and dare to dream again is a huge relief. I have seen too many false dawns to get too carried away but today is a good day. :) Jeff Spiers 16 Posted 19/12/2024 at 11:19:47 Down to the players now to keep us in the Premiership. Dave Abrahams 17 Posted 19/12/2024 at 11:25:31 Geoff (14), I thought Laurie was praising the new owners for recognising the fact they were saying “It’s our club” us the fans. Neil Lawson 18 Posted 19/12/2024 at 11:26:35 Well chosen and meaningful words. TFG now need to deliver and not do a " Starmer" ( promise much to everyone and then deliver little but disappointment and dismay). I wonder what is going through Mr D mind at the mo and whether his position will overtly impact his decision making? Last Saturday at Arsenal aside ( and that was a bit of a one off game) his negativity and utter lack of ambition will seal his fate. However, if he chooses to be a little more expansive, poor results will have the same effect. Stick or twist? The players may have the final say. Matt Traynor 19 Posted 19/12/2024 at 11:30:00 Glad it's finally done, but I'm getting Fred Talbot vibes off the new Exec Chairman. Jerome Shields 20 Posted 19/12/2024 at 11:32:52 Really good news.At last the Club will be run Professionally.Actions rather than words so I don't expect details. which is their form anyway.So the Progress begins with accountability from square one.It will take time, but aleast there is the possibility of heading in the right direction.. Mark Murphy 21 Posted 19/12/2024 at 11:36:41 THIS! “That’s why our immediate priority is stabilising the club and improving results on the pitch.”UTFT Annika Herbert 22 Posted 19/12/2024 at 11:38:07 Finally it’s done! What a relief to finally get this deal over the line.My Dad is now 68 years old and has seen the good times, along with the bad. Nice to see him smile when the news was announced Nicholas Ryan 23 Posted 19/12/2024 at 11:42:54 Anyone who has doubts about the Friedkin takeover; close your eyes for a second and imagine Everton under 777 Partners! Kunal Desai 24 Posted 19/12/2024 at 11:43:38 Great news. Let's hope we can move forward as a club in every respect. Patience and time required for a rebuild Michael Kenrick 25 Posted 19/12/2024 at 11:51:55 Seems like this guy is close to the top of the tree in terms of the professional business sector in the USA. Here are some snippets from an old interview with him at he Houston Business Journal:How did you transition from a law firm to Friedkin? Well, I loved my law career. I was managing partner of the Houston office and vice chairman, and I had a great group of clients. But I was very close to the Friedkin family and especially Dan Friedkin, who's chairman and CEO of The Friedkin Group. I had served on the executive committee of the Friedkin Cos., so I was very familiar with the company. I was doing legal and business matters for them. He asked me to come help him run his various companies, and that was just too good of an offer to pass up.How did your attorney-client relationship with the Friedkin family help prep you for your role as president? It certainly got me in the door. Like many families, the Friedkin family is very private and discreet in the right way.The first thing you do is develop a relationship of trust, which is key. Over time, you just work on more projects and develop a closer relationship.Is the family's private nature the reason The Friedkin Companies don't have a website? We're working on that, but it's a choice. Historically, we just chose to be private. But we think, given some of our businesses and given the fact that, frankly, it would help us in recruiting, we're developing more of a Web presence. We have so many diverse business operations that you really need to have something online that people can go to and educate themselves about our company.Trained in law at Harvard, Texan through and through… Should be ultra-professional, so how he gets on with the transition from parochial luvvie amateurism to putting Everton at the top of the global football business tree will be interesting, to say the least! Paul Johnson 26 Posted 19/12/2024 at 11:55:54 Michael the interview was just the sort of thing I hoped we would see from our new owners. Total professionalism. Proper business people. Onwards and upwards. Richard Duff 27 Posted 19/12/2024 at 11:56:01 Texans! Talk big, build big, spend big, fight hard, focus on winning, love their Moms.Exactly what we need, welcome Marc! Colin Crooks 28 Posted 19/12/2024 at 11:57:21 excellent spadework, Michael Rick Tarleton 29 Posted 19/12/2024 at 11:57:39 Thank God the era of Kenwright and Moshiri is over. Moshiri is the most amazingly ineffectual accountant in the history of finance. Kenwright was an unscrupulous actor who had a fantasy role for himself and he played that part to the end, irrespective of what it cost the club he claimed to love.One hopes the new owners will start a positive process which will begin the next stage of the future of one of England's historic clubs. Paul Johnson 30 Posted 19/12/2024 at 11:58:30 Delighted for Colin Chong. The guy has manned a sinking ship while overseeing the stadium build. And has not let us down. Nigel Scowen 31 Posted 19/12/2024 at 12:01:58 Now that the revolution has started do we need to put up a guillotine in the centre of the pitch French style. Maybe not, all the baddies have gone now haven’t they. Brian Harrison 32 Posted 19/12/2024 at 12:02:12 I think Moshiri uttered something similar when he took over, and its what you would expect an incoming owner to say. Friedkin has paid a lot of money for the club, and this club needed a new owner with a savvy business head, and although we hoped that Moshiri being an accountant overseeing companies worth billions, we thought that he would use his business acumen to turn us around, and failed miserably. I am sure the Friedkins know this will be a long and at times an arduous task, I just hope they are up to it. Michael Kenrick 33 Posted 19/12/2024 at 12:02:57 And this is his bio at Auberge Resorts:Marc Watts is President of The Friedkin Group, a privately held and diverse consortium of businesses and investments in the automotive, hospitality, entertainment, golf and adventure industries, including Gulf States Toyota, one of the world’s largest independent distributors of Toyota vehicles and parts. Prior to joining The Friedkin Group, Marc was Vice Chairman and Managing Partner-Houston of the 700-attorney law firm of Locke Lord LLP, with over 26 years of experience in corporate and securities law, governance and related matters. Marc is the Chair of the Federal Reserve Bank of Dallas Houston Branch Board of Directors as well as the 2018 Board Chair of the Greater Houston Partnership. He serves on the Board of Service Corporation International and Highland Resources, Inc. In addition, Marc is a member of various civic and community boards including The Salvation Army of Greater Houston, United Way of Greater Houston and Houston Methodist Hospital Foundation. Marc earned a bachelor’s degree in mechanical engineering from Texas A&M University and a law degree from Harvard University.What a contrast from the coke-sniffing baseball-capped snakes at 777 Partners! John Pendleton 34 Posted 19/12/2024 at 12:03:01 Laurie, Geoff and DaveYou can't win...“Dear Evertonians,We are proud to be the new custodians of your club”Positive TWers - They've recognised us as the key stakeholdersNegative TWers - Faceless, corporate Yanks have no affinity_______________________“Dear Evertonians,We are proud to be the new custodians of our club”Positive TWers - They're family already!Negative TWers - It belongs to the fans, not the money men Nigel Scowen 35 Posted 19/12/2024 at 12:06:11 At least now we have professional business people running the show, instead of someone who just runs shows. John Pendleton 36 Posted 19/12/2024 at 12:08:43 Paul [30]We need a songFor Colin ChongHe kept us goingWhen things went wrong John Graham 37 Posted 19/12/2024 at 12:09:19 Welcome to Everton.The road is long.With many a winding turn.That leads us to who knows where. Who knows where. But we're strong.Strong enough to carry on.A new era and a city filled with joyous blues.It's great news for the blues.And there's no more time to lose.Cause we're hot on the trail.And there's no way we're going to fail.COYB Brent Stephens 38 Posted 19/12/2024 at 12:17:21 Yes, Laurie #2 was being positive about this. Colin Glassar 39 Posted 19/12/2024 at 12:17:54 Michael 33, all well and good that cv but he was never on Corrie, nor was he the fence for an Uzbek oligarch. Different league. Brent Stephens 40 Posted 19/12/2024 at 12:19:59 Matt #19 "Glad it's finally done, but I'm getting Fred Talbot vibes off the new Exec Chairman".Do you want to explain that, Matt, so I don't misinterpret it? Denis Richardson 41 Posted 19/12/2024 at 12:24:10 At last, the finishing line reached. Kenwright and Usmanov/Moshiri all gone.New chapter and new stadium. Can’t be worse than it has been last few years. Onwards and upwards.Bring on Chelsea! Goodison will be pumping this Sunday - I fancy a result. Michael Fox 42 Posted 19/12/2024 at 12:33:00 He said all the right things. I am full of hope for the future and look forward to a new beginning.Welcome Mr. Watts. Jimmy Salt 43 Posted 19/12/2024 at 12:33:45 From the outside it does look like Colin Chong performed well, one dim light in a dark tunnel but never the less. Mike Hayes 44 Posted 19/12/2024 at 12:38:54 The news we’ve all been waiting for and now there’s sure to be stability let’s hope it’s reflected on the pitch against Chelsea and fire the players up to put in a decent shift like the Arsenal game UTFT 💙 Add Your Comments In order to post a comment, you need to be logged in as a registered user of the site. » Log in now Or Sign up as a ToffeeWeb Member — it's free, takes just a few minutes and will allow you to post your comments on articles and Talking Points submissions across the site. How to get rid of these ads and support TW © ToffeeWeb