Everton have confirmed that their American owners, The Friedkin Group, are looking to sell the club — a development that raises serious questions about who, if anyone, would be willing to take on what has become an increasingly complicated financial proposition.

On paper, the Toffees carry genuine historical weight: nine English league titles, a fiercely loyal fanbase, and a brand-new home at the Hill Dickinson Stadium on the banks of the Mersey. In practice, however, the numbers tell a far less romantic story.

A wage bill that raises red flags

According to Deloitte's Annual Review of Football Finance, Everton's wage-to-turnover ratio stood at 79% in the 2024/25 season. That means nearly four-fifths of every pound the club earns goes directly on player and staff wages — a level widely regarded as unsustainable at the top level of the game.

That leaves just 21% to cover matchday operations, debt repayments, youth development, travel, and administration. For any prospective investor, that ratio signals an asset that requires immediate restructuring before any meaningful return can be realised.

Revenue that does not match the club's stature

Everton generated £197 million in revenue during 2024/25 — the same figure recorded by Crystal Palace, and only £3 million more than Fulham's £194 million. For a club of Everton's historic standing, drawing level commercially with mid-table London sides highlights a significant gap between reputation and financial output.

American investors, who now hold controlling stakes in more than half of the Premier League's 20 clubs — including Chelsea, Bournemouth, and Leeds United — have shown a clear preference for capital-city clubs. London-based sides like Crystal Palace and Fulham offer built-in global brand appeal, corporate hospitality demand, and international visibility that a club in Merseyside simply cannot replicate in the same way.

The new stadium comes with heavy debt

Optimists will argue that the Hill Dickinson Stadium represents a turning point — and matchday and commercial revenues are expected to grow from the 2025/26 season onward. But any buyer stepping in will inherit a reported net debt of around £380 million, much of it tied to stadium financing. According to The Times, that pushes The Friedkin Group's asking price toward the £800 million mark.

That is a substantial sum for a club whose revenue profile currently sits alongside sides fighting to stay in the top half of the Premier League table.

A depleted squad and a difficult city

The squad situation compounds the challenge further. Everton currently carry the smallest playing roster in the Premier League, having sold their standout performer Iliman Ndiaye to Manchester City during the summer window. That sale stripped any incoming owner of a valuable trading asset and leaves them facing the prospect of heavy transfer expenditure just to keep the team competitive.

Geography adds another layer of difficulty. Everton are the second club in a city dominated by Liverpool's global commercial reach. For investors seeking maximum return on international sponsorships and media rights, backing a club that shares its city — and often its shadow — with one of the world's most recognised football brands is rarely an attractive option.

What comes next for Everton

The Premier League has attracted unprecedented levels of American capital in recent years, but modern investors demand either global brand status, low-debt growth potential, or capital-city positioning. Everton currently offer none of those three. With The Friedkin Group signalling their intention to exit, the Toffees may face a prolonged wait before new ownership arrives — and with it, the kind of financial backing the club so clearly needs.