Are The Friedkin Group incompetent? Are they asset strippers? The answer is neither – but they do make mistakes. Those mistakes get exacerbated when running such a lean financial model. However, it is not all doom and gloom if you take a longer view.

Background

When the Friedkin Group took over Roma in 2020, the club was in a mess; losing money and stuck with a squad that needed rebuilding. Six years later, things look very different — and despite the usual Roma chaos, the direction of travel is finally upward.

Before Friedkin

Roma were a top‑six regular but financially shaky. The pandemic pushed them into real trouble: big losses, rising debt, and a squad that wasn’t improving.

What TFG Have Actually Done

Since 2020, TFG have poured around €1 billion into stabilising the club. The results:

  • Losses shrinking year by year
  • Commercial and matchday revenue rising
  • Wage bill under control
  • Squad quality improving
  • Champions League qualification in 2026 — first time since 2018–19

It hasn’t been smooth, but the club is undeniably healthier than when they arrived.

Managers & Recruitment: The Rollercoaster

Using the (not to everyone’s taste) Transfermarkt squad values as a guide as to quality, this is how it shaped up.

Fonseca (2020/21)

7th place, with the 5th‑best squad. Underperformed. Recruitment was scattergun.

Mourinho (2021–24)

League finishes stayed at 6th, (underperforming the squad value) but he delivered:

  • Europa Conference League win
  • Europa League final

Spending was big at first (Tammy Abraham the headline), then suddenly stopped. Two summers of selling meant the squad stagnated. However, in some respects it was necessary pruning of high wage, aging underperformers.

De Rossi / Juric / Ranieri (2024/25)

A chaotic season with three managers, but still finished 5th. Spending returned — younger, cheaper players, plus the Dobvyk gamble.

Gasperini (2025– )

Finally, a coach who fits the club’s new model: smart recruitment and player development.

  • 3rd place in his first season (outperforming the squad value)
  • A young, balanced squad
  • 2026/27: currently top of Serie A, with the 4th‑best squad on paper

With young, high-quality players like Wesley, Mora and Castro (and plenty others) Roma now look like a club built to compete for the title over the next five years.

Seven Years On: Where Roma Stand

Roma fans have lived through mistakes, misfires, and some baffling decisions — but the club now has:

  • A strong core of experienced players (though not overly reliant on detiorating players)
  • A wave of talented young players
  • A manager aligned with the recruitment strategy
  • A squad built to peak together

It’s taken time, but the plan has come together.

What This Means for Everton

TFG’s approach at Roma tells us a lot:

  • They are determined to find value in the market
  • They don’t throw money around 
  • Once a squad is under control, they refer younger high quality players
  • They want a squad that grows together
  • They do learn from mistakes (and they’ve made plenty)

This summer has been a setback for Everton. TFG tried to do things too cheaply and (at the same time as material improvements in some areas) it’s hurt the squad. But Roma’s journey shows they do correct course.  Moyes might well be a good fit again for working with this kind of squad - but probably won't be retained.

In future seasons / windows expect:

  • More signings
  • Younger profiles
  • Higher volume recruitment
  • A manager chosen to fit the player development model
  • Sustainability – no more lurching from one financial crisis to another

Not instant miracles — but still (acknowledging this summer’s setback) potential for a squad capable of competing for Champions League qualification within three years.

Read More
  • Same Old Story
    Only Everton could turn a window with a supposed plan into a fresh installment of the same old farce of kicking the can down the road. We were supposed to be past this.
  • “I Want Everything Louder than Everything Else”
    Who represents today's Everton? We have to find a catalyst. Somebody who will breathe life into the club from within. Somebody to reassure us that the club's heart is still beating
  • Nothing. Ever. Changes.
    With promises broken and trust shattered in a calamitous week that culminated in a transfer deadline day that will live in infamy, The Friedkin Group’s road back with Evertonians could be as long as the team’s route back to success now appears

Reader Responses

Selected thoughts from readers
Certain off-topic comments may be removed to keep the discussion on track

1  Lee Courtliff
04/09/2026    05:03:21

Do you read anything into the fact they're looking for investors? Did they do this at Roma, or are they just going tu get rid of us?

I thought this kind of thing was behind us and we could look forward to a brighter future! But, I am a little bit worried.

The squad isn't as bad as some make out,imo, but a few injuries and we could be in serious trouble!

If we'd kept Patterson and Aznou then, on paper, we'd have full back cover but we all know Moyes wouldn't play them anyway. But only 1 striker is baffling...we just have to get to January in decent shape.

Hopefully David can pull off another 2004/05 miracle for us.

2  John Fitzgerald
04/09/2026    08:23:22

Lee, it makes no commercial sense for them to pull out - as Robert alluded to, they weathered a much bigger storm at Roma in their first season than Everton and came through it. Seeking new investment is standard procedure, the RS just sold a wedge of shares to that prick Jeff Bezos and they’re not exactly short of cash. The money’s there, it’s the likes of Hammond and Kinnear not spending it properly.

3  Tony Killen
04/09/2026    12:30:25

Staying with the Italian theme for a moment, I notice that, in an ‘Everton, that….’ twist of fate, Fiorentina play Torino tomorrow, so Beto v Patterson may be on the cards for their first games in Serie A.

Good luck to them both. I wonder if we’ll see the truth of the old adage that you only know the true value of someone when they’re no longer there?

Craig, sorry, Nathan Patterson was certainly no Tommy Wright, Gary Stevens, or Seamus Coleman, but I’m one of those Evertonians who felt that, even allowing for certain deficiencies in his positional play, the team as a whole looked far better balanced when he was playing last season. It doesn’t take a genius to know that a 6’6” defender is going to be much more comfortable playing in the middle.

4  Robert Tressell
04/09/2026    14:10:29

I think there's a good chance both Beto and Patterson will start on the bench, Tony.

Whether Patterson gets much time on the pitch this season will be interesting. He's not managed to persuade any manager yet...

5  Jerome Shields
04/09/2026    14:38:56

Robert I think alot will be determined as to where TFG see Everton in their Multi club portfolio..With shared data and commercial deals. They have spent a considerable amount of money on Infrastructure at Roma It could be the share issues and looking a additional investor would raise £45m.for infrastructure development at Everton

6  John Collins
04/09/2026    17:10:55

I admire your confidence Robert.

What is your take on our finishing position this season?

I'm going for no better than last seasons finishing position

7  Jay Harris
04/09/2026    17:33:04

Robert,
I respect your football knowledge and place you head and shoulders above our so called elite recruitment team but one thing stands out to me above all else.

Dan and his sone have attended Roma's stadium numerous times but neither have attended Goodison or Bramley Moore once despite being in the UK at times.

Does this not sum up their disinterest in Everton.

It doesn't help that they employed a bunch of second rate executives to run the club either.

From a position of being delighted they took us over I now rank them firmly alongside Moshiri.

Moshiri had the will and desire but not the ability. They have the ability but apparently not the desire.

8  Robert Tressell
04/09/2026    17:42:55

With the squad we have, I would guess anywhere between 9th and 14th, probably John.

With Balogun, it would have been more like 7th to 12th place.

Where we actually finish will depend a lot on luck with injuries.

I've said elsewhere that any new owners taking over the mess TFG inherited would probably have been looking at something like 3 seasons to return to Europe - and then assemble a squad capable of competing for the Champions League places within 5 seasons. The failed Balogun deal doesn't really change any of that but it probably kills off a lot of fan optimism before this season has really got going.

9  Michael Coffey
04/09/2026    18:08:50

There is in physics the “Friedkin paradox”, which states that more time will always be spent agonising over relativity unimportant decisions where there is little to choose between the options, than over more critical decisions where the choices are more stark. I am beginning to feel this has characterised our transfer window, pursuing more midfielders rather than the RB or forward requirements.

10  Philip Sheehan
04/09/2026    22:18:21

Robert, you seem to contradict yourself in your article i.e. TFG don't throw money around and then Everton can expect more signings and higher volume recruitment! Somehow I don't think so. Just the reverse in fact. It's patently obvious Roma are TFG's SOCCER priority.

And the transfer market and transfer fees in serie a are quite different in value compared to the the Premier League.

Also, please don't talk about Everton and European competitions - ain't gonna happen anytime soon. I would like to be optimistic on Everton's future but experience tells me Everton will let you down!
Kinnear the corporate bullshitter and our elite recruitment team will get off scot free after the transfer window fiasco – I wouldn't trust them to buy me a Mars bar, they would probably come back with a packet of out of date crisps!

Just seen Moyes's presser and a bit of a u-turn from last Saturday as he accepts we have to sell to buy. Get him a fence panel from Terry's Timber and he can sit on that while doing these useless press conferences...

Finally is any decent manager or player is going to sign for us? The lowest spenders over the last 5 seasons. Anyway rant over (for now).

11  Robert Tressell
05/09/2026    09:43:48

Philip # 10, high volume recruitment (as per the past two summers) doesn't need to involve spending large sums of money. One more summer of shopping heavily in the low cost / sub £30m zone should result in a much better squad - and enable us to start spending larger sums on individual players.

As for Europe, we were were two wins off qualifying for Europe last season - with a very poor, injury hit squad. With a fit Branthwaite and Grealish we would almost certainly have qualified. So no need to be too downhearted.

Are Roma TFG's priority? I'm not sure why you would think that. Isn't it simply the case that Roma are about 5 years ahead of us in terms of resolving their serious financial difficulties and building back the squad?

12  John Collins
05/09/2026    10:16:20

Robert,

Do you think an injured Grealish and Branthwaite was the reason we spiralled into 3 points from a possible 21 points form?
What position do you consider we would have finished if both had stayed fit?

13  Robert Tressell
05/09/2026    11:19:42

John # 12 - if both those players had played the full season, I expect we would have finished 7th (6 points or so ahead of where we did finish). That would have seen us qualify for the Europa Conference League - and (as it's turned out) some first round matches against AC Milan, AZ Alkmaar and Anderlecht amongst others.

Hopefully both can stay fit this season.

14  John Collins
05/09/2026    11:23:40

We will never know Robert.
What are your thoughts on my first question?

15  Robert Tressell
05/09/2026    12:10:58

John - why did we get 3 points from the last 7 games?

A lot of people will point the finger firmly at Moyes. He certainly played his part but in truth it's a combination of things with the injuries playing a very major part in our performance across the whole season. With a small patchy squad, it was always likely we would have an up and down season.

16  John Collins
05/09/2026    12:38:49

I'm one pointing the finger at Moyes Robert.
Imo he mismanaged the run in.
We didn't have a similar run of 3 points from 21 at any other stage of of the season we had injury issues.

17  Robert Tressell
05/09/2026    13:44:33

I guessed, John!

Since you're crediting Moyes with the collapse - then are you also crediting Moyes with the fact a patchy and injury hit squad had held up so consistently well until the last 7 games?

I can guess the answer to that one too.

Whatever the case, the disappointing end to the window seems to increase the likelihood of a new manager being in charge next season. If Moyes were to win a cup or qualify for Europe this season, then TFG might well be under pressure to extent his contract...

18  John Collins
05/09/2026    14:14:28

I guessed your stance as well Robert,thats why I asked the question.

In answer,Moyes style of football caused me to give my ST away for 9 games last season,bored to tears watching it.
Credit where due,his away record was good.

If Moyes breaks the habit of 25 years and wins a domestic cup he will be in good position to ask for a contract extension.

19  Philip Sheehan
05/09/2026    21:11:59

Robert @ 11 the majority of us think tfg prioritise roma as they had a higher net spend over the summer window,
Plus they occasionally attend games in Rome, if
You gave them a map of the UK would they be able to pin the tail on the city of Liverpool ?
As I saw on an earlier post somewhere it feels like tfg have bought a stadium not a football club !

20  Robert Tressell
10/09/2026    12:38:11

Philip, just noticed this loose end.

Is Roma's higher summer 2026 net spend evidence of TFG prioritising Roma?

I don't see why.

Summer 2025, the net spend at Everton was higher than at Roma by a margin of about €100m. Did that make Roma our poor relation last year?

The answer is no. Both clubs are at different stages of a rebuild, with different footballing and and financial issues to deal with. Roma, being much further progressed with all of this, play Fenerbahce away in the Champions League tonight.

Our big issues this summer were (a) the Burnley compensation and (b) the failed Balogun deal.

The former is a legacy of Kenwright / Moshiri's disastrous ownership (both of whom did attend games for all the good it did us). The latter looks like a combination of bad luck and individual incompetence.

I might start to buy into some of the "theories" if the squad isn't materially improved next summer. But for the time being, none of this looks like some Machiavellian plot to rip us off at the expense of Roma.

24  Steve Brown
10/09/2026    17:17:00

No-one got sacked because our approach to the end of the summer transfer window was set by TFG.

Everton started this season on 85% + 30% allowance per SCR, so effectively 115%. The Esk estimates that our SCR at the end of the window stands in the high 60%s. Significant head-room for squad investment that TFG decided not to fund.

Kinnear said on 18th August: “This window again, I think we will spend more than most of our competitors, the owners are very keen to back us,” Either he lied to various media outlets in his interviews on 18 August (unlikely), or he doesn't understand the club's financials (impossible), or TFG's position changed in the 2 weeks before the window closed (probable).

The club took a “sell to buy” approach in those final 14 days and would not commit to completing transfers in until sales had gone through. There is no other explanation why the club were willing to accept an initial fee of £60M for Ndiaye, £15-20M below his market value despite 3 years being left on his contract. Nor why they were willing to accept a £40M bid for Armstrong when we are meant to be building the squad strength. We finished the summer 18th in the net spend table with a profit of £21 million.

Interesting as the only route to driving significant commercial revenue growth after the new stadium is Champions League qualification. That would generate us £50M to £135M each year, and the only way to get there is sustained high investment in improving squad quality.

Either TFG don't have the cash, or they don't want to borrow more to fund Everton, or they don't want to spend the money. My vote is that they don't want to spend the money, so are welcoming minority investors who will have to commit to financing squad improvement before they come in.

Notwithstanding all that, the recruitment and medical team successfully bungled the only remotely complex transfer deal we attempted all summer in the Balogun case. If you want to get a sense of how it played out, maybe watch an episode of the Thick of It.

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