“You might not recognise Dan Friedkin if you bumped into him,” observed the Houston Chronicle earlier this year. Although the billionaire businessman is “one of the wealthiest people” in the city (Forbes puts his worth at $6.4 billion), he keeps a relatively low profile. In Europe, on the other hand, his star is rising and rising – because of his love of the beautiful game. Having bought the Italian club AS Roma in 2020, Friedkin has now emerged as a potential white knight for Britain’s troubled Everton FC, says the Financial Times. Earlier this month he started talks to buy the heavily indebted club from its current owner, Farhad Moshiri, after another US suitor – the troubled Miami investment group 777 Partners – failed to complete its takeover.
If Friedkin wins the club, fans can expect a dash of derring-do. Although his wealth derives from an unglamorous car and autoparts empire, he is also a Hollywood producer and “stunt pilot” with a passion for collecting vintage planes. When the director of Dunkirk, Christopher Nolan, was casting around for Spitfires to feature in the film, he discovered that Friedkin owned six of them – and went on to secure his services as the pilot of the aeroplane, ostensibly flown by actor Tom Hardy, that made a dramatic landing on Dunkirk beach. Friedkin later won an award for “best speciality stunt” for the feat.
Born in 1965, Friedkin “comes from a long line of aviator businessmen”: his grandfather, Kenny – a former World War II combat pilot – founded Pacific Southwest Airlines in 1949, establishing it as a pioneer in low-cost air travel. Friedkin’s late father, Thomas, himself a stunt pilot, “extended the engineering passion into the world of automobiles”, says The Telegraph, establishing one of the first Toyota dealerships in America. Gulf States Toyota is still at the heart of the family business empire. But, since taking the reins from his father in 1995, Friedkin has extended its reach into Hollywood as the force behind film studios Imperative Entertainment and Neon. An impressive list of films includes the epic 2023 western Killers of the Flower Moon, directed by Martin Scorsese, and the 2019 Oscar-winner Parasite. The Friedkin Group also owns a portfolio of golf courses and luxury resorts globally, including a safari company in Tanzania.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Dan Friedkin's cautious optimism in Liverpool
Friedkin’s acquisition of Everton isn’t a done deal – although ploughing in £200 million to help with loan payments and provide working capital shows considerable good faith. There is also the possibility that it could “re-ignite debate” about “multi-club ownership”, says the FT, particularly when teams from the same stable are ranged against each other. The counter-argument is that none of Friedkin’s teams (he also owns France’s fourth-tier side Cannes) are likely to encounter each other in international competition any time soon. The overriding feeling in Liverpool, says long-term Everton fan Patrick Boyland in The New York Times, is one of “cautious optimism” after “years of near misses and false dawns”. Friedkin represents “a significant upgrade on the baseball-cap crew from Miami”.
This article was first published in MoneyWeek's magazine. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.
-
How inheritance tax trick is helping families save ‘six-figure sums’Happy to skip a generation to save thousands on inheritance tax? A deed of variation could be the estate planning tool you need.
-
Nationwide: House prices unexpectedly dropped in AugustHouse prices fell by 0.1% in August in a surprise drop, according to Nationwide, as “affordability remains stretched”
-
The rise of Robin Zeng: China’s billionaire battery kingRobin Zeng, a pioneer in EV batteries, is vying with Li Ka-shing for the title of Hong Kong’s richest person. He is typical of a new kind of tycoon in China
-
Scotland's former first minister Nicola Sturgeon leaves behind a toxic legacyOn the left, Nicola Sturgeon is seen as something of a political hero. That makes sense… but only if you exclude her actual record in office
-
Sachin Dev Duggal's Builder.ai – the first big bust of the AI boomSachin Dev Duggal's Builder.ai start-up claimed it could use artificial intelligence to build apps. Its revenues turned out to be equally artificial
-
Alex Karp: can Batman save America?The US governing elite needs to take on the bad guys, says Alex Karp, who sees himself as the caped crusader to lead the battle
-
In defence of Donald TrumpOpinion Doom-mongers thought the world would end with the election of Donald Trump. Think again, says Max King
-
Mira Murati: a trailblazer in AI goes it aloneMira Murati fled OpenAI to set up her start-up, Thinking Machines Lab. The firm just raised a record $2bn in a seed funding round and has grand ambitions
-
Ozzy Osbourne: the working-class Brummie who became heavy metal royaltyBlack Sabbath's frontman Ozzy Osborne, the people's 'Prince of Darkness', has died aged 76
-
Alexandr Wang: the AI wunderkind who takes his seat at MetaAlexandr Wang became the world’s youngest self-made billionaire by exploiting a niche in the AI market. Now Mark Zuckerberg has poached him for a record sum
