Everton's transfer deadline day descended into disarray this week, leaving manager David Moyes with a thinner squad than he started the summer with and supporters questioning whether the club's American owners, The Friedkin Group (TFG), are any different from the regime they replaced.
TFG took control of Everton in December 2024, stabilising finances after the turbulent Farhad Moshiri era and the failed sale to 777 Partners. The move to the new Hill Dickinson Stadium and the clearing of burdensome debt were seen as signs of progress. But the events of the past few days have undone much of that goodwill.
On Saturday, Everton accepted a £35m bid from Nottingham Forest for academy graduate Harrison Armstrong, the first youth product to break into the first team since Anthony Gordon. The deal was later scrapped after backlash from fans, but not before it raised questions about the club's finances under new squad cost regulations. Days later, a proposed £60m sale of Iliman Ndiaye to Tottenham was considered, alongside a £35m swoop for Richarlison — moves that further alarmed supporters.
Ndiaye ultimately left for Manchester City in a £65m deal, a fee described as below market value given the Senegal international had three years left on his contract. Striker Beto also departed before a replacement had been secured, leaving Everton to scramble for attacking reinforcements. A loan approach for Manchester United's Joshua Zirkzee was rejected, and Aston Villa's Tammy Abraham turned down a switch to Merseyside.
The saga reached its low point on Tuesday night when Folarin Balogun, arriving late for his medical, saw Everton renegotiate his fee with Monaco before he pulled out of the £40m move despite having signed a deal sheet. Thierno Barry, who struggled during his debut Premier League campaign, remains Everton's only fit senior striker.
Moyes had spent much of pre-season urging the club to add depth and quality while retaining key players. Instead, his squad shrank from 22 outfield players at the end of last season to 18 by the close of the window. Everton finished with no back-up at either full-back position and no natural right-back after a £9m deal for Fulham's Kenny Tete collapsed. Ainsley Maitland-Niles was signed for £4.3m as a makeshift solution, while a move for Strasbourg's Guéla Doué never materialised — he instead joined Bayer Leverkusen for £25.7m.
Elsewhere, Everton's summer spending included £16.5m rising to £25m for Hayden Hackney, £18m each for Merlin Röhl and Tyrique George, £7m for Christian Nørgaard, and a swap deal sending Dwight McNeil out in exchange for Brennan Johnson. According to football finance analyst Kieran Maguire, Everton's total outlay of £78m was well below the Premier League average of £181m per club this summer. Remarkably, largely due to outgoing sales, Everton ended the window with a net profit of around £25m.
Chief executive Angus Kinnear had painted an optimistic picture of the club's transfer strategy in interviews two weeks prior, but the chaotic conclusion to the window undermined those claims. Kinnear also stated that TFG viewed missing out on European qualification last season as