Here at Sport Witness, we’ve been covering the Friedkin family since day one of their Everton tenure in various forms.
Most of that coverage has been on what the American owners are now doing as they have, reportedly, put Everton up for sale.
A lot of our reporting is focused on what’s happening at Roma. They are the American group’s first club, and very much their first love.
The Italian side are often presented as the favoured child when it comes to Everton. That is very much the case at this moment in time now they’re back in the Champions League. The focus there is currently on their new stadium, which recently took a major step forward and is now destined to be started next year.
That whole project is expected to cost over €1bn. But how it will be financed is now in the spotlight. Some claims have suggested that the Friedkins are directly backing the project, suggesting that they are paying for it themselves. But that is not necessarily true.
As Everton fans will know from building the Hill Dickinson Stadium, stadium financing is a complicated process. Roma’s stadium is no different.
Stadium documentation
First, we can turn to the project’s documentation itself. The Progetto di Fattibilità Tecnica ed Economica (PFTE) for the new stadium at Pietralata sets out how the stadium is set to be financed. Calcio e Finanza have broken that down in detail.
Their analysis states that the project has a total financing requirement of around €1.377 billion, made up principally of a €600 million construction loan, a €205.3 million VAT financing facility and €572.1 million of equity.
That equity is the element most directly connected to the Friedkin ownership, whereas the construction loan and VAT facility are forms of external financing.
Calcio e Finanza also report that the €600 million construction loan is intended to be refinanced after completion through a €600 million project bond running until 2050.
Friedkin risk
Unlike the other costs, equity is not borrowed money that has to be repaid to a lender, it is capital invested into the project and placed at risk by the ownership.
Calcio E Finanza, again citing the stadium’s financial plan, say this equity contribution covers the remaining funding requirement as well as investment already made in the project between 2021 and 2025.
Various Italian reports have described this as the Friedkin family’s direct investment. But that does not mean they are personally writing a cheque for the full €571.1m.
The capital can be provided through the ownership structure and project companies. In fact, the documentation also leaves open the possibility of future equity partners contributing to the that total.
Il Messaggero, via giallorossi.net, reported on the financial plan in January 2026. They described that element as capital provided by the Friedkins “or any future shareholders”. So it is clear that the Friedkins are leaving open the possibility that external investors could contribute to the equity portion of the project.
That context is important for Everton fans. The idea that the Friedkins are simply pouring more than €1bn into Roma’s stadium is wide of the mark.
The project is being financed through a mix of equity, bank borrowing and long-term debt. Only part of the overall cost comes directly from the ownership’s capital.
The American group are undoubtedly making a significant financial commitment to Roma and the project. But headline cost should not be confused with the amount they are personally funding.
