Everton Buyer Friedkin Has $11 Billion to Build Football Empire

American billionaire Dan Friedkin’s wealth has increased by just under $2.5 billion this year, and it’s the kind of money he might need given the challenge of his latest European football venture.

The Friedkin Group agreed to buy English Premier League club Everton FC on Monday, subject to regulatory approval. The deal would draw an end to eight years of ownership under Farhad Moshiri, a tenure scarred by points deductions, escalating debt, failed takeover bids and spiraling costs over a new stadium.

Though Friedkin is one of the few who could afford spiraling valuations in US sports, he has decided ...