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Everton have reportedly entered “phase two” of the Friedkin Group era, with player trading set to become an increasingly important part of the club’s plans. TFG arrived in December 2024 with the immediate job of stabilising a club that had spent years battling financial problems. According to Mark Douglas, Northern Football Correspondent for The i Paper, sources inside Everton are now talking about a second phase of the Friedkins’ ownership. The first involved TFG pouring almost £500m into the club, according to Douglas’s sources, who claim the owners “don’t expect to see a penny back” of that money. Everton are now expected to stand on their own two feet and “operate as a business”, although one insider insists the Friedkins remain committed and their ambitions for the club have not changed. Player trading set to become key for Everton The consequences of that approach were perhaps visible during a chaotic end to the summer transfer window. Douglas reports there were concerns around the liquidity element of the Premier League’s new financial regulations, which require clubs to demonstrate sufficient financial resilience. The sales of Nathan Patterson, Iliman Ndiaye and Tim Iroegbunam raised a combined £80m and are said to have eased those concerns. Player trading, however, is expected to remain central to Everton’s model going forward. That provides some context to the Friedkins’ willingness to consider a potential £40m sale of Harrison Armstrong to Nottingham Forest. Everton sources stressed to Douglas that no deal had been agreed, but TFG were open to considering that sort of fee for a player with only eight starts and no guarantee of regular first-team football. Armstrong subsequently played and performed well at Bournemouth, while the prospect of losing one of the club’s brightest young players prompted a fierce reaction from supporters. Douglas reports that the episode proved a lesson for TFG and the proposed sale was scrapped. The financial rescue job may have been phase one. What follows looks increasingly likely to involve Everton having to be much smarter in the transfer market. For up-to-date Everton news and all the latest from across the Premier League throughout the season, follow our LIVE! Premier League 2026/27 News, Transfers, Updates & Viral Moments page.