Premier League side Everton will be acquired by American private investment firm 777 Partners after majority shareholder Farhad Moshiri agreed to sell his 94.1% stake in the club.
The sale, which is expected to be completed by the end of the year pending approval from the Premier League, Football Association, and Financial Conduct Authority, will see Moshiri’s tenure end as the majority owner of the Toffees since 2018, having become a shareholder two years prior.
The British-Iranian on Friday said the agreed sale will bring a number of changes to the club, including securing financial aid to complete a “state-of-the art stadium” that is currently under construction.
“The nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton over seven years ago,” Moshiri said in a statement.
“The days of an owner/benefactor are seemingly out of reach for most, and the biggest clubs are now typically owned by well-resourced private equity firms, specialist sports investors or state-backed companies and funds.
“I have been open about the need to bring in new investment and complete the financing for our iconic new stadium at Bramley-Moore Dock, on the banks of the Mersey, which I have predominantly financed to date. I have spoken to a number of parties and considered some strong potential opportunities. However, it is through my lengthy discussions with 777 that I believe they are the best partners to take our great Club forward, with all the benefits of their multi-club investment model.
“As a result of this agreement, we have an experienced and well-connected investor in football clubs who will help maximise the commercial opportunities, and we have secured the complete financing for our new stadium, which will be the critical element in the future success of Everton. Today is an important next step in the successful development of Everton and I look forward to closely following as our Club goes from strength to strength.
“And to our fans, the last few years have been challenging but you have supported the Club through it all and consistently been our twelfth man. You are the best fans and deserve success.”
The 777 group are not stranger to owning football clubs, as they have quite an array of teams in their portfolio, including Sevilla, Genoa, Hertha Berlin, and Standard Liege.
After the announcement of the agreement, Josh Wander, the 777 founder, said: “We are truly humbled by the opportunity to become part of the Everton family as custodians of the club, and consider it a privilege to be able to build on its proud heritage and values.
“Our primary objective is to work with fans and stakeholders to develop the sporting and commercial infrastructure for the men’s and women’s teams that will deliver results for future generations of Everton supporters.”
Despite Moshiri’s investment of almost £800 million in the Everton team since he became a shareholder in 2016, the club has witnessed so much turmoil, with fans staging numerous protests and clamoring for the sale of the club.
The agreed takeover would mean that about half of the 20 clubs in the English top-flight are owned by American individuals or consortiums.
Sean Dyche’s side have also endured a poor start to the new season, with only one point from their opening four games and three defeats. They currently lie 18th in the standings and will welcome Arsenal to Goodison Park on Sunday.
