777 Partners’ takeover of Everton was agreed after Toffees owner Farhad Moshiri agreed to sell his majority 94% stake in the Premier League club. Moshiri had been at the helm of Goodison Park since 2018, but stepped down, saying “the biggest clubs today are often owned by well-resourced private equity firms, or professional sports corporations and state-supported foundations.”
Everton owner Farhad Moshiri has agreed to sell the majority of his shares to 777 Partners, the Premier League club announced on Friday.
The American investment fund has acquired all 94.1% of Moshiri’s shares and the transaction is expected to be completed before the end of the year, subject to approval from the Premier League, the FA and the Financial Conduct Authority.
Everton becomes the eighth club to join Football Group 777, which also includes Genoa, Hertha Berlin, Sevilla, Vasco da Gama, Standard Liège, Red Star FC and Melbourne Victory.
“The nature of ownership and finances of major football clubs has changed significantly since I first invested in Everton more than seven years ago,” said Moshiri. “The days of an owner/philanthropist seem out of reach for most people and the biggest clubs today are often owned by well-resourced private equity firms, investment or professional sports corporations and state-supported funds.
“I have been open about the need to bring in new investment and complete funding for our iconic new stadium at Bramley-Moore Dock on the banks of the Mersey, which I have largely funded until now.
“I have spoken to a number of parties and looked at opportunities with high potential. However, through my extensive discussions with 777, I believe they are the best partners to take our great club forward, with all the benefits of a multi-investment model. their club.
Moshiri became a shareholder of Everton in 2016 and took control in 2018.
However, the Toffees have struggled on the pitch during this period, failing to qualify for Europe or win any trophies, and have been in danger of relegation to the Championship in the past two seasons. Josh Wander, founder of 777 Partners said: “We are truly honored to have the opportunity to become part of the Everton family as guardians of the club and consider it a privilege to can build on the club’s proud heritage and values.”
“Our main aim is to work with fans and stakeholders to develop the sporting and commercial infrastructure for the men’s and women’s teams to deliver results for generations of Everton fans Future.
“As part of this plan, we are committed to long-term partnerships with local communities, delivering key projects such as developing Bramley-Moore Dock into a world-class stadium, enabling for thousands of Evertonians to attend our home matches and contribute to the economic and cultural regeneration of Merseyside.
Everton return to the Premier League to play Arsenal at Goodison Park on Sunday.
Sean Dyche’s side sit 18th in the table after taking one point from their opening four matches.
