(Football News) Everton Football Club confirmed its sale to 777 Partners, a U.S.-based private equity firm. The struggling Premier League club announced that 777 Partners would be taking over ownership from Farhad Moshiri, and reports suggested that the deal was valued at over £550 million ($685 million).
The Miami-based investment fund disclosed that they had reached an agreement with British-Iranian billionaire Moshiri to acquire his 94.1% stake in the club. The club issued a statement indicating that the deal is expected to be finalized by the end of the year.
Josh Wander, founder and managing partner of 777 Partners, expressed their profound appreciation for the opportunity to become part of the Everton family as caretakers of the club. He considered it a privilege to have the chance to continue the legacy and uphold the esteemed heritage and values of the club.
777 Partners, the firm in question, boasts an impressive portfolio that encompasses various clubs, including Italian side Genoa and Belgian team Standard Liege. Additionally, they hold stakes in LaLiga club Sevilla and the Australian A-League side Melbourne Victory.
Moshiri, a former shareholder of Arsenal, initially acquired a 49.9% stake in Everton back in 2016. By January 2022, he had bolstered his ownership to 94.1%, injecting £100 million in capital during this time.
Despite pouring nearly €750 million ($799.65 million) into player transfers since Moshiri’s involvement, Everton has experienced a decline in league standings in recent seasons, grappling with relegation battles. Everton’s financial reports revealed losses for a fifth consecutive year, with a deficit of £44.7 million for the 2021-22 season, contributing to a cumulative loss exceeding £430 million during that period.
Premier League regulations permit teams to incur a maximum loss of £105 million over three years, although special accommodations were made due to the COVID-19 pandemic.
In addition to their on-field challenges, Everton faces an inquiry into alleged breaches of Premier League financial fair play regulations. However, Chairman Bill Kenwright stated in April that the club was confident in its compliance with all financial rules and would present its case before an independent commission next month.
Furthermore, Everton has undertaken a significant project to construct a new stadium at Bramley Moore Dock in Liverpool’s Vauxhall area, estimated to cost £760 million. The statement from Everton mentioned that the investment from 777 Partners would bolster the club’s financial stability and ensure “full funding” for the stadium.
Josh Wander also emphasized their commitment to establishing long-term partnerships with the local community and engaging in essential initiatives such as the development of Bramley-Moore Dock into a world-class stadium venue.
In the last two seasons, Everton came perilously close to relegation from the Premier League, and their current position in the standings is 18th, having failed to secure a win in their first four games this season. Farhad Moshiri, Everton’s owner, expressed his belief in 777 Partners as the ideal collaborators to lead our esteemed club into the future, leveraging the advantages of their multi-club investment approach. Moshiri stated, “Today marks a significant progression in Everton’s ongoing success story, and I eagerly anticipate closely monitoring the continued growth and success of our club.”
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