Farhad Moshiri has agreed to sell Everton Football Club to 777 Partners, an American investment business.
Farhad Moshiri, the owner of Everton, has reached an agreement with 777 Partners to sell his majority position in the club.
Moshiri has been a shareholder in the Toffees since 2016 and the majority shareholder since 2018, with his position accounting for 94.1 percent of the club.
“The nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton over seven years ago,” he stated in a club statement.
The days of an owner/benefactor appear to be behind most people, and the major clubs are now often controlled by well-resourced private equity groups, specialised sports investors, or state-backed enterprises and funds.
“I have been open about the need to attract new investment and finish financing for our iconic new stadium at Bramley-Moore Dock, on the banks of the Mersey, which I have primarily financed to date.” I’ve spoken with a few people and evaluated some excellent possible prospects.
Farhad Moshiri has agreed to sell Everton Football Club to 777 Partners, an American investment business.
“However, after extensive discussions with 777, 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 football club investor who will help maximize commercial opportunities, and we have secured full financing for our new stadium, which will be critical to Everton’s future success.” Today marks an essential next stage in Everton’s great development, and I look forward to closely tracking our club’s progress.
“Of course, none of this would have been possible without the tireless efforts of everyone at the club.” I would want to express my heartfelt appreciation to everyone involved in the training site, commercial and support staff, and matchday employees.
“And to our fans, the last few years have been difficult, but you have consistently supported the club and been our 12th man.” You are the best fans, and you deserve to be successful.”
Toffees takeover still needs regulatory approval
The transaction is expected to close in the fourth quarter of 2023, according to Everton, and is subject to regulatory approval, including from the Premier League, the Football Association, and the Financial Conduct Authority.
Genoa, Standard Liege, Hertha Berlin, Vasco de Gama, and Melbourne Victory are all owned or partially owned by 777, as are the London Lions basketball team and the British Basketball League.
Earlier this summer, the consortium discussed a minority investment in Everton, only for rival MSP Sports Capital to enter into an exclusivity agreement with Moshiri.
With that agreement ending after that potential investment fell through over repayments to existing lenders – although a £100million loan to help finalise the completion of a new stadium at Bramley-Moore Dock was agreed – 777 re-entered the picture and are now set to make a full takeover.
“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,” said 777 founder and managing partner Josh Wander.
“Our primary goal is to collaborate with fans and stakeholders to build the sporting and commercial infrastructure for the men’s and women’s teams that will deliver results for future generations of Everton fans.”
As part of this, we are committed to partnering with the local community over the long-term, working on important projects such as the development of Bramley-Moore Dock as a world class stadium venue, allowing thousands more Evertonians to attend our home matches and contribute to the economic and cultural regeneration of Merseyside.”
