An agreement has been made between Everton FC owner Farhad Moshiri and 777 Partners over the sale of the Premier League club.
The American investment firm 777 Partners will acquire Moshiri’s 94% stake and is expected to be completed by the end of 2023, needing the clearance of the sale by the Premier League, Football Association and the Financial Conduct Authority.
Moshiri stated: “The nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton over seven years ago.
“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.”
777 Partners has long been touted as a potential buyer of Everton with reports emerging last May the investment firm was close to a £600m deal.
However, negotiations dragged on throughout the summer as Everton fans grew restless with the process as Moshiri grew to become unfavourable with the fans over the last several years.
The sale brings an end to Moshiri’s seven-year ownership when he first bought the club in 2016. Despite spending over £700m on transfers during his tenure, Everton have been embroiled in relegation battles at the bottom of the table in the last several seasons.
777 Founder, Josh Wander, commented: “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.”
If 777’s acquisition gains approval from all bodies and passes the Premier League’s revamped Fit and Proper Owner’s and Director’s Test, they will become the latest American owners in the league which would encompass more than half the league’s clubs.
On the top of the new owners’ agenda would be to oversee the development of Everton’s new stadium, which is expected to open by the opening of the 2024-25 season.
The move to the new Bramley-Moore Dock stadium from Goodison Park is expected to cost nearly £1bn as the club hopes to avoid another bottom of the table battle as relegation from the Premier League could provide financial complications.