Everton have officially confirmed that 777 Partners have signed an agreement with Farhad Moshiri to acquire his controlling stake of the club- purchasing all of his 94.1% of shares in the side.
The takeover now remains subject to review and regulatory approval from the Premier League, The Football Association, and the Financial Conduct Authority before the deal is officially completed- whilst 777 partners will not be commenting until this process is finished.
The Miami-based firm have been in talks with the Merseyside club for a while, and this deal would see them add to their already significant portfolio of clubs- which includes Hertha Berlin, Standard Liége, Genoa, Vasco Da Gama, Red Star F.C, as well as a minority share in Europa League holders Sevilla.
Meanwhile, 777 will provide a significant financial boost to Everton as they aim to complete their construction of the brand new Bramley-Moore Dock stadium. The club recently received an £100m loan from MSP Sports capital to aid with the building of the stadium, which, despite previously being projected to cost £500m, is now estimated to cost £760m and be completed in late 2024.
The takeover also comes during a period in which The Blues are currently subject of an independent inquiry over an alleged breach of Financial Fair Play regulations in the 2021-22 season- which was was due to reported losses of £417m between 2018 and 2022; a figure well above the £105m losses the league’s profit and sustainability regulations allow over a three-year period.
As for the departing Moshiri, who has been owner since 2018, he discussed the sale on an interview on the club’s website, stating: “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.”
The departure of Moshiri will come as positive news for Everton fans following what has been a tough few years for the side, which has continued at the beginning of the new season- as they have failed to win any of their opening four league fixtures, and now look set for a third successive relegation battle in the English top flight.
However Sean Dyche’s side will look to secure their first win of the new campaign and utilize the positive atmosphere that will now surround the club this Sunday September 17, when they will host Mikel Arteta’s Arsenal at Goodison Park.
Travis Levison | Get Football
