Everton agree takeover deal with 777 Partners

Everton is on the verge of being acquired by American investors as Farhad Moshiri has finalized an agreement with investment firm 777 Partners for the purchase of his 94 percent shareholding on Friday.

The British-Iranian entrepreneur, Moshiri, has been actively pursuing investors to support the completion of the club’s upcoming 53,000 capacity stadium at Bramley-Moore Dock, scheduled to open in the next season.

The 777 Football Group, which already possesses interests in football clubs such as Sevilla, Genoa, Hertha Berlin, Standard Liege, France’s Red Star, and Melbourne Victory, is the party set to take over ownership.

“The days of an owner/benefactor are seemingly out of reach for most, and the biggest clubs are now typically owned by well-resourced PE (private equity) firms, specialist sports investors or state-backed companies and funds,” said Moshiri.

“Through my lengthy 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.”

Since becoming majority shareholder in 2016, Moshiri splashed over £500 million ($620 million) on new signings to little positive effect.

The Toffees have narrowly avoided relegation for the past two years and taken just one point from their opening four Premier League games this season.

Moshiri had stayed away from Goodison Park in recent months after the board members claimed there was a “real and credible threat to their safety and security” at home matches last season.

Everton posted losses of over £400 million between 2018 and 2022 and have been referred to an independent panel over an alleged breach of Premier League spending rules.

Should the ruling, which is expected later this year, go against the club they are likely to face a points deduction.

Everton said the transaction is expected to be completed in the fourth quarter of this year, pending approval from the football and financial authorities.