Everton Takeover: Farhad Moshiri Agrees to Sell Club to American Investment Fund
Premier League club Everton is set to undergo a change in ownership as Farhad Moshiri, who holds a 94% stake in the club, has agreed to sell his share to American investment fund 777 Partners. The proposed takeover marks the conclusion of Moshiri’s tenure with the club, which began in 2016.
The sale is contingent on approval from regulatory bodies, including the Premier League, Football Association, and Financial Conduct Authority, and is expected to be finalized by the end of 2023.
Upon completion of the takeover, Everton will join a growing list of Premier League clubs under American ownership. Currently, approximately half of the 20 top-flight clubs are owned by American entities.
In his statement, Farhad Moshiri acknowledged the evolving landscape of football club ownership, stating, “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.”
Josh Wander, the founder of 777 Partners, expressed his enthusiasm for the acquisition, emphasizing their commitment to working with fans and stakeholders to enhance the sporting and commercial infrastructure for both the men’s and women’s teams at Everton.
Currently, Everton faces challenges both on and off the pitch, having narrowly avoided relegation in recent seasons. The club will also appear before an independent commission next month to address allegations of breaching the Premier League’s Financial Fair Play rules, which Everton has denied.
Additionally, the club is in the midst of constructing a new stadium on Bramley-Moore Dock, with projected costs reaching £760 million, a significant increase from previous estimates. Moshiri mentioned the need for additional investment to complete the financing for the new stadium as one of the reasons behind the sale.
777 Partners, based in Miami, has expanded its investments into the sports club sector, aiming to provide growth capital for various businesses. Apart from Everton, the firm has invested in football clubs such as Vasco de Gama in Brazil, Standard Liege in Belgium, and Hertha Berlin in Germany. It also holds a share in La Liga’s Sevilla. Additionally, 777 Partners has interests in the British Basketball League and assets in insurance, aviation, media, and entertainment.
The proposed acquisition has not raised concerns from the UK government, as it falls under the jurisdiction of the Premier League for approval.
