Majority shareholder of Everton Football Club Farhad Moshiri agrees deal to sell the club to US investors 777 Partners. Tony McDonough reports
Farhad Moshiri is selling his 94.1% in Everton FC to US investors 777 Partners, as reported by LBN earlier this week.
In an open letter published on Friday morning, Mr Moshiri, who first invested in Everton in 2016, said the construction of a new stadium at Bramley-Moore Dock meant fresh investment was needed.
He said: “I have been clear about the need to bring in new investment and complete the financing of our iconic new stadium at Bramley-Moore Dock, something that I have predominantly financed to date.
“The requirement for this has only become more apparent to me as we continue to see rapid changes in the nature of ownership and financing of top football clubs.
“The last two transfer windows have shown that 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 firms, specialist sports investors or state backed companies and funds.
“In seeking investment, 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 firmly believe they are the best partners to take our great Club forward with all the benefits of their multi-club investment model.
Mr Moshiri is believed to have invested around £750m into Everton over the past few years. However, on the pitch this money has not yielded much success.
Despite the hiring of several new managers and significant sums spent on players, the club’s fortunes have gone backwards. They have narrowly escaped relegation from the Premier League for two seasons in a row.
In the letter he added: “As a result of this agreement, we have an experienced and well-connected investor in football clubs who will help maximise the commercial opportunities, and we have secured the complete financing for our new stadium.
“The agreement will see Everton become part of the 777 Football Group, which already includes Spain’s Sevilla, winners of the last UEFA Europa League, Genoa of Italy, Vasco de Gama of Brazil, and other storied clubs from across the world.
“Through that group, 777 is providing its clubs with access to world-class tools to support their football operations and global commercial opportunities.”
Closing of the transaction is expected to occur in the fourth quarter of 2023 and remains subject to regulatory approval, including from the Premier League, the Football Association, and the Financial Conduct Authority.
Josh Wander, founder and managing partner of 777 Partners, said: “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.
“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.”