Farhad Moshiri has agreed a deal to sell Everton to American investment firm 777 Partners.
The British-Iranian businessman, who owns 94.1 per cent of the shares, will sell his entire stake to 777, who have also invested in Sevilla, Hertha Berlin, Genoa, Vasco da Gama, Standard Liege, Red Star and Melbourne Victory.
It will bring an end to Moshiri’s disastrous reign in charge at Goodison Park in which Everton have spent around £700m on players in seven years, only just avoided relegation in the last two seasons and are winless in the Premier League now.
Moshiri, who has seemed short of funds since his long-time business partner, Alisher Usmanov, was sanctioned after Russia’s invasion of Ukraine, had been searching for investors to help fund Everton’s new stadium at Bramley-Moore Dock, which will cost £500m and is due to open in 2024.
He was in talks with American firm MSP Sports Capital and real estate tycoon Maciek Kaminski, but his initial plan was to sell a minority share.
Moshiri plans to write to the club’s minority shareholders to seek their support for the deal, which Everton are confident will be ratified by the Premier League and should be completed in the calendar year.
There had been constant protests against Moshiri by fans— (Action Images via Reuters)
Moshiri said: “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 PE [private equity] firms, specialist sports investors or state-backed companies and funds.
“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. 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, which will be the critical element in the future success of Everton.”
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, allowing thousands more Evertonians to attend our home matches and contribute to the economic and cultural regeneration of Merseyside.”
