Struggling club Everton in the English Premier League announced that owner Farhad Moshiri had reached an agreement – today, Friday – to sell the club to the American direct investment company 777 Partners for more than 550 million pounds ($685 million), according to press reports.
The club added – in a statement – that “777 Partners”, based in Miami, has reached an agreement to acquire the full stake of the British-Iranian billionaire Moshiri, which amounts to 94.1% of the club’s shares, and the transaction procedures are expected to be completed by the end of this year.
Josh Wonder, founder and managing partner of the American company, said: “We are very pleased with the opportunity to form part of the Everton family, and we consider it a privilege to be able to build on the club’s proud legacy and values.”
Everton has been on the verge of relegation to the second division over the past two seasons, and is currently in 18th place without any victory in the first 4 matches of the season.
The American company acquires several clubs, such as Genoa in Italy and Standard Liege in Belgium, and also owns shares in Sevilla in Spain and Melbourne Victory in Australia.
Moshiri (a former Arsenal shareholder) initially bought a 49.9% stake in Everton in 2016, which increased in early 2022 to 94.1% after paying more than 100 million euros.
Mr Farhad Moshiri has today issued the following correspondence to all Everton Shareholders.
— Everton (@Everton) September 15, 2023
Despite spending around €750 million on transfers to build the squad since Moshiri’s arrival, Everton have fallen away from the top half of the Premier League table and have struggled with relegation in recent seasons.
Everton coach Sean Dyche said he did not know the investment group at all, but insisted that the deal would not have any impact on him or the team.
This situation is not new for Dyke, who was coach of Burnley when it was acquired by an American investment company in December 2020.
Burnley fired coach Dyche in April 2022, a month before they were relegated to the second division.
“I expected something would happen, but I learned about this news just like you,” Dyke said. There are constant reviews of the English Premier League. Burnley’s situation was different. “They structured the club.”
“I didn’t win enough matches (at Burnley), and it wasn’t about the officials,” he added. “We need to win more games now, even though we are playing well.”
Everton recorded financial losses for the fifth year in a row, amounting to about 50 million euros in the 2021-2022 season, while the total losses in this period exceed 430 million pounds sterling.
Everton is currently under investigation into allegations of violating the English Premier League’s financial fair play rules, but club president Bill Kenwright said – last April – that he is confident that the club is adhering to all financial rules.
The club is scheduled to appear before an independent committee next month to look into these allegations.
Everton invested in building a new stadium, and Moshiri said it would cost 882 million euros.
Everton stated that the investments of “777 Partners” will support the balance and provide “full financing” for the stadium.