Monday, May 27, 2024
HomePremier LeagueEverton set for takeover as American investors agree deal

Everton set for takeover as American investors agree deal

Everton are set for new ownership after American investment fund 777 Partners agreed to purchase a 94% stake in the club.

The deal will bring an end to the turbulent tenure of Farhad Moshiri, who has overseen a period of decline despite heavy investment since first taking majority ownership of Everton in 2018.

 

Moshiri has released a statement confirming the deal, admitting the ‘nature of ownership’ had changed since first taking his controlling stake in Everton.

“The nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton over seven years ago,” the British-Iranian businessman said.

“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.

“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. Today is an important next step in the successful development of Everton and I look forward to closely following as our Club goes from strength to strength.

“Of course, none of this could have been achieved without the hard work of everyone at the Club. From our team at the training ground, our commercial and support teams through to matchday employees, I extend my sincerest gratitude.

“And to our fans, the last few years have been challenging but you have supported the Club through it all and consistently been our twelfth man. You are the best fans and deserve success.”

The sale is expected to be completed by the end of year, subject to approval from the Premier League FA and Financial Conduct Authority.

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