Miami-based investment fund 777 Partners has agreed to purchase a majority stake in Everton Football Club, saving the club from financial trouble and securing funding for their new stadium. The deal, which includes acquiring Farhad Moshiri’s 94.1% stake in the club, marks the end of Moshiri’s tenure as a major shareholder. While the financial details of the deal were not disclosed, both parties stated that the investment would strengthen Everton’s finances and ensure the full funding of their new stadium. The transaction is expected to be finalized by the end of the year, pending approval from the English Premier League and scrutiny from regulatory bodies.
Everton’s financial difficulties have been mounting, especially with the construction of their new stadium requiring substantial financing. Moshiri, who has invested around £750 million in the club, is unlikely to recoup a significant portion of his investment. Football Benchmark, a consultancy firm, estimated earlier this year that the club’s enterprise value was no more than £470 million.
Despite Moshiri’s efforts to find an investor, exclusive negotiations with US group MSP Sports Capital fell through. Ultimately, 777 Partners emerged as the chosen buyer. The purchase aligns with the trend of American investors increasingly entering the English Premier League.
The deal brings hope for Everton’s future, as it promises financial stability and the necessary resources to support the club’s ambitions. Furthermore, the acquisition underscores the continued interest and attractiveness of English football clubs to international investors.
The agreement, however, is subject to approval from the English Premier League, which implemented more stringent tests for prospective owners and directors in March. This move aimed to ensure that clubs are in safe hands and can maintain their operations effectively. The deal will also face scrutiny from England’s Football Association and the UK’s Financial Conduct Authority.
For Everton fans, this announcement signifies a potential turning point in the club’s fortunes. With a secure financial foundation and the new stadium on the horizon, there is renewed optimism that Everton can compete at the highest level and establish themselves as a formidable force in English football once again.
In conclusion, 777 Partners’ purchase of a majority stake in Everton FC not only saves the club from financial uncertainty but also ensures the completion of their new stadium. The deal represents a significant change in ownership and signals a fresh start for the club. Everton supporters eagerly await the official closure of the deal and anticipate a brighter future for their beloved club.
