Everton, the historic English soccer club, has announced that it will be acquired by American investment firm 777 Partners. This move comes as Everton aims to secure financing for its new state-of-the-art stadium, currently being built at Bramley-Moore Dock. The majority shareholder of Everton, Farhad Moshiri, has agreed to sell his 94.1% stake in the Premier League club to 777 Partners.
Moshiri expressed his confidence in this acquisition, stating that it will ensure Everton’s future success both on and off the field. With the support of 777 Partners, Everton will have the financial resources necessary to complete the construction of its highly anticipated stadium. Moshiri believes that once completed, the new stadium will be the envy of the Premier League and beyond.
777 Partners, based in Miami, already has connections in the world of soccer through its 777 Football Group, which Everton will become a part of. The firm has previously acquired a majority stake in Hertha Berlin and holds stakes in other prestigious clubs such as Sevilla, Genoa, Vasco de Gama, Standard Liege, Red Star FC, and Melbourne Victory.
Moshiri’s involvement with Everton dates back to 2016 when he initially purchased a 49.9% stake in the club. Since then, approximately $800 million has been spent on transfers, but the team has struggled to achieve on-field success under Moshiri’s ownership. Everton has faced disappointment and upheaval, with frequent battles to maintain their position in the top flight. Last season, former Chelsea player Frank Lampard was fired as the team’s manager, making him the sixth managerial casualty under Moshiri’s reign.
Despite the challenges, Everton managed to avoid relegation on the final day of last season, ensuring their continued presence in the top division. However, the team has faced a slow start in the current season, with three draws and one loss in their first four league games.
Moshiri stated that his decision to sell his stake in Everton is due to the changing nature of ownership and financing in top football clubs. He acknowledged that the era of owner/benefactors is fading, with clubs increasingly being owned by well-resourced private equity firms, specialist sports investors, or state-backed companies and funds.
It is worth noting that Everton had previously been sponsored by companies belonging to Moshiri’s long-time business partner, Russian metal tycoon Alisher Usmanov. However, the club suspended agreements with Usmanov’s companies last year after he was sanctioned by the European Union following Russia’s invasion of Ukraine.
Everton, a founding member of the English Football League and the Premier League, boasts a rich history with nine league championships, five FA Cups, and a European Cup Winners’ Cup. However, the club has not won a major trophy since the FA Cup in 1995.
Josh Wander, founder and managing partner of 777 Partners, expressed his excitement about becoming part of the Everton family. He considers it a privilege to build on the club’s proud heritage and values.
This acquisition marks an important chapter in Everton’s journey, with the backing of 777 Partners expected to provide the financial stability needed for success both on and off the pitch. As Everton continues to build its new stadium, anticipation is high for what lies ahead for this legendary English soccer club.
