Everton Football Club, a revered institution in English soccer, is set to undergo a change in ownership as American private investment firm 777 Partners steps into the arena, according to an announcement made by the club on Friday.
Majority shareholder Farhad Moshiri has chosen to divest his significant 94.1% stake in the Premier League club, citing the move as a means to secure the necessary funding for the completion of an ambitious state-of-the-art stadium project that is currently underway.
“Looking ahead, Everton will take residence in a stadium that will undoubtedly be the envy of not just the Premier League but the entire footballing world,” remarked Moshiri.
777 Partners, headquartered in Miami, has already established its presence in the world of soccer through its subsidiary, 777 Football Group, into which Everton will seamlessly transition.
The firm recently executed a majority stake acquisition of Hertha Berlin in March, further expanding its portfolio. Its existing roster of clubs encompasses an array of international teams, including the Europa League champions, Sevilla, the renowned Italian club Genoa, Brazilian powerhouse Vasco de Gama, Belgian side Standard Liege, French outfit Red Star FC, and Australian team Melbourne Victory.
Farhad Moshiri’s association with Everton dates back to 2016 when he initially acquired a 49.9% stake in the club. During his tenure, Everton witnessed substantial investment in player transfers, with an estimated expenditure of approximately $800 million. However, this lavish spending did not yield the expected on-field success. Instead, Moshiri’s era at the helm was marred by setbacks and turbulence, culminating in recurrent battles to secure the club’s Premier League status.
The departure of Frank Lampard as the manager, who became the sixth managerial casualty during Moshiri’s tenure, occurred last season, subsequently leading to Sean Dyche’s appointment as his successor. Everton narrowly avoided relegation on the final day of the season, preventing the club from descending into the lower divisions for the first time since 1951.
In the current season, Everton has encountered a mixed bag of results, registering three draws and one loss in its initial four league fixtures.
Moshiri attributed his decision to sell the club to the “rapid changes in the nature of ownership and financing of top football clubs.” He further commented on the evolving landscape within the sport, stating, “The last two transfer windows have shown that 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.”
It’s worth noting that Everton had maintained sponsorship agreements with companies linked to Moshiri’s long-time business associate, Russian metal magnate Alisher Usmanov. However, the club declared the suspension of these agreements last year, pertaining to Usmanov’s businesses, including USM, Megafon, and Yota, after Usmanov was sanctioned by the European Union following Russia’s invasion of Ukraine.
Everton boasts a rich history in English football, being a founding member of the English Football League in 1888 and one of the original members of the Premier League when it was established in 1992. Over the years, the club has secured an impressive nine league championships and clinched the coveted FA Cup on five occasions.
