777 Partners has signed an agreement with Farhad Moshiri to acquire his full stake in Everton, which accounts for 94.1 per cent of the club’s shares.
This agreement comes after months of speculation regarding the ownership of the Toffees. Thousands of fans protested against the club’s board last season, with much of the anger directed towards Moshiri.
Everton’s Chief Executive Officer, Denise Barrett-Baxendale, Chief Finance and Strategy Officer Grant Ingles and Non-Executive Director Graeme Sharp resigned as a result of the protests, while heavily-criticised Chairman Bill Kenwright still remains.
The agreement with 777 Partners marks another twist in the turbulent tale of Everton. Although, it’s worth noting that there is still some time to go before the takeover becomes official, pending checks by the Premier League.
Moshiri, a shareholder since 2016 and majority shareholder since 2018, said: “The nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton over seven years ago.
“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 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.”
As per an official Everton statement, 777 Partners has established a global multi-club platform.
The 777 Football Group currently comprises Genoa C.F.C. in Italy, Vasco da Gama in Brazil, Hertha BSC in Germany, Standard de Liege in Belgium, Red Star FC in France, Sevilla FC in Spain, and Melbourne Victory FC in Australia.
It is worth noting, however, that there is a lot of controversy surrounding 777 Partners which has concerned many Evertonians. You can read more about those concerns HERE.
777’s Founder and Managing Partner Josh Wander has said that he is committed to the long-term development of Everton, though.
“We are truly humbled by the opportunity to become part of the Everton family as custodians of the Club, and consider it a privilege to be able to build on its proud heritage and values,” Wander said.
“Our primary objective is to work with fans and stakeholders to develop the sporting and commercial infrastructure for the men’s and women’s teams that will deliver results for future generations of Everton supporters.
“As part of this, we are committed to partnering with the local community over the long-term, working on important projects such as the development of Bramley-Moore Dock as a world class stadium venue, allowing thousands more Evertonians to attend our home matches and contribute to the economic and cultural regeneration of Merseyside.”
Closing of the transaction is expected to occur in the fourth quarter of 2023 and as mentioned, remains subject to regulatory approval, including from the Premier League, the Football Association, and the Financial Conduct Authority.