Miami-based investment firm 777 Partners have completed their takeover of Premier League strugglers Everton.
The purchase ends the reign of former owner Farhad Moshiri, who first invested in the Merseyside club in 2016.
A club statement confirmed the deal, saying: “777 Partners has signed an agreement with Farhad Moshiri to acquire his full stake in Everton Football Club, which accounts for 94.1% of the club’s shares.”
Moshuri added: “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.
“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.”
777 Partners has signed an agreement with Farhad Moshiri to acquire his full stake in Everton Football Club, which accounts for 94.1 per cent of the Club’s shares.
— Everton (@Everton) September 15, 2023
Everton’s new owners have already invested in a number of football clubs around the world, including Hertha Berlin in Germany, Standard Liege of Belgium and Brazilian outfit Vasco de Gama.
The American firm also hold a share in LaLiga giants Sevilla but have faced protests from fans of teams they are involved in — the most recent example being Liege.
On the Toffees’ new era, 777 Partners’ founder Josh Wander said: “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.
“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.
“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.”
Moshiri resumed discussions with 777 Partners after talks with MSP Sports Capital collapsed.
Everton have confirmed that the sale will close in the fourth quarter of 2023 and remains subject to regulatory approval, including from the Premier League, the Football Association, and the Financial Conduct Authority.
Moshiri has also written an open letter to his fellow shareholders explaining why he has sanctioned the takeover.
Mr Farhad Moshiri has today issued the following correspondence to all Everton Shareholders.
— Everton (@Everton) September 15, 2023
The financially stricken Toffees are currently 18th in the Premier League after picking up just one point from their first four games.
They face Arsenal at home on Sunday hoping to pick up their first win of the season.