Adedapo Adesanya
By Adedapo Adesanya
An American private investment company, 777 Partners, has acquired a 94.1 per cent stake in Everton Football Club from British-Iranian businessman, Mr Farhad Moshiri.
In a statement seen by Business Post on Friday, the club said it would not provide any further comment during this period of regulatory review.
The value of the deal is reportedly at over £500 million and is expected to be completed by the end of 2023, subject to Premier League, Football Association, and Financial Conduct Authority approvals.
The takeover would mean half of the 20 top-flight clubs are American-owned, including Manchester United FC, Chelsea, Arsenal, Liverpool, and Burnley, among others.
The remaining 5.9 per cent shares will remain in the hands of minority stakeholders, which Mr Moshiri will be speaking with over the next couple of days, as per the statement.
Speaking on the deal, Mr Moshiri, a shareholder since 2016 and majority shareholder since 2018, said handling the club has been a tumultuous journey as the club has not enjoyed success over the last decades.
The acquisition means Everton will join a number of clubs owned by the 777 Football Group, which includes 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.
In his words, “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.”
On his part, Mr Josh Wander, Founder and Managing Partner of 777 Partners, 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.
“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.”
