Everton’s takeover is all agreed between Farhad Moshiri and 777 Partners, but the new owners won’t be in place until later in the year. Moshiri put Everton up for sale earlier this year with the hope of receiving bids in the region of £500million.
Miami-based company 777 Partners were originally seen as the frontrunners to invest in the Merseyside club. But talks died down with MSP Sports Capital entering an exclusivity agreement with Everton back in May.
However, those negotiations collapsed earlier this summer as the US firm withdrew from their bid to buy a minority stake in the club. Moshiri had seemingly been open to the idea of keeping his majority stake in the club.
But it’s now been revealed that an agreement is in place for 777 Partners to acquire all of his 94 per cent shareholding. However, Everton have stated that the full takeover will not be completed until the final quarter of this year.
Approval from the Premier League, FA and Financial Conduct Authority is needed before the takeover can go ahead. Everton’s club statement read: “Closing of the transaction is expected to occur 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.”
777 Partners already have a large portfolio of football teams across the globe including Serie A side Genoa, Sevilla in Spain and Australian outfit Melbourne Victory. Founder and managing partner Josh Wander is looking forward to adding Everton to the company’s long list of teams with the hope of returning the club to their former glory.
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He 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.”
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