The owner of Everton, Farhad Moshiri has agreed to sell the Premier League club to American investment firm 777 Partners earlier today, September 15.
This means that 777 partners will be in control of Farhad Moshiri’s 94% stake in the club he has been running since 2016.
The British-Iranian Moshiri is expected to complete the handover of the club to the American investors before the end of this year, subject to approval from the Premier League, Football Association, and Financial Conduct Authority.
Despite some fans’ intense dissatisfaction with his ownership, Farhad Moshiri has invested more than £750 million in Everton since 2016.
Since commercial sponsorship deals with Russian firms ended in March 2022, the club’s yearly turnover decreased from £193.1 million to £181 million in the most recent financial filings.
Moshiri’s tenure has seen Everton appoint eight permanent managers: Frank Lampard, Roberto Martinez, Ronald Koeman, Sam Allardyce, Marco Silva, Carlo Ancelotti, Rafael Benitez, and current manager Sean Dyche.
Despite that, Everton are struggling on and off the field. Over the past two seasons, including last season, they survived relegation on the last days of the league campaign.
They are currently on the 18th spot in the 2023-2024 Premier League table after earning just a point in four league games.
After agreeing to sell the club to 777 Partners, Farhad Moshiri 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 private equity firms, specialist sports investors, or state-backed companies and funds.”
While 777 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.”