Everton Football Club has undergone a change in ownership, with Miami-based investment firm 777 Partners acquiring 94.1% of the Premier League club, marking a shift from the previous owner, British-Iranian businessman Farhad Moshiri, to the American fund. The financial terms of the transaction remain undisclosed.
As part of this deal, Everton has announced that they have successfully secured the necessary funding for their highly-anticipated new stadium project at Bramley-Moore Dock in Liverpool. This significant development indicates a positive step forward for the club’s ambitions and future growth.
777 Partners, the new owners of Everton, already have a diverse portfolio of football clubs, including Sevilla, Genoa, Hertha Berlin, and Standard Liege. The acquisition represents a strategic move for Everton to potentially revamp and strengthen the club’s position in the Premier League.
Farhad Moshiri, the outgoing owner, expressed his intent to bring in new investment to support the club and specifically finance the iconic new stadium, which he has largely funded thus far. After considering various options, he believes that 777 Partners is the ideal partner to lead Everton into a promising future.
However, it’s worth noting that there have been reports regarding late payments by 777 Partners, amounting to £900,000, to business partners within the British Basketball League. This issue could potentially draw scrutiny as the ownership transition proceeds.
The acquisition of Everton by 777 Partners is subject to approval from the Financial Conduct Authority (FCA), as well as oversight from the Premier League and the Football Association. The club’s recent financial performance has been challenging, with operating losses totaling £24.5 million in 2022, marking the fifth consecutive year of financial losses. Moreover, Everton is currently battling relegation, which adds to the financial pressures.
Additionally, Everton is scheduled for a hearing before an independent Premier League commission due to an alleged breach of financial rules. This alleged breach relates to the league’s profitability and sustainability rules, tied to tax issues concerning loans for the construction of their new stadium. The club has expressed disappointment in the Premier League’s decision to pursue this matter.
