Everton Football Club majority shareholder Farhad Moshiri has reached an agreement to sell his shares to American private investment firm 777 Partners.
This announcement was confirmed in a club statement, where Moshiri, who has held the majority ownership of the Toffees since 2018, has called upon his fellow shareholders to endorse the transaction.
News About Nigeria understands that should the deal be finalized, 777 Partners would acquire Moshiri’s substantial 94.1 per cent stake in the club, thereby gaining majority control over Everton.
Notably, 777 Partners already has ownership stakes in LaLiga’s Sevilla, Serie A’s Genoa, and Bundesliga 2’s Hertha Berlin, among other sports ventures.
For many Everton fans, this development may come as a relief, as Moshiri’s ownership tenure since his initial investment in 2016 has been marked by various fan protests.
The club’s performance in the Premier League over the past two seasons has been lackluster, with Everton narrowly avoiding relegation, finishing 16th and 17th in consecutive seasons.
The club’s investment in the transfer market, totaling £750 million, has yielded limited success, even with a revolving door of managerial changes.
However, despite on-field woes, Everton has made significant progress with its state-of-the-art Bramley-Moore Dock waterside stadium, which is currently on track to be opened next year.
Moshiri, a British-Iranian businessman, has reassured fans that the Goodison Park replacement project is proceeding as planned and within budget. He also acknowledged the challenges faced by the club in recent seasons.
Moshiri’s statement to Everton shareholders reads in part:
“Dear Shareholders, I am writing regarding my intention to sell my shareholding in Everton to 777 Partners.
“As you are aware from my open letter in July last year, I have been clear about the need to bring in new investment and complete the financing of our iconic new stadium at Bramley-Moore Dock, something that I have predominantly financed to date.
“The requirement for this has only become more apparent to me as we continue to see rapid changes in the nature of ownership and financing of top football clubs.
“The last two transfer windows have shown that 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.”