Everton FC are set to have new owners after Farhad Moshiri agreed to sell his 94 per cent stake in the club to American investment fund 777 Partners.
The takeover will end British-Iranian Moshiri’s tenure, which began when he first invested in the club in 2016, and should be completed by the end of the year, subject to Premier League, Football Association and Financial Conduct Authority approval.
The takeover would mean half of the 20 top-flight clubs are American-owned.
Moshiri said in a statement: “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.”
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.”
Everton are currently 18th in the Premier League after picking up just one point from their opening four games this season. They were hotly tipped for relegation at the beginning of the season having just escaped a similar fate last season in the dying minutes of the final day.
Next month the club will go before an independent commission for an alleged breach of the Premier League’s Financial Fair Play rules, although the club has denied wrongdoing and said it is “prepared to robustly defend” its position.
In March, the club posted financial losses for the fifth successive year, taking cumulative losses over the period to more than £430m.
Everton are also in the process of building a new stadium on Bramley-Moore Dock and costs could reach £760m, a £260m increase on figures quoted by the club last year.
Wander reassured fans that his organisation would press ahead with the costly project: “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,” he said.
