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Everton have confirmed that 777 Partners have officially signed an agreement to acquire Farhad Moshiri’s 94.1 per cent stake in the club to become the Toffees’ new majority owners. Moshiri and the previous ownership had come under immense scrutiny from the club’s fans and are now set to depart, ending their tumultuous reign at Goodison Park.
Though the takeover will not be completed until the end of the year – in the fourth quarter of 2023 – the news will be welcomed among supporters as Everton have endured financial hardship in recent years as they continue to flirt with relegation from the Premier League.
A club statement read: “777 Partners has signed an agreement with Farhad Moshiri to acquire his full stake in Everton Football Club, which accounts for 94.1 per cent of the club’s shares.”
Moshiri, who became a majority shareholder in 2018, 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 PE firms, specialist sports investors or state-backed companies and funds.
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“I have been open about the need to bring in new investment and complete the financing for our iconic new stadium at Bramley-Moore Dock, on the banks of the Mersey, which I have predominantly financed to date. I have spoken to a number of parties and considered some strong potential opportunities. However, it is through my lengthy discussions with 777 that I believe they are the best partners to take our great club forward, with all the benefits of their multi-club investment model.”
Josh Wander, founder and managing partner of 777 Partners, added: “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.
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“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.”
Though there will be some concerns at the club, as 777 Partners oversee several clubs including Sevilla, Vasco de Gama, Standard Liege, Hertha Berlin, Genoa, Red Star and Melbourne Victory but many of those teams have been on the receiving end of protests by fans for concerns over how they were being run.
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