Farhad Moshiri, Everton's majority shareholder, has signed an agreement with 777 Partners to acquire his 94.1 per cent stake in the club.
The club expect the closing of the transaction to happen in the fourth quarter of 2023. It remains subject to regulatory approval, including from the Premier League, the Football Association and the Financial Conduct Authority.
Moshiri, who has been a shareholder since 2016 and took control of the club in 2018, believes the American-based company are the "best partners” to take the club forward.
“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,” Moshiri told the club's official website.
“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.
“As a result of this agreement, we have an experienced and well-connected investor in football clubs who will help maximise the commercial opportunities, and we have secured the complete financing for our new stadium, which will be the critical element in the future success of Everton.
"Today is an important next step in the successful development of Everton and I look forward to closely following as our club goes from strength to strength.”
Global organisation
777 Partners have a number of clubs in their 777 Football Group portfolio, including Genoa, Vasco da Gama, Hertha BSC, Standard Liege, Red Star FC, Sevilla and Melbourne Victory.
Josh Wander, founder and managing partner of 777 Partners, said: “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.”
Everton have endured a tough start to their 2023/24 Premier League campaign, having claimed only one point from their first four matches. They will look for their first win of the season against Arsenal this Sunday at Goodison Park.
