He Everton is sold to 777 Partners, as reported by the Premier League club on Friday. The company US Venture capital to take over Farhad Moshiri’s club in a deal worth more than £550m (685 million dollars).
The investment fund, based in Miami, indicated it had signed an agreement with British-Iranian billionaire Moshiri to acquire his stake in 94.1% in the club. The deal will be closed before the end of the year, according to a statement from the club. “We really feel it honest for the opportunity to be part of the Everton family as custodians of the club, and we consider it a privilege to build on their proud heritage and values,” said Josh Wander, founder and managing partner of 777 Partners.
The company 777 Partners has several clubs in its portfolio, including Genoa Italian and the Liège Standard Belgian, in addition to participation in Seville of the Spanish LaLiga and the Melbourne Australian A-League success.
Moshiri, A former Arsenal shareholder, he first bought a 49.9% stake in Everton in 2016. In January 2022, he increased his stake to 94.1% with a capital injection of £100 million.
But despite the investment almost 750 million euros ($799.65 million) in signings to improve the squad Since Moshiri’s arrival, Everton have been in the bottom half of the table to fight for relegation in recent seasons. Everton’s latest figures showed a fifth consecutive year of losses, £44.7m for the 2021-22 season, with a total loss in that period of more than £430m.
Under Premier League rules, teams can have a maximum loss of 105 million pounds for three years, although special concessions were made due to the COVID-19 pandemic. Everton are also under investigation for alleged breaches of the Premier League’s financial fair play rules, but its chairman, Bill Kenwright, said in April that he was confident the Liverpool club will comply with all financial rules.
The club will face an independent commission next month over the alleged breaches.
They also invested in the construction of a new stadium at Bramley Moore-Dock, on the site of Vauxhallin Liverpool, and Moshiri said it would cost £760m.
Everton’s statement indicated that the investment from 777 Partners will strengthen the club’s balance sheet and guarantee “the full financing“from the stadium.
“We are committed to partnering with local community long-term, working on major projects such as the development of Bramley-Moore Dock as the site of a world-class stadium,” Wander added.
Everton have narrowly avoided relegation from the top flight in each of the last two seasons, and are currently 18th in the table, having not won any of the four games played this season. “Thanks to my long conversations with 777, I believe they are the best partners to promote our great club, with all the advantages of their multi-club investment model,” he declared. Moshiri. “Today we have taken an important step in Everton’s development and I look forward to watching closely as our club grows from strength to strength.”
Source: La Verdad
I am Shawn Partain, a journalist and content creator working for the Today Times Live. I specialize in sports journalism, writing articles that cover major sporting events and news stories. With a passion for storytelling and an eye for detail, I strive to be accurate and insightful in my work.
