Receive Everton Football Club Ltd updates for free

777 Partners has agreed to buy English football club Everton for an undisclosed sum, ending the reign of British-Iranian businessman Farhad Moshiri after a series of blows on and off the pitch.

The Miami-based investment fund said on Friday it had reached a conditional agreement to acquire Moshiri’s 94.1% stake in the loss-making club. The deal makes 777 the latest American investor to take a stake in the Premier League.

Financial details were not disclosed, but a statement from both parties said 777’s investment would strengthen Everton’s balance sheet and secure “full funding” for its new stadium. The companies said they expect to close the deal by the end of this year.

Moshiri has invested around £750m in Everton but expects to recoup only a fraction of his outlay. Consultancy firm Football Benchmark earlier this year estimated the debt-ridden club’s enterprise value at no more than £470m.

Financial concerns became more pressing as Everton’s new stadium was under construction and needed financing, and Moshiri spent months looking for investors. He struck a deal with 777 after exclusive talks with US-based MSP Sports Capital Group for a stake broke down.

The deal is subject to approval from the Premier League, which stepped up testing of potential owners and directors in March. It will also face scrutiny from the English Football Association and the Financial Conduct Authority.

Svlook

Leave a Reply

Your email address will not be published. Required fields are marked *