In a move that could reshape the future of Everton Football Club, Farhad Moshiri, who has been at the helm since 2016, is set to sell his substantial 94% stake in the club to American investment fund 777 Partners. This monumental takeover is poised to bring an end to Moshiri’s eventful tenure at the club, and it is expected to be finalized by the close of 2023, subject to the green light from the Premier League, Football Association, and Financial Conduct Authority.
As the dust settles, this acquisition will mark a significant milestone for the club and, indeed, the Premier League itself, as it brings the tally of American-owned top-flight clubs to an impressive half of the 20 teams. But what prompted this move by Moshiri, and what can we expect from the new custodians of Everton?
Moshiri reflected on the evolving landscape of football ownership, noting that the days of the owner-benefactor appear to be dwindling. He acknowledged that the biggest clubs in the world are increasingly being snatched up by well-resourced private equity firms, specialist sports investors, or even state-backed entities. It’s a transformation that has been gathering pace in recent years, with clubs becoming part of vast portfolios rather than individual pet projects.
777 Partners, founded by Josh Wander, is eagerly embracing the opportunity to join the Everton family as the club’s new stewards. They see it as a privilege to build upon Everton’s storied heritage and values. In a statement, Wander expressed his commitment to working closely with fans and stakeholders to enhance the sporting and commercial infrastructure for both the men’s and women’s teams, promising results that will resonate with future generations of Everton supporters.
As of now, Everton finds itself in a challenging position, languishing in 18th place in the Premier League with just one point from their first four games of the season. The club has experienced a tumultuous period on and off the pitch, narrowly avoiding relegation in the past two seasons. Their upcoming appearance before an independent commission over alleged Financial Fair Play rule violations adds to their woes. Everton has denied any wrongdoing and is preparing to defend its position vigorously.
Financially, the club hasn’t been on the most stable footing, posting losses for five consecutive years, resulting in cumulative losses exceeding £430 million. Furthermore, their ambitious project of constructing a new stadium on Bramley-Moore Dock is proving to be a costly endeavor, with projected costs now standing at £760 million, a substantial increase from figures quoted just a year ago.
Moshiri has been transparent about the need for fresh investment to complete the financing for this iconic new stadium, which he has largely financed to date. After exploring various options, he believes that 777 Partners is the ideal partner to usher the club into a brighter future, leveraging the benefits of their multi-club investment model.
For Evertonians, the prospect of a world-class stadium venue at Bramley-Moore Dock is tantalizing. It not only promises to accommodate thousands more fans at home matches but also contributes to the economic and cultural revitalization of Merseyside, a region steeped in football history.
As for 777 Partners, their foray into sports ownership is not limited to Everton. The Miami-based investment platform has made inroads into various sports clubs worldwide, including Vasco de Gama in Brazil, Standard Liege in Belgium, and Hertha Berlin in Germany. However, their ownership hasn’t been without controversy, with protests from supporters about the management of some of their clubs.
Intriguingly, 777 also holds a stake in La Liga’s Sevilla, a club that clinched the Europa League title in the previous season. Beyond the realm of sports, 777 Partners maintains interests in insurance, aviation, media, and entertainment, highlighting their diverse and expansive portfolio.
As the Everton faithful await this change in ownership with bated breath, it’s undeniable that the club is standing at a crossroads. The future promises to be exciting, with the potential for significant investments, new opportunities, and perhaps a brighter era on the horizon. The American takeover is set to make waves in the Premier League, and only time will reveal the extent of its impact on one of English football’s historic institutions.
Frequently Asked Questions (FAQs) about football club takeover
What is the main highlight of this news?
The main highlight of this news is the impending takeover of Everton Football Club by American investment fund 777 Partners. Farhad Moshiri, who has held a significant stake in the club since 2016, has agreed to sell his 94% ownership to this American group.
When is the Everton takeover expected to be completed?
The takeover of Everton is expected to be completed by the end of 2023. However, this timeline is subject to approvals from the Premier League, Football Association, and Financial Conduct Authority.
What is the significance of this takeover for Everton and the Premier League?
This takeover marks a significant moment for Everton and the Premier League. It will mean that half of the 20 Premier League clubs will be American-owned, reflecting the increasing trend of private equity firms and investment groups entering the world of football ownership.
Why is Farhad Moshiri selling his stake in Everton?
Farhad Moshiri’s decision to sell his stake in Everton is influenced by the changing landscape of football ownership. He acknowledges that the era of individual owner-benefactors is evolving, with clubs now commonly owned by well-resourced private equity firms, specialist sports investors, or state-backed entities and funds. This sale is seen as a strategic move to secure the club’s future.
What challenges is Everton facing on and off the pitch?
Everton currently finds itself in a challenging position in the Premier League, occupying 18th place with just one point from their first four games of the season. They have narrowly escaped relegation in the past two seasons and face an independent commission for an alleged breach of the Premier League’s Financial Fair Play rules. The club has also posted financial losses for five consecutive years, with ongoing costs associated with the construction of a new stadium on Bramley-Moore Dock.
What are the objectives of the new owners, 777 Partners?
The new owners, 777 Partners, have expressed their commitment to working closely with fans and stakeholders. Their primary objective is to develop the sporting and commercial infrastructure for both the men’s and women’s teams at Everton. They aim to deliver results that will benefit future generations of Everton supporters.
What other sports clubs and interests does 777 Partners have?
777 Partners, based in Miami, has expanded its portfolio into various sports clubs globally. Some of the football clubs they have invested in include Vasco de Gama in Brazil, Standard Liege in Belgium, and Hertha Berlin in Germany. They also hold a share in La Liga’s Sevilla. Beyond sports, 777 Partners maintains interests in insurance, aviation, media, and entertainment.
How will the new stadium at Bramley-Moore Dock benefit Everton and the community?
The new stadium at Bramley-Moore Dock is expected to provide Everton with a world-class venue for matches, accommodating more fans and enhancing the overall matchday experience. Additionally, it is anticipated to contribute to the economic and cultural regeneration of Merseyside, benefiting the local community and the region as a whole.
More about football club takeover
- Everton Football Club Official Website: For official updates and statements from Everton Football Club.
- BBC Sport: A reliable source for sports news and coverage, including the Everton takeover.
- 777 Partners Official Website: To learn more about the American investment fund 777 Partners and their various interests.
- Premier League Official Website: For information on the Premier League and any updates regarding club ownership changes.
- Financial Times: A reputable source for financial news and analysis, which may provide insights into the financial aspects of the Everton takeover.
- The Guardian: A well-respected news outlet that often covers sports and football-related stories, including club takeovers.
- Merseyside Regeneration: For information on the potential economic and cultural impact of the new stadium at Bramley-Moore Dock on Merseyside.
