US investment firm 777 partners agree deal for Everton takeover / Photo: Paul ELLIS - AFP
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US investment firm 777 partners agree deal for Everton takeover
Everton are set to become the latest Premier League club to fall into American hands after Farhad Moshiri agreed a deal with investment firm 777 partners for his 94 percent shareholding on Friday.
British-Iranian businessman Moshiri has been seeking investors for some time to help complete the club's new £550 million ($685 million) stadium at Bramley-Moore Dock, which is due to open next season.
The 777 Football Group already owns or holds stakes in Sevilla, Genoa, Hertha Berlin, Standard Liege, France's Red Star and Melbourne Victory.
Since becoming majority shareholder in 2016, Moshiri splashed over £500 million on new signings to little positive effect.
The Toffees have narrowly avoided relegation for the past two years and taken just one point from their opening four Premier League games this season.
"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 (private equity) firms, specialist sports investors or state-backed companies and funds," said Moshiri.
"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."
Should the deal be given the green light by the football and financial authorities, 10 of the 20 Premier League clubs will be American owned.
O.Ortiz--AT
