Everton have been sold to American investment firm 777 Partners as the Farhad Moshiri era is over for the Toffees.
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They become the 10th current Premier League team to have full or partial American ownership, meaning half of the league now has some form of U.S. ownership.
In a statement released by the Premier League club, they confirmed that 777 have purchased all of Moshiri's shares and that funding has been secured to complete their incredible new stadium which is being built in Liverpool's Bramley Moore Dock.
"777 Partners has signed an agreement with Farhad Moshiri to acquire his full stake in Everton Football Club, which accounts for 94.1 per cent of the Club’s shares."
Everton added: "Closing of the transaction is expected to occur in the fourth quarter of 2023 and remains subject to regulatory approval, including from the Premier League, the Football Association, and the Financial Conduct Authority."
What went wrong for Farhad Moshiri?
Moshiri became a shareholder in Everton in 2016 and then became the majority shareholder in 2018. Initially Everton succeeded under his stewardship as they reached Europe and consistently battled to finish in the top six of the Premier League.
However, he poured plenty of money in to building their new stadium and financing big-money transfers in recent seasons but it all failed miserably as they've been embroiled in season-long relegation scraps in each of the last two campaigns and stayed up by the skin of their teeth on each occasion.
Moshiri, and most of the Everton hierarchy, have not been welcome to at Goodison Park over the last 12 months and had stopped attending games given the level of animosity from the fans who wanted new ownership to lead the club. They have got their wish.
"The nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton over seven years ago. 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 firms, specialist sports investors or state-backed companies and funds," Moshiri said.
"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. 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."
What does this mean for Everton’s future?
Things should now be more stable as Moshiri has been looking for more investment, and then to sell his majority shareholding, for some time.
777 Football Group currently own Genoa in Italy, Vasco da Gama in Brazil, Hertha Berlin in Germany, Standard Liege in Belgium, Red Star FC in France, Sevilla FC in Spain and Melbourne Victory FC in Australia.
Everton will now benefit from all of the lessons 777 have learned from owning thos other clubs and there should be some useful link ups in terms of player trading with the likes of Sevilla, Hertha, Genoa and Standard Liege in particular.
It doesn't seem like Everton are suddenly going to be rich beyond their wildest dreams but the fans have the new ownership group they wanted and Evertonians have a fresh start. There will be equal measures of hope, trepidation and relief among the fanbase.
But with funding for their new stadium agreed, Everton can now look ahead to the future with optimism instead of anxiety.
After being in a state of limbo for the last 12-18 months as Moshiri looked to sell the club, Everton have finally entered a new era.