- Everton Sold to 777 Partners Amid Financial Struggles
- Completion of Financing for Bramley-Moore Dock Stadium
- Pending Regulatory Approvals and Financial Challenges for Everton
The Premier League club was in financial difficulty and faced relegation.
Everton has been sold for an undisclosed amount to the Miami-based investment firm 777 Partners.
The current proprietor, British-Iranian businessman Farhad Moshiri, will transfer 94.1% of the losing Premier League club to the American fund.
Everton stated that they have “secured the complete financing” for the new Bramley-Moore Dock stadium in Liverpool.
The portfolio of the fund contains several football organizations, including Sevilla, Genoa, Hertha Berlin, and Standard Liege.
While the club was not on the market, Mr. Moshiri stated, “I have been open about the need to bring in new investment and complete the financing for our iconic new stadium, which I have largely financed to this point.”
“I’ve communicated with several parties and pondered promising opportunities. However, lengthy discussions with 777 have led me to believe that they are the best partners to propel our wonderful club forward.”
Reportedly, 777 associates have been delinquent in paying £900,000 to British Basketball League business associates.
There were demands for Mr. Moshiri to step down. During the previous season, there were demonstrations before some Goodison Park games demanding the proprietor and board be removed.
The transaction is subject to Financial Conduct Authority (FCA) approval and Premier League and Football Association oversight.
Everton incurred a £24.5 million operating deficit in 2022, their fifth consecutive loss.
The club is in danger of relegation, which could worsen its financial situation.
Next month, an independent Premier League commission will hear Everton’s alleged violation of financial regulations.
The alleged violation of the league’s profitability and sustainability standards pertains to the period ending in 2021-22 and is associated with tax issues surrounding loans for the new stadium.
Everton stated in a statement that they were “disappointed” with the Premier League’s decision.