Everton FC is on the verge of being bought by Miami-based private equity firm 777 Partners in a deal that would make it the tenth Premier League football club to be American-owned.
Current majority owner Farhad Moshiri holds a 94% stake in the financially stricken club, having first invested back in 2016, but having faced backlash from fans for poor performances on and off the pitch, it appears the British-Iranian’s tenure is coming to an end.
Having invested more than £750 million into the club since 2016, Moshiri initially said back in February that Everton was “not for sale” and instead he was looking for “top investors of real quality”.
In August, Everton looked set for a takeover with US company MSP Sports Capital, but the deal collapsed after the buyer faced opposition from another of the club’s existing lenders.
Posting financial losses of up to £430 million over the last five consecutive years, new investment is being considered as the costs of building the club’s new stadium have increased by £260 million to £760 million in the last year.