US private equity company 777 Partners has struck a deal to buy Everton Football Club for an undisclosed sum.
The Miami-based investment firm, which owns stakes in clubs in Italy, Spain, Germany and France, along with commercial rights for the Argentinian and Brazilian football leagues, has shaken hands with current owner Farhad Moshiri to acquire his 94.1% stake in the English Premier League club, as expected.
Moshiri, who has invested more than £750 million into the club since first buying a stake in 2016, has faced a backlash from Toffee fans for poor performances on and off the pitch.
Everton were valued at below £480 million earlier this year by the Football Benchmark consultancy.
777, which owns 45% of the British Basketball League and has stakes in professional clubs including Genoa, Vasco da Gama, Hertha Berlin, Standard Liege, Sevilla, Melbourne Victory and Red Star FC in France, said in a statement on Friday that its multi-club investment structure "creates significant synergies through access to world-class data and analytics, player development and global commercial opportunities".
There were concerns about the expected new owners from some fans this week, following a media report that 777 had been late in making a £900,000 payment to the British Basketball League.
But, with the deal expected to complete by the end of this year, Josh Wander, managing partner of 777, said the firm's “primary objective is to work with fans and stakeholders to develop the sporting and commercial infrastructure for the men’s and women’s teams that will deliver results for future generations”.
Everton, which will join Manchester United, Liverpool, Arsenal, Aston Villa, Crystal Palace and Chelsea in being controlled by American owners, is in the midst of building its new stadium, expected for completion in the final months of 2024.
Assuming the deal is approved by the Premier League, Football Association and the UK’s Financial Conduct Authoritysssssssssccccc, the club said 777’s investment would strengthen the balance sheet and guarantee “full funding” of the new stadium.