- Everton owner Farhad Moshiri has been negotiating sale of Premier League side
- Toffees have been in turmoil in recent years, barely escaping relegation
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Everton have announced that 777 Partners have agreed a deal to acquire Farhad Moshiri’s 94.1 per cent controlling stake in the football club.
Talks had been ongoing all week and Moshiri has now agreed to sell the club to controversial 777, who are led by Josh Wander.
A club statement this morning said that the transaction ‘strengthens the club’s balance sheet’ and guarantees full funding for the new stadium at Bramley Moore Dock.
Moshiri, who has been controlling shareholder since 2018, said: ‘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.
Farhad Moshiri (pictured) has announced a deal struck with 777 Partners, an investment firm
The Everton fanbase has been vehemently protesting against Moshiri and Co for some time
‘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.
‘As a result of this agreement, we have an experienced and well-connected investor in football clubs who will help maximise the commercial opportunities, and we have secured the complete financing for our new stadium, which will be the critical element in the future success of Everton.
‘Today is an important next step in the successful development of Everton and I look forward to closely following as our Club goes from strength to strength.’
777 Partners operate a multi-club ownership model, while also holding a 45 per cent stake in the British Basketball League.
Other football clubs they have a majority stake in are Genoa, Vasco da Gama, Standard Liege, Red Star and Hertha Berlin.
While they also have minority stakes in Sevilla and Melbourne Victory.
777’s managing partner Josh Wander with be the face fronting the takeover
None of the clubs are currently profitable, with Genoa, Sevilla and Hertha Berlin posting losses of close to £200m between them in their most recent accounts.
Standard Liege fans have held protests against 777’s ownership at games in Belgium this season
777 Partners were late in making a £900,000 payment to their business partners at the British Basketball League earlier this summer.
Mail Sport has learned that the while the money has now been transferred it arrived over a month after the scheduled payment date, which in turn caused the BBL to be late in paying several of their creditors.
As co-founder of 777 with Steve Pasko, Wander is a colourful character and claims his companies control over £5billion of investments.
Sean Dyche’s side are still yet to win a Premier League game this season
Josh Wander (pictured) had been heard bragging about how he is about a write a cheque for several hundred million pounds to take control of Everton
777 made much of their money from pay-day loans and invested in budget airlines, with both enterprises attracting a series of lawsuits in the United States featuring allegations of fraud and racketeering.
Many remain ongoing, although Wander has not been personally accused of any wrongdoing.
Wander’s suitability to become a director of a Premier League club will also be assessed, with government sources even expressing concern about some of his companies’ alleged activities.
His “no contest” plea to three drugs offences 20 years ago is unlikely to be a disqualifying factor, but the Premier League may also look at the numerous allegations made against 777 and sister companies in the American courts.
