Everton have confirmed that 777 Partners have agreed a deal to acquire 94.1 per cent controlling stake in the football club.
Farhad Moshiri has now agreed to sell the club to the controversial American firm, 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.
Everton have endured a tough start to the new Premier League season, with their only point of the new campaign coming away to Sheffield United.
Mail Sport breaks down everything you need to know about 777 Partners.
Farhad Moshiri has agreed to sell Everton to 777 Partners – who will acquire 94.1 per cent controlling stake in the club
The American investment company was founded by Steven Pasko and Josh Wander (pictured)
Who are 777?
777 Partners, based in Miami, was founded in 2015 by Steven Pasko and Josh Wander after a management buyout of SuttonPark Capital.
The private American investment company aims to provide growth capital for the businesses.
They have a wide range of investments that include sports, insurance and entertainment.
The firm, who are worth £8billion, have invested in a wide range of football clubs around the world, including Sevilla, Vasco de Gama, Standard Liege and Hertha Berlin, but have faced protests from supporters about the way the clubs are run.
In 2022, the firm bought a minority stake in Melbourne Victory FC of the Australian A-League.
In the same year, they also bought Red Star FC of the French third-tier Championnat National.
777 Partners have received a lot of negativity as many of the clubs under their ownership have struggled since their takeovers.
Standard Liege fans have held protests against 777’s ownership at games in Belgium this season, while Genoa announced the issue of a bond aiming to raise £4m for the club.
777 made much of their money from pay-day loans and invested in budget airlines
Recently, it was reported that the firm were late in making a £900,000 payment to their business partners at the British Basketball League earlier this summer.
Mail Sport learned that 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.
777 agreed to pay £7m for a 45 per cent stake in the BBL two years ago in a deal which the company hailed as a ‘landmark moment’ for the sport in the UK.
They are understood to have paid around £6m of the BBL ownership stake and have provided reassurances that the outstanding £1m will be delivered on time.
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 and claims are denied, 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.
Everton have endured a tough start to the new campaign and have only picked up one point so far
What’s been said about the takeover?
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 released a statement sharing his thoughts on the takeover
‘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.’
