After months of negotiations, a Premier League club has finally confirmed its new change of ownership.
Everton have announced that 777 Partners has signed an agreement with Farhad Moshiri to acquire his full stake in the Merseyside team, accounting for 94.1% of the club's shares.
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777 Partners has signed an agreement with Farhad Moshiri to acquire his full stake in Everton Football Club, which accounts for 94.1 per cent of the Club's shares.
— Everton (@Everton) September 15, 2023
"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," Moshiri, who has been a a shareholder since 2016 and majority shareholder since 2018, told the club's official website.
"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.
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"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.
"And to our fans, the last few years have been challenging but you have supported the Club through it all and consistently been our twelfth man. You are the best fans and deserve success."
The Toffees battled to keep EPL football at the club last season, surviving relegation on the final day of the campaign, with their fans having often been vocal about their frustration with Moshiri's ownership and staging numerous protests against it over the past couple of years.
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With the sale now finally confirmed after lengthy negotiations, the Merseyside club added that the closure of the transaction is expected to occur in the fourth quarter of 2023 and remains subject to regulatory approval, including from the Premier League, the Football Association, and the Financial Conduct Authority.
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