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Everton set for new owners after Farhad Moshiri agreed to sell 94 per cent stake in club

Everton set for new owners after Farhad Moshiri agreed to sell 94 per cent stake in club

Everton are set to have new owners after Farhad Moshiri agreed to sell his 94 per cent stake in the club to American investment fund 777 Partners.

The takeover would bring to an end the stormy tenure of British-Iranian Moshiri at the helm, who first invested in the struggling Premiership club in 2016.

It’s expected the sale will be signed off by the end of 2023, subject to Premier League, Football Association and Financial Conduct Authority approval.

Moshiri, 68, said in a statement: “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 private equity firms, specialist sports investors or state-backed companies and funds.”

Josh Wander, 53, founder of 777, added: “We are truly humbled by the opportunity to become part of the Everton family as custodians of the club, and consider it a privilege to be able to build on its proud heritage and values.

“Our 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 of Everton supporters.”

If it goes ahead, the takeover would mean half of the 20 top-flight clubs are American-owned.

The troubled Toffees were said last week to have resumed discussions with the American investment firm after talks with MSP Sports Capital collapsed in August.

Sean Dyche’s side is languishing at 18th in the league after picking up just one point from their opening four games so far this season.

The club is next month facing going before an independent commission for an alleged breach of the Premier League’s financial fair play rules – but the team have denied wrongdoing and said they were “prepared to robustly defend” their position.

In March, the club posted financial losses for the fifth successive year, taking their cumulative losses over the past five years to more than £430 million.

They are also in the process of building a new stadium on Bramley Moore Dock and costs could reach £760 million – an increase of £260 million on figures quoted by the club in 2022.

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