Everton announces takeover by US investment firm

Everton announced a takeover after owner Farhad Moshiri confirmed he has agreed to sell his 94percent stake in the club to US-based investment fund 777 Partners.

The Miami-based company has previously invested in clubs such as Vasco de Gama (Brazil), Standard Liege (Belgium), Hertha Berlin (Germany) and La Liga outfit Sevilla. The company also owns stakes in the British Basketball League and has interests in aviation and insurance. The sale is expected to be completed by year's end.

"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," commented 777 Partners founder Josh Wander.

Meanwhile, Moshiri 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 private equity firms, specialist sports investors, or state-backed companies and funds," he added.

Moshiri has invested around £750 million in the club since 2016, but that has not yielded the desired results, with the club currently sitting 18th in the Premier League. Work is also nearing completion on a new stadium, which will have a capacity for almost 53,000 fans and is set to be in use for the 2024-25 season.