15 September 2023 , 09:14
1273
0
Farhad Moshiri has agreed a deal to sell Everton to American investment firm 777 Partners.
The deal was announced on Friday morning, with the billionaire businessman admitting he could no longer continue to finance the Premier League club.
Speaking about his shock decision to sell his entire 94 per cent stake in the Goodison club, he 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.
“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.
Frank Lampard's Everton future in serious doubt despite decision for Man Utd
“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.
“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.”
Josh Wander, the joint founder of 777 Partners, insisted he was proud and humbled to be the new owner of Everton - if the Premier League approves the deal, which is controversial amongst the club’s support base.
Farhad Moshiri has agreed on a deal to sell his stake in Everton (Getty Images)“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.
“As part of this, we are committed to partnering with the local community over the long-term, working on important projects such as the development of Bramley-Moore Dock as a world class stadium venue, allowing thousands more Evertonians to attend our home matches and contribute to the economic and cultural regeneration of Merseyside.”
While Moshiri believes the deal could be completed before the New Year, there will now be a lengthy investigation by the Premier League of the finances behind the deal, to see if 777 Partners have the money to complete the takeover.
And they will also investigate the company in relation to the fit and proper owners test, with the new rules which give them the right to block deals if owners are under investigation for certain offences, including fraud. And it is understood 777 are subject to still active proceedings alleging such offences - though the company strenuously denies the allegations, which remain unproven.
The Premier League also requires clear proof of funding for any takeover, and given Moshiri is thought to want around £500m for the club, AND several significant debts will have to be repaid, along with financing for the new stadium the club is building, the bill could come to as much as £900m.
And while 777 are still actively seeking funding from third parties to make their investment in the English club, it is so far understood they have not finalised the necessary finance. It leaves a potential for any agreement between the US based investment firm to drag on for several months and potentially into 2024, with the Premier League bound by their new regulations to investigate robustly.
Everton shouldn't sack Lampard - there are three clubs more likely to go down