Miami firm 777 Partners agrees to buy Everton football club

Receive free Everton Football Club Co Ltd updates

777 Partners has agreed a deal to buy English football club Everton for an undisclosed sum, ending the reign of British-Iranian businessman Farhad Moshiri after a series of blows on and off the pitch.

The Miami-based investment fund on Friday said it had struck a conditional agreement to acquire Moshiri’s 94.1 per cent stake in the lossmaking club. The deal makes 777 the latest American investor to buy into the English Premier League.

No financial details were disclosed but a statement from the two sides said 777’s investment would strengthen Everton’s balance sheet and guarantee “full funding” of its new stadium. The companies said they expected to close the deal by the end of the year.

Moshiri has made about £750mn of investments in Everton but is expected to recoup only a fraction of his outlay. Football Benchmark, a consultancy, estimated earlier this year that the indebted club’s enterprise value was no more than £470mn.

See also  One in 11 workers in England will be employed in NHS by 2036, IFS calculates

Moshiri has spent months searching for an investor as Everton’s financial troubles have become more pressing with a new stadium under construction and in need of finance. He settled on a deal with 777 after exclusive talks over an equity stake with US group MSP Sports Capital broke down.

The deal is subject to approval from the English Premier League, which beefed up its tests for prospective owners and directors in March. It will also face scrutiny from England’s Football Association and the UK’s Financial Conduct Authority.