Michael Brown examines the on-pitch concerns at EvertonPremier League side Everton is set to acquire new owners as Farhad Moshiri has agreed to sell his 94% stake to American investment fund 777 Partners. The takeover is expected to be finalized by the end of 2023, subject to approval from the Premier League, Football Association, and Financial Conduct Authority. This move would mean that half of the 20 top-flight clubs in the league are owned by Americans. Moshiri, expressing his thoughts on the matter, states that the ownership and financing of top football clubs have changed significantly since he first invested in Everton over seven years ago. He goes on to mention that private equity firms, specialist sports investors, and state-backed companies and funds now typically own the biggest clubs.
Josh Wander, the founder of 777, expresses his excitement about becoming a part of the Everton family as the custodians of the club. He considers it a privilege to build on the club’s proud heritage and values. Their primary objective is to collaborate with fans and stakeholders to develop the necessary infrastructure for the men’s and women’s teams that will secure results for future generations of Everton supporters. When asked about the potential impact of the takeover, Everton manager Sean Dyche states that there is currently no impact on him or the players. He is aware that checks are ongoing from the Premier League and other organizations, and he believes they will take some time. He mentions that the business side and the stadium are aspects to be scrutinized once everything is finalized.
The club’s fan advisory board stresses the need for a thorough examination of the takeover. They request an urgent meeting with club and 777 representatives to gain clarity on the plans for the club’s development. Everton’s current performance in the Premier League has been subpar, with just one point from their first four games of the season. They have faced challenges on and off the field, narrowly avoiding relegation in the previous two seasons. They are also facing an independent commission next month for an alleged breach of the Premier League’s Financial Fair Play rules. Everton denies any wrongdoing and asserts their readiness to defend their position firmly. Additionally, the club is in the process of building a new stadium on Bramley-Moore Dock, with costs potentially reaching £760m.
777 Partners aims to provide growth capital for businesses and has recently expanded into sports clubs. The investment platform, based in Miami, has invested in football clubs such as Vasco de Gama in Brazil, Standard Liege in Belgium, and Hertha Berlin in Germany. However, it has faced protests from supporters regarding the management of its clubs. 777 also holds a share in La Liga’s Sevilla and owns the London Lions in the British Basketball League. The group has interests beyond sports, including insurance, aviation, media, and entertainment.