Bloomberg (Bloomberg) — 777 Partners LLC has agreed to buy Everton FC in a deal that will add another US investment group to the league’s increasing list of owners.
According to a statement released on Friday, Miami-based 777 will buy 94.1% of the English Premier League team from its owner, Farhad Moshiri.
The agreement comes after months of negotiations between Moshiri and prospective Everton purchasers, who have been dealing with financial difficulties off the field as well as a string of dismal performances on it. The team is also in the midst of a pricey initiative to construct a cutting-edge stadium in Liverpool’s Bramley-Moore Dock neighborhood in the northwest of England.
With the acquisition of Everton, 777, co-led by Steven Pasko and Josh Wander, gains a significant footing in the Premier League, the world’s richest football division. The company is one of the new multiclub owners sweeping the world of football, and it has quickly amassed a stable of historic teams spanning from Belgium to Brazil.
More here: Who Owns Your Football Club?
US investors in general have flocked to the Premier League, drawn by what they perceive to be tremendous untapped revenue potential. American owners own top teams such as Arsenal FC, Chelsea FC, Liverpool FC, and Manchester United Plc.
Everton was a founder member of the English Football League in the 1880s and is one of just a few Premier League clubs that has never been relegated. However, the team has narrowly survived relegation from the top flight for the past two seasons and has had an awful start to the current season with no league wins.
“Our primary goal is to collaborate with fans and stakeholders to build the sporting and commercial infrastructure for the men’s and women’s teams that will deliver results for future generations of Everton supporters,” 777’s Wander said in a statement on Friday. “We are committed to long-term collaboration with the local community, working on important projects such as the development of Bramley-Moore Dock as a world-class stadium venue.”
While Moshiri has invested hundreds of millions of pounds in Everton since his first investment in 2016, the club’s lack of success has made him and the club’s overall administration unhappy with substantial segments of the fan base.
The takeover of Everton by 777 is conditional on the company passing the Premier League’s fit and proper test for owners and directors. It’s a process that might stretch on for months, as it did for Newcastle United FC in 2021, raising the prospect of more uncertainty for Everton and its supporters.
About The Author
Leave a Reply