29.1 C
Sunday, October 1, 2023

Everton takeover ‘close’ with US private investment firm 777 Partners ‘on verge of agreeing deal to buy club’

EVERTON’S owners are closing in on a deal to sell the club to US private investment firm 777 Partners, according to reports.

Owner Farhad Moshiri has come under intense criticism from fans in recent years amid several disappointing campaigns.

Everton owner Farhad Moshiri is reportedly set to sell the club

That is despite spending hundreds of millions on transfers.

And now it is understood he could be set to offload the club for a “fraction” of the money he has invested.


According to Bloomberg, Moshiri and 777 Partners are “close to an agreement” following “months of talks”.

It comes after the investment firm saw their cash injection proposal rejected in May as Everton went with MSP Sports’ £150million offer – before they later withdrew from negotiations.

777 Partners already hold stakes in seven other clubs including Sevilla, Hertha Berlin and Genoa.

The firm is battling multiple ongoing legal cases in the US – with 777 Partners and sister company Sutton Park facing allegations of fraud, offering illegal loans and failing to pay bills.


Managing partner Josh Wander also pled no contest to drug offences 20 years ago.

The Mail reported last month that the government had raised concerns to the Premier League about 777 Partners getting involved with Everton.


This comes after the league strengthened its owners and directors test earlier this year.


UK Sport, who administer funds to Olympic sports, have also made their concerns known following dealings with 777 Partners in basketball – where the firm purchased a 45 per cent stake in the British Basketball League.

Football finance expert Kieran Maguire said: “Yes I think this is a good deal potentially for 777, and for any Everton fans 777 are potentially trying to have some form of relationship with Everton [too].

“I would urge caution in dealing with 777. They do appear to have quite a lot of money. They initially put, I think, $80million AUS into Melbourne Victory…

“They do own stakes in quite a few other clubs. They are convinced that football clubs, and I think this is a common trait of American investors, are very, very poor at marketing…


“If you take a look at Melbourne’s latest accounts not only were they losing money but there was a material uncertainty in their ability to carry on trading, a significant chance that they were going to go bust. This is where 777 came in.

“I would describe them as a vampire lender in these scenarios where they’re effectively able to dictate terms.

“If it’s going to be $30m AUS at 10 per cent compound interest for two or three years that’s going to be an awful lot of money that Melbourne Victory are going to need to find.”

Moshiri, 68, who previously held a stake in Arsenal, purchased a 49.9 per cent of Everton back in 2016.


Last year, he increased those shares to 94 per cent.

But the on-field results have not improve over the last two seasons.

Everton finished 16th in the 2021/22 campaign, narrowly avoiding relegation under Frank Lampard.

It was much of the same last season as Sean Dyche kept them up by the skin of their teeth on the final day as they secured 17th place.


And Toffees supporters have seen little sign of improvement in their opening four games of the new campaign, taking one point from a possible 12.

September 12, 2023 at 11:21AM

from The Sun

Related Stories

Most Popular Articles