777 Partners are awaiting final approval from the Premier League to take over at Everton; the Miami-based group agreed a deal with majority shareholder Farhad Moshiri last September and have been waiting for the go-ahead since then.
The Premier League’s letter indicating that it is “minded to approve” the takeover has brought proposed new Everton owners 777 Partners one step closer to acquiring the team.
Before receiving complete clearance, the group—who struck an agreement with Farhad Moshiri, the group’s biggest shareholder—must now fulfill a number of demanding requirements. They have been waiting for the go-ahead since last September. There is also an independent oversight body that must review the process.
The amount that 777 has been contributing to the club’s working capital and stadium expenses is anticipated to surpass £200 million by April. Everton majority shareholder Moshiri has been in talks with the multi-club investors ever since it was announced that New York business MSP Sports Capital had terminated its exclusivity agreement with Moshiri, who holds 94.1 per cent of the club’s shares.
Sevilla, Genoa, Hertha Berlin, and Standard Liege are just a few of the football teams owned by the 777 company. The supporters of the Belgian team staged a protest against the owners’ attendance at their most recent game. The Premier League, Football Association, and Financial Conduct Authority all needed to give their approval before the deal could close, which was scheduled to happen in the fourth quarter of 2023.
Some Everton supporters are dissatisfied with Moshiri’s ownership despite the fact that the club has invested more than £750 million since 2016. They even staged protests last season before some games at Goodison Park, demanding the departure of Moshiri and the board.
Moshiri: 777 are best partners to take club forward
In September, Moshiri, who has been a shareholder since 2016 and the dominant shareholder since 2018, stated: “Since I made my first investment in Everton more than seven years ago, the ownership and funding structure of elite football teams has undergone significant changes. Most people no longer seem to be able to afford to be an owner or benefactor, and the largest teams are usually owned by state-backed institutions, well-resourced PE firms, or specialized sports investors. “I have been upfront about the need to secure further funding and finish the financing for our iconic new stadium at Bramley-Moore Dock, on the Mersey banks, which I have financed mostly thus far.
I’ve had conversations with several people and given some serious thought to some excellent prospects. But after having extensive conversations with 777, I am confident that they are the ideal partners to advance our fantastic Club and reap the rewards of their multi-club investment strategy. “This agreement has allowed us to secure full financing for our new stadium, which will be essential to Everton’s future success, as well as an experienced and well-connected investor in football clubs who will help maximize the commercial opportunities.”
Today marks a significant advancement in Everton’s ongoing success, and I’m excited to watch with great interest as our team continues to grow.
Of course, without the dedication of every member of the club, none of this would have been possible. I would want to express my profound gratitude to everyone involved, from our training ground staff to our commercial and support teams to our matchday employees. “And to our fans: although these past several years have been difficult, you have always been our twelfth man, supporting the team through it all. You deserve success because you are the best fans.”
As part of this, we’re dedicated to forming long-term partnerships with the neighborhood and working on significant initiatives like turning Bramley-Moore Dock into a top-notch stadium, which will enable thousands more Evertonians to attend our home games and support Merseyside’s cultural and economic revitalization.”
