Investment Firm 777 Partners has Acquired Everton FC of the Premier League.

The Miami-based investment firm 777 Partners has agreed to acquire Everton FC, a football club based in Liverpool.

 

 

“The nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton over seven years ago,” Everton owner Farhad Moshiri said in a statement. “The days of an owner/benefactor are seemingly out of reach for most, and the biggest clubs are now typically owned by well-resourced PE firms, specialist sports investors or state-backed companies and funds.”

Since 2016, Moshiri has held a controlling stake in Everton. Recently, 777 has agreed to acquire Moshiri's 94.1% share of the club. Everton has been seeking external investment to ensure financial stability and to fund the construction of a new stadium. Moshiri has stated that this transaction will provide "complete financing" for the new 52,888-seat stadium at Bramley-Moore Dock.

“Our primary objective is to work with fans and stakeholders to develop the sporting and commercial infrastructure for the men’s and women’s teams that will deliver results for future generations of Everton supporters,” Josh Wander, founder and managing partner of 777, said in a statement.

The financial terms of the deal remain undisclosed. However, back in January, the team was valued at $600 million in EPL valuations. In the earlier part of this year, news surfaced that Moshiri and MSP Sports Capital, based in New York, had entered into an exclusivity agreement to invest a maximum of $190 million (£150 million), but MSP ultimately backed out of the talks, and the deal fell apart in August.

777 Partners has acquired majority ownership in Everton, making it the sixth club in their multi-club network of distressed assets. This network includes Genoa CFC in Italy, Vasco de Gama in Brazil, Standard Liege in Belgium, Red Star FC in France, and Hertha BSC in Germany. 777 also has minority stakes in Sevilla FC in Spain and Melbourne Victory in Australia.

“I believe they are the best partners to take our great club forward, with all the benefits of their multi-club investment model,” Moshiri said.

Everton, a professional football team with a long-standing history dating back to 1878, holds the second-longest continuous presence in the English top-flight soccer league. Despite narrowly avoiding relegation last season, Everton currently sits in 18th place in the English Premier League. The transaction is due to close in the fourth quarter, pending regulatory approval.