Everton owner Farhad Moshiri has agreed to sell his entire stake in Everton to American investment firm 777 Partners.
The takeover plan between the two parties are already in an advanced stage.
The two parties have signed an agreement that will help Everton complete the 52,888-capacity stadium in Merseyside.
The agreement would mean 777 partners are acquiring 94.1% of the company’s shares.
It was revealed that Everton owner Monshiri will write to the minority shareholder asking for their support, saying “the nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton over seven years ago.”
“The days of an Everton owner are seemingly out of reach for most, and the biggest clubs are now typically owned by well-resourced private equity firms, specialist sports investors, or state-backed companies and funds.”
However, Everton shareholders have reacted critically to the announcement and accused Monshiri of treating them as unworthy entities.
The Everton shareholders reacted to the statement, saying that receiving only a few minutes warning of this proposal is disappointing, and yet again, the poor timing of important games before the announcement is baffling.
The purchase of the Merseyside blue which could be completed by the end of 2023 would be 777 Partners biggest acquisition to date.
However, the deals remain subject to the approval of the Premier League, the Football Association, and the Financial Conduct Authority.
This came after an initial deal with another American investment firm, MSP Sport Channel, which has loaned $100 million toward the construction of Everton new stadium at Bramley-Moore Dock, collapsed.
777 partners have been questioned in different controversies, since it was founded by Josh Wander and Steven Pasko in 2015, including allegations of fraud, which the company later denied.
The English Premier League will introduce a strict test for directors and owners this summer.
The 777 had purchased football clubs which include Jenoa, Sevila, Vasco da Gamma, Hertha Berlin, Standard Liege, Red Star, and Melbourne Victory.
Who is Farhad Monshiri?
The businessman was born on May 18, 1955, in the Imperial City of Iran. He is currently 68 years old. Farhad is the chairman and shareholder of USM.
He worked for various professional services firms, such as Ernst & Young, Panel Kerr Forster, and Deloitte & Touche.
In August 2007, Farhad bought 14.65% of Arsenal’s shares. On September 18, 2007, his shares were increased to 21%, and on September 28, 2007, his shares became 23%.
He acquired a 49.9% stake in Everton Football Club on February 27, 2016. In January 2022, Moshriri increased his shares in the club to 94%.
What do you think about Farhad selling Everton to the 777 American firm? Air your views in the comments section.