LIVERPOOL, Sep 15: Everton is the latest storied English football team to come under US ownership after Miami-based private investment firm 777 Partners reached a deal to buy out majority shareholder Farhad Moshiri.
“We are truly humbled by the opportunity to become part of the Everton family as custodians of the club, and consider it a privilege to be able to build on its proud heritage and values,” Josh Wander, founder and managing partner of 777 Partners, said in a statement Friday.
Manchester United, Liverpool, Arsenal and Chelsea are all under American ownership, with varied degrees of success. Others on the list from the 20-team division are Aston Villa, Crystal Palace, Fulham, Burnley and Bournemouth.
Even Abu Dhabi-backed Manchester City has an American minority owner, with California-based private equity firm Silverlake holding an 18% stake.
American interest in the Premier League was highlighted by the sale of Chelsea last year when Todd Boelhy and Clearlake Capital fought off a number of US-based competitors to buy the two-time Champions League winner. The Premier League’s global broadcasting revenue, worth billions of dollars, as well as packed stadiums, makes it an attractive prospect to investors.
Everton did not disclose how much 777 Partners will pay for its 94.1-percent stake in the club and any sale will need to be approved by the league. The transaction is due to be completed in the fourth quarter of this year, 777 Partners said.
Everton fans will hope a change of ownership will bring about a change of fortune after years of upheaval and disappointment.
Everton was a founding member of the English Football League in 1888 and Premier League in 1992. It has won nine league championships, five FA Cups and a European Cup Winners’ Cup, but has not won a major trophy since the FA Cup in 1995.
Moshiri bought an initial 49.9% stake in the club in 2016 but Everton has faced repeated battles to stave off relegation since then, despite a transfer spend of about $800 million and a revolving door of coaching hires. Moshiri said his decision to sell was because of “rapid changes in the nature of ownership and financing of top football clubs.”
Moshiri said the sale would also secure financing to complete a 52,888 capacity stadium that is currently under construction. (PTI)
