Everton have been sold to 777 Partners, the struggling Premier League club said on Friday, with the U.S. private equity firm taking over from Farhad Moshiri in a deal reportedly worth more than £550 million ($685m).
The Miami-based investment fund said it had signed an agreement with British-Iranian billionaire Moshiri to acquire his 94.1% stake in the club. The takeover is subject to approval from the Premier League and FA.
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"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," said Josh Wander, founder and managing partner of 777 Partners.
The firm 777 Partners has a number of clubs in its portfolio, including Italian side Genoa and Belgian team Standard Liege, while they also have stakes in LaLiga club Sevilla and Australian A-League side Melbourne Victory.
In the club's statement on the sale, Moshiri said he believed 777 Partners "are the best partners to take our great club forward, with the benefits of their multi-club investment model."
Moshiri, a former Arsenal shareholder, first bought a 49.9% stake in Everton in 2016. By January 2022, he had increased his stake to 94.1% with a £100m capital injection.
But despite investing nearly €750m ($799.65m) in transfers to build the squad since Moshiri's arrival, Everton have slipped out of the top half of the table and have fought relegation battles in recent seasons.
Everton narrowly avoided relegation from the top flight in each of the last two seasons and are 18th in the standings and without a win in four games this season.
Everton manager Sean Dyche addressed the takeover in his news conference on Friday.
"There is no impact on me or the players other than the news," Dyche said. "I was aware of something happening, but I know as much as you.
"There are ongoing checks from the Premier League. I heard the news but not actual detail. It is too early but I will speak to whoever I need to in due course."
Dyche later added: "The club has found its way through the ways of working. It'll be interesting to see how they see it moving forwards."
Everton take on Arsenal on Sunday in their next game.