Everton takeover ‘completed’ and US private investment firm 777 Partners ‘close to agreeing to buy club’
EVERTON’s owners are reportedly closing in on a deal to sell the club to private US investment firm 777 Partners.
Owner Farhad Moshiri has been heavily criticized by fans in recent years due to several disappointing campaigns.
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And this despite hundreds of millions being spent on transfers.
And now it is believed he could leave the club for a “fraction” of the money he invested.
Accordingly BloombergMoshiri and 777 Partners are “close to reaching an agreement” after “months of negotiations.”
This comes after the investment firm rejected its cash injection proposal in May when Everton agreed to MSP Sports’ £150m offer – before later pulling out of negotiations.
777 Partners already holds shares in seven other clubs, including Sevilla, Hertha Berlin and Genoa.
The company is battling several ongoing legal disputes in the US – 777 Partners and its sister company Sutton Park are accused of fraud, providing illegal loans and non-payment of invoices.
Managing partner Josh Wander also pleaded no contest to drug offenses 20 years ago.
The post reported last month that the government had raised concerns with the Premier League about 777 partners working with Everton.
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This comes after the league tightened its owner and director test earlier this year.
UK Sport, which manages money for Olympic sports, has also raised concerns following deals with 777 Partners in basketball – where the company acquired a 45% stake in the British Basketball League.
Football finance expert Kieran Maguire said: “Yes, I think this is potentially a good deal for 777 and for any Everton fans, 777 may be looking to build some sort of relationship with Everton.” [too].
“I would like to urge caution when dealing with the 777. They seem to have quite a bit of money. I think they initially put 80 million Australian dollars into Melbourne Victory…
“They own shares in a number of other clubs. They are convinced that football clubs – and I think this is a common trait among American investors – are very, very bad at marketing…
“If you look at Melbourne’s recent accounts, not only did they lose money, but there was significant uncertainty about their ability to continue trading, a significant likelihood that they would go bust. This is where 777 came into play.”
“I would describe them as vampire lenders in situations where they are actually able to dictate the terms.
“If it’s going to be A$30 million at 10 per cent compound interest for two or three years, then that’s a lot of money for Melbourne Victory to raise.”
The 68-year-old Moshiri, who previously had a stake in Arsenal, bought 49.9 percent of Everton in 2016.
Last year he increased these shares to 94 percent.
But results on the field have not improved over the past two seasons.
Everton finished 16th in the 2021/22 season and narrowly avoided relegation under Frank Lampard.
It was a similar story last season when Sean Dyche kept them going with all his might on the final day to secure 17th place.
And Toffees fans have seen little sign of life in the first four games of the new season, taking one point from a possible twelve.