Everton, a club that competes in the English Premier League, was sold to 777 Partners, owner of Sociedade Anônima Esportiva do Vasco da Gama, the English club reported this Friday (15), with the North American private equity company taking over Farhad Moshiri’s place in a deal that was reportedly worth more than 550 million pounds ($685 million; R$3.3 billion).
The Miami-based investment fund said it has signed an agreement with British-Iranian billionaire Moshiri to acquire his 94.1% stake in the club. The deal is expected to close by the end of the year, according to a club statement.
“We are truly honored 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 company 777 Partners has several clubs in its portfolio, including, in addition to Vasco, Italian Genoa and Belgian Standard Liege, as well as having stakes in Sevilla, from Spain, and Melbourne Victory, from the Australian league.
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 (US$124 million; R$604 million).
But, despite having invested almost 750 million euros (US$799.65 million; R$3.9 billion) in transfers to form the team since Moshiri’s arrival, Everton came from the top half of the table to fight against relegation in recent seasons.
Everton’s latest figures showed a fifth consecutive year of losses — £44.7 million ($55.4 million) in the 2021-2022 season — with its total loss over that period reaching more than £430. million pounds (US$533.5 million; R$2.6 billion).
Under Premier League rules, teams can make a maximum loss of £105m ($130.2m) over three years, although special concessions have been made because of the pandemic of Covid-19.
Everton are also in the midst of an investigation into alleged breaches of the Premier League’s financial fair play rules, but club chairman Bill Kenwright said in April that he was confident the Merseyside club was compliant with all rules. financial.
The club is expected to appear before an independent commission next month over the alleged violations.
Everton have also invested in building a new stadium at Bramley Moore-Dock in the Vauxhall area of Liverpool, and Moshiri said the cost would be £760 million ($943 million).
Everton’s statement said the investment from 777 Partners would strengthen the club’s balance sheet and ensure “full financing” of the stadium.
“We are committed to partnering with the local community over the long term, working on key projects such as the development of Bramley-Moore Dock as a world-class stadium,” Wander added.
Everton have narrowly avoided relegation to the English second tier over the past two seasons and currently sit 18th in the standings without a win in four games this season.
“It is through my long discussions with 777 that 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.
“Today is an important next step in Everton’s successful development and I look forward to closely following how our club goes from strength to strength.”