Summary Everton's owner, Farhad Moshiri, has agreed to sell his stake in the club to Miami-based investment firm 777 Partners. 777 have provided Everton with a substantial loan to address current financial issues and support the construction of their new stadium. This takeover could signal a new era for Everton, with respected reporter David Ornstein sharing the latest development.
Everton are in the middle of a huge club takeover saga, and reliable journalist David Ornstein has revealed a significant development at Goodison Park.
Is the Everton takeover happening?
Farhad Moshiri made his first investment in the club back in 2016, but having faced lots of criticism from supporters, some of which held protests during games last season, fans were calling for him and the board to step down from their positions, as per BBC Sport.
The Toffees owner had reportedly been in talks with 777 Partners ever since the news broke that New York group MSP Sports Capital had ended it’s exclusivity agreement, and last week, Sean Dyche’s side finally announced what everyone had been patiently waiting to hear.
On Friday 15th September, it was made public that the Miami-based investment firm had agreed a deal to buy Moshiri’s 94.1% stake in the club following lengthy negotiations. In their multi-club portfolio, the group are in charge of the likes of Sevilla, Genoa, Hertha Berlin and Standard Liege, and if the following update is to be believed, they appear deadly serious about adding the Merseyside outfit to that list in what would be their first ever business venture in the Premier League.
What's the latest takeover update?
Taking to X, The Athletic’s David Ornstein confirmed that Everton have been presented with a huge loan from 777 Partners to help supply funds for the problems that need addressing in the here and now. He wrote:
“Everton receive sizeable loan from prospective owners 777. Payment worth tens of millions for working capital + stadium build. US firm to provide EFC multi-club model expertise & join board in observer role during approvals process.”
In the Premier League, Everton have had a massively disappointing start to the new season where they find themselves in the relegation zone after suffering four defeats and securing just one draw from their opening five matches, meaning they have only a single point on the board, but whilst things aren’t looking positive on the pitch, this could be the start of an exciting new era off it.
Following the lack of success and achievements in recent years, it’s about time that the hierarchy started building towards the future, especially with their new stadium, Bramley-Moore Dock, edging ever closer to completion having been in progress for the last two years, and this is a project that is expected to be wrapped up in the closing stages of 2024.
Alongside the ground, Dyche is likely to be backed a lot more when it comes to securing his transfer targets as a result of sufficient funds being available which would allow his side to be seriously competitive in the market rather than having to pursue players on loan or free agents all the time, so there's no doubt that everyone associated with the club will be hoping that everything goes through smoothly.
