777 Partners LLC, a US-based investment firm, has made a significant acquisition in the world of football by purchasing 94.1% stake in Everton FC. The deal, confirmed by an official statement on Friday, comes after months of negotiations between 777 and Farhad Moshiri, the current owner of Everton. This move adds another American investor to the growing list of owners in the English Premier League, the wealthiest football league in the world.
This acquisition holds great significance for 777 Partners as it provides them with a valuable foothold in the Premier League. The firm, led by Steven Pasko and Josh Wander, has been actively investing in multiple football clubs worldwide, with teams across Belgium and Brazil already under their ownership. This trend of US investors entering the Premier League is driven by the perceived untapped revenue potential of the league. Popular clubs such as Arsenal, Chelsea, Liverpool, and Manchester United are already owned by American investors.
Everton, one of the founding members of the English Football League, has never been relegated from the Premier League, making it a historically successful club. However, it has faced financial struggles in recent years and has narrowly avoided relegation in the past two seasons. The club is also in the process of building a state-of-the-art stadium in the Bramley-Moore Dock area of Liverpool. The acquisition by 777 Partners aims to improve Everton's financial situation and develop the necessary infrastructure for both the men's and women's teams, with a long-term commitment to working alongside the local community.
While Farhad Moshiri has invested significant sums of money in Everton since 2016, the lack of success on the pitch has made him and the management unpopular among many fans. The acquisition by 777 will be subject to the Premier League's fit and proper test for owners and directors. This process, which was updated this year following a fan-led review of football in England, can take several months to complete. The potential delay raises the possibility of uncertainty for Everton and its supporters.
As the Premier League undergoes changes and faces increased scrutiny on the source of wealth of owners, as well as stricter rules on fitness and propriety, the acquisition of Everton by 777 Partners marks a significant development in the evolving ownership landscape of English football.