EPL side Everton bought by US private equity firm

Struggling English Premier League side Everton have been sold to private equity firm 777 Partners, with the US company taking over from Farhad Moshiri in a deal reportedly worth more than Stg 550 million ($A1.1 billion).

The Miami-based investment fund, which also holds a stake in A-League club Melbourne Victory, announced on Friday it had signed an agreement with British-Iranian billionaire Moshiri to acquire his 94.1 per cent stake in the famous Merseyside club.

“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 has a number of soccer clubs in its portfolio, including Italian side Genoa and Belgian team Standard Liege, while they also have stakes in La Liga outfit Sevilla and Victory.

Moshiri, a former Arsenal shareholder, first bought a 49.9 per cent stake in Everton in 2016.

By January 2022, he had increased his stake to 94.1 per cent with a Stg 100 million capital injection.

But despite investing nearly $A1.24 billion in transfers to build the squad since Moshiri’s arrival, Everton have slipped out of the top half of the table and become embroiled in relegation battles in recent seasons.

Everton’s most recent figures showed a fifth straight year of losses – Stg 44.7 million for the 2021-22 season – with their total loss over that period amounting to more than Stg 430 million.

Under Premier League rules, teams can make a maximum loss of Stg 105 million over three years, although special allowances were made for the COVID-19 pandemic.

Everton are also in the midst of an investigation into alleged breaches of Premier League financial fair play rules, but chairman Bill Kenwright said in April they were confident the club had fulfilled their obligations.

Nine-times champions of England, most recently in 1987, Everton are currently 18th in the standings without a win in four games this season.

“It is through my lengthy 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 in a statement.

“Today is an important next step in the successful development of Everton and I look forward to closely following as our Club goes from strength to strength.”