The fans of Everton Football Club can breathe a sigh of relief as their owner Farhad Moshiri has finally decided to sell the club to 777 Partners, an American-based private investment company based in Miami in a deal worth £600 million ($748m).
The reign of Farhad Moshiri will not be remembered fondly by the Toffees faithful in good spirit as the club which regularly finished from fifth to twelfth saw the increased but wasteful investment by the British-Iranian businessman lead to two back-to-back relegation battles which include this season as the club sit seventeenth and very likely to drop to the Championship for the first time in the club’s history. Things have gone so bad that the supporters have not allowed the billionaire to attend their home games and have protested against their owners at almost every home game.
This deal will also see sweeping changes in the Goodison Park’s boardroom which is now said to be closed. The Daily Mail reported that the American-based investment firm wants to push through a sale as quickly as possible despite added guarantees from the Premier League needed from the firm. Further, a second bidder in MSP Sports Capital also remains in the running but it is clear now who the club will be sold to. The club also wants to conclude the deal quickly; the next instalment of their £505m ($629m) stadium construction at Bramley Dock is fast approaching.
The potential new owners 777 Partners already own stakes in Genoa (Italy), Vasco da Gama (Brazil), Standard Liege (Belgium), and Sevilla (Spain) with their business model being providing the struggling clubs with investments and providing expertise that will trigger growth – claiming to “Excel at identifying potential where others do not. We uncover unique opportunities to help undervalued teams transform from clubs into highly profitable media and entertainment properties”. This provides the club to improve revenue streams from the commercial and digital aspects.
Even if Everton manages to put off the relegation by getting results at the Molineux Stadium this Saturday and against AFC Bournemouth in the final matchday week, they still are not guaranteed survival as due to breaches of Financial Fair Play regulations could cost them points, resulting in a drop to the EFL Championship.