Everton have announced that 777 Partners have signed an agreement to become the club's new owners, replacing Farhad Moshiri.
The Premier League outfit say that the American investment fund has agreed to acquire the full 94.1% stake that has been held by Moshiri since 2018.
Moshiri arrived at Goodison Park in 2016, initially becoming a shareholder two years before he became the majority shareholder.
From the 2017-18 campaign through to the summer of 2022, the Merseyside outfit spent relatively freely on new additions in a bid to establish the club in the top half of the standings.
Instead, the majority of additions have not paid off, with Moshiri and chairman Bill Kenwright receiving constant criticism for their running of the Toffees.
© Reuters
Over the last two seasons, Everton have only narrowly avoided relegation from the Premier League to extend their permanent stay in the division since 1992 by the smallest of margins.
As it stands, Everton are also heavily hindered by FFP restrictions, something which is expected to prevent 777 Partners from spending freely in the transfer market in the short term.
However, given the non-existent relationship between Foshiri and the club's supporters, particularly over the past year, all parties will accept that it is the right time for a change in leadership.
In a statement, Moshiri said: "The nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton over seven years ago. The days of an owner/benefactor are seemingly out of reach for most, and the biggest clubs are now typically owned by well-resourced PE firms, specialist sports investors or state-backed companies and funds.
"I have been open about the need to bring in new investment and complete the financing for our iconic new stadium at Bramley-Moore Dock, on the banks of the Mersey, which I have predominantly financed to date. I have spoken to a number of parties and considered some strong potential opportunities. However, 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.
"As a result of this agreement, we have an experienced and well-connected investor in football clubs who will help maximise the commercial opportunities, and we have secured the complete financing for our new stadium, which will be the critical element in the future success of Everton. 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.
© Reuters
"Of course, none of this could have been achieved without the hard work of everyone at the Club. From our team at the training ground, our commercial and support teams through to matchday employees, I extend my sincerest gratitude.
"And to our fans, the last few years have been challenging but you have supported the club through it all and consistently been our twelfth man. You are the best fans and deserve success."
John Wander, the founder and managing partner of 777 Partners, added: "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.
"Our primary objective is to work with fans and stakeholders to develop the sporting and commercial infrastructure for the men's and women's teams that will deliver results for future generations of Everton supporters.
"As part of this, we are committed to partnering with the local community over the long-term, working on important projects such as the development of Bramley-Moore Dock as a world class stadium venue, allowing thousands more Evertonians to attend our home matches and contribute to the economic and cultural regeneration of Merseyside."
Should the deal receive regulatory approval, it is expected to be finalised by the end of 2023, theoretically allowing 777 Partners - who have stakes in seven other clubs including Sevilla and Hertha Berlin - to adopt their strategy in the January transfer window and beyond.
Darren Plant
