Everton FC, one of the oldest and most successful clubs in English football, has been sold to the American investment firm 777 Partners, in a deal that will shake up the Premier League landscape. The Miami-based company, which already owns several other football clubs around the world, has agreed to buy 94.1% of Everton from its current owner Farhad Moshiri, subject to approval from the Premier League, the Football Association and the Financial Conduct Authority.
A New Era for Everton
Everton fans have been waiting for a change of ownership for a long time, as Moshiri’s tenure has been marked by poor results on the pitch and financial losses off it. The club has not won a major trophy since 1995, and has finished in the bottom half of the Premier League table for the past two seasons. The club is also in debt and facing sanctions from UEFA for breaching financial fair play rules.
The sale to 777 Partners could provide a fresh start for Everton, as the new owners have promised to invest in the club’s sporting and commercial infrastructure, including the completion of the new 52,888-capacity stadium at Bramley-Moore Dock, which is expected to cost around £500 million. The new owners have also pledged to work with the local community and respect the club’s history and traditions.
“We are honored and excited to become part of this great club and its passionate supporters,” said Josh Wander, co-founder and managing partner of 777 Partners, in a statement. “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.”
A Challenge for the Premier League
The takeover of Everton by 777 Partners will also pose a challenge for the Premier League, which has recently introduced a more stringent owners’ and directors’ test to ensure that prospective buyers are fit and proper to run a football club. The test requires applicants to provide proof of funds, disclose any criminal convictions or sanctions, and comply with human rights and anti-discrimination standards.
777 Partners has been involved in several controversies since its inception in 2015, including allegations of fraud, which the company denies. Wander also pleaded no contest to a drug charge in 2003. The company has also faced criticism for its aggressive expansion strategy in football, which some see as a threat to the integrity and diversity of the game.
777 Partners currently owns or has stakes in eight other football clubs across Europe, South America and Australia, including Genoa, Sevilla, Vasco da Gama, Hertha Berlin, Standard Liège, Red Star, Melbourne Victory and Phoenix Rising. The company has been accused of using these clubs as vehicles for financial engineering, exploiting loopholes in transfer rules, and interfering with sporting decisions.
The Premier League will have to scrutinize 777 Partners’ bid for Everton carefully, and ensure that it meets all the criteria and regulations. The league will also have to monitor how the new owners manage Everton’s affairs, and prevent any potential conflicts of interest or breaches of fair competition.
A Trend for American Investors
The deal between Moshiri and 777 Partners is not an isolated case, but part of a wider trend of American investors buying into English football. In recent years, US-based firms have acquired or increased their stakes in several Premier League clubs, such as Arsenal, Chelsea, Liverpool, Manchester United, Aston Villa, Burnley and Crystal Palace.
The reasons behind this trend are manifold. Some American investors see English football as a lucrative business opportunity, given its global popularity and revenue potential. Others are attracted by the prestige and glamour of owning a famous club. And some are genuinely passionate about the sport and want to contribute to its development.
However, not all American owners have been welcomed by fans and pundits alike. Some have been accused of being too distant or indifferent to the clubs’ culture and values. Some have been criticized for being too greedy or reckless with their spending or borrowing. And some have faced backlash for their involvement in controversial projects such as the failed European Super League.
The arrival of 777 Partners at Everton will add another US firm to the list of Premier League owners. Whether they will be successful or not remains to be seen. But one thing is certain: they will have a significant impact on the future of Everton and English football.
