Everton set to be sold
Premier League strugglers, Everton, are close to being sold to Miami-based investment firm 777 Partners.
The financially-stricken Toffees resumed discussions with the American company after talks with MSP Sports Capital collapsed in August.
The takeover will bring to an end the tumultuous tenure of owner, Farhad Moshiri, who first invested in 2016.
A source close to Moshiri said Everton have sought investment for a while, but the deal is not yet complete.
Everton are in disarray both on and off the pitch, narrowly escaping relegation in the last two seasons, including staying up with victory on the final day last season.
Next month the club will go before an independent commission for an alleged breach of the Premier League’s financial fair play rules, but Everton have denied any wrongdoings and said they were “prepared to robustly defend” their position.
In March, the club posted financial losses for the fifth successive year, taking their cumulative losses over the past five years to more than £430m.
In February, Moshiri told the fans’ advisory board the club was “not for sale” but he had been talking to “top investors of real quality”.
British-Iranian businessman, Moshiri, has invested more than £750m since 2016, but some supporters have been deeply unhappy about his ownership of the club.
Toffees fans held protests before some home games last season and called for Moshiri and the board to leave the club.
Chief executive, Denise Barrett-Baxendale, chief finance and strategy officer, Grant Ingles, and non-executive director, Graeme Sharp, have all since left their boardroom roles, but chairman, Bill Kenwright, remains in his post.
In the latest accounts, the club had an annual turnover of £181m – down from £193.1m – having suspended commercial sponsorship arrangements with Russian companies in March 2022.
Moshiri, who is chairman of USM Holdings, put in a cash injection of £70m in 2021-22. —BBC
