Premier League strugglers Everton have been taken over by Miami-based investment firm 777 Partners this morning.

It has been announced via the club’s official website that British-Iranian owner Farhad Moshiri has agreed to part with 94% of the club. The sale is expected to be completed by the end of 2023, subject to Football Association, Premier League and Financial Conduct Authority approval.

777 Partners has signed an agreement with Farhad Moshiri to acquire his full stake in Everton Football Club, which accounts for 94.1 per cent of the Club’s shares.

— Everton (@Everton) September 15, 2023

Miami-based firm takes over Toffees

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”.

Since Moshiri took over the club in 2016, he has overseen over $900m being spent on transfers alone. However, most of that has been wasted on big-money flops including Gylfi Sigurdsson, Morgan Schneiderlin, Davy Klassen, and Cenk Tosun.

Everton now find themselves as perennial strugglers at the bottom of the league each year and have narrowly escaped relegation in the last two seasons.

The takeover of 777 Partners, an investment firm that “helps bold entrepreneurs transform visions into enduring value”, will mean half of the 20 Premier League clubs are now American-owned.

777 founder Josh Wander said: “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.”