Everton ownership has officially agreed to sell the club to 777 Partners. The deal had been in the works for some time, as negotiations between the two sides continued for months. Exact finances are not yet available. However, outgoing owner Farhad Moshiri will lose money in the deal. Still, the Premier League must approve of the change in ownership.

Moshiri confirms funds set aside for new stadium

“As a result of this agreement, we have an experienced and well-connected investor in football clubs who will help maximize 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,” proclaimed Moshiri in a statement released on Friday.

“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.”

Moshiri previously obtained a 94% stake in Everton in 2022. Despite investing over $900 million into the club, many Toffees fans have not been happy about the ownership. Supporters previously organized protests back in January, asking for the club’s board to leave.

777 Partners acquires Everton in latest American takeover

777 Partners will now become the 10th majority-owned club by American investors in the Premier League. Therefore, U.S. businessmen currently back half of all English top-flight teams. Americans also own a minority stake in reigning league champions Manchester City as well.

Josh Wander, a founding member of 777 Partners, proclaimed his excitement about the impending deal on Friday as well. “We are truly humbled by the opportunity to become part of the Everton family as custodians of the Club. We consider it a privilege to be able to build on its proud heritage and values,” stated Wander.

“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.”

The transaction is not expected to be completed until later in the year. Everton currently sits 18th in the Premier League table at the moment, after losing three of their four matches. However, the club will receive a boost from their fans during their game this weekend. The Toffees host Arsenal on Sunday, Sep. 17th.