In light of Farhad Moshiri’s agreement to a deal with 777 Partners about the sale of Everton, it is unclear who the American company is.
HIGHLIGHTS
The acquisition of Everton Football Club by the American firm 777 Partners could end the club’s financial mismanagement woes and give optimism to disillusioned supporters.
A key player in the sport, 777 Partners is an investment firm with a sizable portfolio of more than 50 companies, including shares in various football teams.
777 Partners’ takeover secures the finance of Everton’s new stadium at Bramley-Moore Dock because they are wealthier than the existing owner Farhad Moshiri, whose net worth is £9.63 billion ($12 billion).
Farhad Moshiri’s tenure as Everton Football Club’s owner has been a turbulent, unsettling whirlwind for everyone affiliated with the storied club, which talk SPORT columnist Simon Jordan referred it as a “car crash.” Football has a nasty habit of exposing the utterly clueless in the most obvious way imaginable and separating the owners who have both business savvy and a tremendous capacity for delegation from those who have more money than sense. Football club ownership has a stark, frequently brutal reality that people driven by ego and sentiment have frequently learned the hard way, generally as a result of player mutinies and fan protests.
Evertonians have been furious with the mismanagement after two seasons of dancing with the devil at the bottom of the Premier League standings.
The prospect of American company 777 Partners taking over the Merseysiders will not only offer a much-needed respite from the constant negativity but hope to many Evertonians who have been severely alienated by the current regime. With little to show for the eye-watering sums spent on failing transfers, the fruitless string of managers, and recurrent FFP issues. Who exactly owns the Toffees now that Everton has confirmed that 777 Partners has signed on the dotted line to take over Moshiri’s 94.1% stake?
Many Evertonians who have been deeply alienated by the current administration may find hope in the idea of American corporation 777 Partners taking over the Merseysiders in addition to a much-needed break from the continual criticism. Without much to show for the exorbitant sums spent on unsuccessful transfers, the futile succession of managers, and ongoing FFP problems. Now that Everton has declared that 777 Partners has signed on the dotted line to take over Moshiri’s 94.1% ownership, who actually owns the Toffees?
The American company 777 Partners, an investment firm, was founded in Miami in 2015. They specialize in a number of key areas, including sports, media, entertainment, insurance, fintech, aviation, litigation finance, private credit, and sustainability. The business “acts like owners” and “operates with high integrity in everything we do, seeking to have a positive and enduring impact on the people and communities we serve,” according to the 777 Partners website.
“We are business owners helping other business owners. We are driven by a desire for knowledge and understanding and possess the grit, cunning, and adaptability necessary to launch successful businesses.
“We win together with care, consideration, and empathy for the wellbeing of our partners and people by establishing enduring relationships of trust,” they continue.
The Miami-based company has built up a sizable portfolio of more than 50 firms over the course of its eight-year existence. In recent years, 777 Partners has added ownership in numerous football clubs to their collection of businesses. The company owns teams like Genoa in the Serie A, Standard Liege in the Belgian Pro League, Red Star FC in France’s third division, and majority interests in Hertha Berlin of the Bundesliga 2 and Victory of the Australian A-League.
In addition, the business, which had first acquired a minority position in Sevilla of La Liga in 2018, began to acquire a 15% stake in that team as of last year. Everton is by far and away 777 Partners’ biggest sporting purchase to date in terms of value, despite prior investments.
What is the net worth of 777 Partners?
As you might expect, 777 Partners have plenty of cash on hand, and as a significant participant in one of the most financially taxing sports, the fact that the company owns six other clubs speaks to the wealth at their disposal. According to reports, the private investment group has a net worth of £9.63 billion ($12 billion), making it the fifth-richest club in the Premier League after Arsenal, Tottenham, Aston Villa, and bitter crosstown rivals Liverpool. 777 Partners are £7 billion wealthier than Farhad Moshiri, the current owner of Everton.
What does the acquisition signify for the future of the club, Bramley-Moore Dock, and Everton?
Of course, some supporters may wonder what the impending 777 Partners acquisition implies for the club’s plans to build a new home at Bramley Moore Dock. There have been some questions about the project’s future expressed in light of the estimated cost of the new ground, which is estimated to be around £760 million, of which £400 million will come directly out of Moshiri’s pocket. Since then, Moshiri has reaffirmed it.
“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 primarily financed to date,” Moshiri said in a statement posted on the club’s website. I have talked to a number of people and taken into account some promising possible options. However,
As a result of this agreement, the current owner continued, “We have a seasoned 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 Everton’s future success. Today marks a crucial turning point in Everton’s remarkable development, and I look forward to closely monitoring as our Club continues to grow.
With new beginnings in store for the blue half of Merseyside, fans will be hopeful that the construction of their ultra-modern stadium and the arrival of their mega-wealthy owners will help their football team recover from a forgettable period in their history.
The clubs that make up 777 Partners’ current portfolio have been a very mixed bag so far. With their recent victory in the Europa League, which guaranteed them a spot in the Champions League for the 2023–24 season, Sevilla is a case study of what can go well for a business. But things aren’t looking so good for Standard Liege in Belgium. The Belgian Pro League club’s fans have recently experienced a great deal of unrest as they have developed a strong dislike for the ownership and blame them for the club’s failure to qualify for Europe last season after finishing sixth. Things haven’t gone well for them either this season as the club has gone winless in their first three games.
What statements have 777 Partners made regarding the acquisition and their goals for the club?
“We are truly humbled by the opportunity to become part of the Everton family as custodians of the Club,” Josh Wander said in a statement posted on the club’s website. “We consider it a privilege to be able to build on its proud heritage and values.”
“Our main goal is to work with fans and stakeholders to create a sporting and business infrastructure for the men’s and women’s teams that will produce results for future Everton supporters,” Wander continued. As part of this, we’re dedicated to long-term collaboration with the neighborhood’s residents, working on significant initiatives like transforming Bramley-Moore Dock into a top-notch facility.
Leave a Reply