After months of talks between the main parties, Everton FC is reportedly close to an agreement to be acquired by 777 Partners LLC following, according to a source with knowledge of the matter.<\/p>\n
Club owner Farhad Moshiri \u2013 having invested additional hundreds of millions of pounds into the vastly underperforming team \u2013 will allegedly exit with an undisclosed portion of the money he invested, according to the source close to the matter, who spoke on conditions of anonymity since the negotiations are private.<\/p>\n
A deal could be announced as soon as Tuesday. If consummated, the sale will bring the number of American-owned Premier League teams to 10 out of 20. The parties are in the late stages of talks, and the deal could still fall apart. Moshiri\u2019s legacy includes a partly-complete, state-of-the-art stadium in the Bramley-Moore Dock area of Liverpool.<\/p>\n
Everton have been fortuitous in narrowly avoiding relegation the past two seasons and their inauspicious start to the current season with only one draw and three losses adds no comfort to both club owners and fans. Relegation from the Premier League to the Championship tier is understandably an immensely costly affair that can hopefully be avoided. For one, the broadcast fees fall from at least a minimum of \u00a3100 million a year in the top tier to less than \u00a310 million despite relegated teams receiving token payments to soften the blow for a period of three years.<\/p>\n
777 has been credibly at the forefront of investing in, and building, a stable of football teams stretching from Brazil to Belgium over the past 21 months. The Group has been rewarded with success in some of their ventures, particular in leading Genoa back into Italy\u2019s Serie A after inheriting a team that was on its way to relegation. Co-founder Josh Wander states 777 has more than doubled squad value at Genoa while reducing squad costs there by 50%.<\/p>\n
777 is being advised on the Everton FC deal by Tifosy Capital & Advisory, the specialist sports business advisers, as well as on a possible capital raise.<\/p>\n
Everton has also allegedly been negotiating with MSP, a sports investor, about a loan deal although MSP declined to comment.<\/p>\n
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