Everton serves as a notable example affirming the statement that money alone may not suffice to entirely transform a football club. British-Iranian billionaire Farhad Moshiri initiated a takeover of Everton, successfully acquiring a 49.9% stake in the club in February.
His ownership share increased to 94% last year. Despite investing over £700 million in transfers, Everton has struggled to achieve on-field success. In a surprising development, Moshiri has now announced his intention to sell his controlling stake in the club to 777 Partners.
Farhad Moshiri’s statement after agreeing to sell to 777 Partners
Everton have spent the last three seasons trying to avoid relegation. Sean Dyche’s team narrowly avoided relegation last season, finishing just one spot above the relegation zone and concluding the campaign with a goal difference of -26. The club’s recent difficulties highlight potential mismanagement at the top, and fans are eager for a change in ownership.
Their wish may have now come to pass as Farhad Moshiri has agreed to sell his controlling stake of 94.1% in the club to American firm 777 Partners. “The nature of ownership and financing of football clubs has changed immeasurably since I first invested in Everton over seven years ago,” Moshiri said in a statement.
“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 predominantly financed to date. However, it is through my lengthy discussions with 777 that I believe they are the best partners to take our great club forward, with all the benefits of their multi-club investment model,” Farhad added.
How did Everton do under Farhad Moshiri’s ownership?
Everton are clearly struggling, and the struggle has been carried into the new season, picking up just one point from four Premier League games and languishing in 18th place on the table. This explains how much the club has declined under Farhad Moshiri, despite spending over £700 million on transfers over the past seven years.
With an impending takeover of the club, fans will hope that 777 Partners can take the club to the next level, taking them from relegation candidates to a respectable top club. Will Everton survive relegation this season? Share your thoughts with us in the comment section.
