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Everton agree takeover deal with American investment firm 777 Partners
Everton agree takeover deal with American investment firm 777 Partners
Everton owner Farhad Moshiri has signed an agreement with 777 Partners for the American investment firm to acquire his controlling stake in the club. The Toffees, who are currently 18th in the Premier League table, have had Moshiri as a shareholder since 2016 and majority shareholder since 2018, with his stake accounting for 94.1 per cent. He said in a statement from the club: “The nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton over seven years ago. “The days of an owner/benefactor are seemingly out of reach for most and the biggest clubs are now typically owned by well-resourced PE firms, specialist sports investors or state backed companies and funds. “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. I have spoken to a number of parties and considered some strong potential opportunities. “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. “As a result of this agreement, we have an experienced and well-connected investor in football clubs who will help maximise 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. Today is an important next step in the successful development of Everton and I look forward to closely following as our club goes from strength to strength. 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 Moshiri “Of course, none of this could have been achieved without the hard work of everyone at the club. From our team at the training ground, our commercial and support teams through to matchday employees, I extend my sincerest gratitude. “And to our fans, the last few years have been challenging but you have supported the club through it all and consistently been our 12th man. You are the best fans and deserve success.” Everton said closing of the transaction is expected to occur in the fourth quarter of 2023 and remains subject to regulatory approval, including from the Premier League, the Football Association, and the Financial Conduct Authority. 777 currently own, or part own, Genoa, Standard Liege, Hertha Berlin, Vasco de Gama and Melbourne Victory and the London Lions basketball team and British Basketball League. The group had been in talks earlier this summer over a partial investment in Everton, only for rivals MSP Sports Capital to enter into an exclusivity agreement with Moshiri. With that agreement ending after that potential investment fell through over repayments to existing lenders – although a £100million loan to help finalise the completion of a new stadium at Bramley-Moore Dock was agreed – 777 re-entered the picture and are now set to make a full takeover. 777 founder and managing partner 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. “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.” Friday’s announcement means that Bill Kenwright’s tenure as Everton chairman – a role he has had for 19 years – is likely to come to an end. In June chief executive Denise Barrett-Baxendale, chief finance officer Grant Ingles and non-executive director and former striker Graeme Sharp departed the club in the wake of numerous supporter protests, but Kenwright, a target for fans’ anger, accepted Moshiri’s request to remain. Everton’s Fan Advisory Board, who have asked for an urgent meeting with the club and 777 representatives and will also canvas opinions from supporters, called for the deal to be scrutinised properly. “This is yet another critical point in our club’s history following periods of concern about our performance on and off the pitch and uncertainty about our future,” said a statement. “We understand that there remains a number of steps before the process of completing the deal can be finalised, as part of the formal regulatory review. “It is imperative that that those given responsibility to scrutinise the detail of this proposed acquisition do so in the most rigorous manner possible and that such scrutiny is carried out in the interests of Everton’s global fanbase, employees and minority shareholders.” Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live Gareth Anscombe reveals his relief at avoiding an unwanted World Cup double Klopp likes new Liverpool hoodie and lizards visit F1 – Friday’s sporting social The key talking points ahead of Ireland’s World Cup clash with Tonga
2023-09-16 01:29
UAE official says visa restrictions not lifted for Nigerians
UAE official says visa restrictions not lifted for Nigerians
The United Arab Emirates has contradicted claims by the Nigerian government that it is to lift a year-long visa ban on Nigerian travelers.
2023-09-16 00:52
Gear Up for Game Day With These 15 Must-Have Tailgating Essentials
Gear Up for Game Day With These 15 Must-Have Tailgating Essentials
You’ll have everything you need for the season with top-rated tailgating essentials like coolers, pop-up tents, and more.
2023-09-16 00:16
SEC football standings based on yards per play through Week 2
SEC football standings based on yards per play through Week 2
The SEC schedule will truly get rolling this week, but let's take a look at the SEC football standings if they were ordered by yards per play after two weeks.
2023-09-15 23:29
Spain players demand FA overhaul and continue national team boycott in wake of Luis Rubiales crisis
Spain players demand FA overhaul and continue national team boycott in wake of Luis Rubiales crisis
Twenty-one of Spain’s World Cup-winning squad have issued a statement saying the resignation of Luis Rubiales is “not enough” to trigger their return to national team duty. A group of 81 players, including all 23 members of the World Cup squad, released a statement last month indicating they would not play for Spain again while Rubiales remained in post. He finally announced his resignation as the Spanish federation (RFEF) president last Sunday after weeks of criticism over his behaviour at the World Cup final, where he kissed Spain player Jenni Hermoso on the lips during the medal presentation. Hermoso insists she did not consent to the kiss. However, the large majority of the victorious squad remain unavailable for this month’s Nations League matches against Sweden and Switzerland, saying they are not yet “in a safe place” to return and that the problems at the RFEF run far deeper than Rubiales. The statement, which includes the signatures of star names such as Hermoso, Alexia Putellas, Olga Carmona and former Manchester United player Ona Batlle, said: “Today, as we have transmitted to the RFEF, the changes that have occurred are not enough for the players to feel in a safe place, where women are respected, where there is a commitment to women’s football and where we can give our maximum performance. “The players of the Spanish team are professional players, and what fills us most with pride is wearing the shirt of our team and always leading our country to the highest positions. “For this reason, we believe that it is time to fight to show that these situations and practices have no place in our football or in our society and that the current structure needs changes. We do it so that the next generations can have a much more equal game that we all deserve.” The statement calls for a restructuring of the women’s football department, the RFEF’s presidential cabinet and general secretariat, the communications department and the integrity department. The statement is also signed by a number of players who withdrew from the Spain squad last year over conditions within the national team set-up, including Mapi Leon and Patricia Guijarro. In all, 39 players were signatories to the statement. PA Read More Spanish women’s football league calls off strike after wage agreement Rubiales could face criminal charges after sexual assault filing Sacked Jorge Vilda defends clapping Luis Rubiales’ ‘I will not resign’ speech
2023-09-15 22:57
Erik ten Hag says he inherited Manchester United with ‘no good culture’
Erik ten Hag says he inherited Manchester United with ‘no good culture’
Manchester United manager Erik ten Hag says he inherited a club with “no good culture” after Jadon Sancho was told to train away from the first team. Sancho is being disciplined after claiming on social media that he had been made a “scapegoat” following his omission from the Arsenal defeat before the international break. Ten Hag declined several opportunities to discuss the winger when he was asked ahead of Saturday’s Premier League clash with Brighton at Old Trafford. Sancho’s misstep is the latest in a long line of off-field disciplinary issues that the Dutchman has had to deal with since his appointment last summer and he said part of his brief was to instil better discipline at the club. Ten Hag said: “Strict lines is what the club asked me because there was no good culture before I entered last season, so to set good standards, that is what I did and it is my job to control the standards. “Of course, it is never someone only makes one mistake, it is a whole process before you come to a certain outcome about strict lines. “If staff or players or whoever, there is a structure to cross lines so you have to be strong.” Despite Sancho’s long-term future at the club appearing to be up in the air and Antony currently away from the club while he deals with allegations of being violent towards women, Ten Hag claims the United squad is in good fettle. “I think everything is said. So the squad is strong, the squad is in good spirits and good mood going into the game,” he said. “You have sometimes setbacks in seasons, players are injured or for other reasons are not available, so you construct a squad and the squad is very good and the players who are available are very motivated to give a good performance.” Asked whether he knew how long Antony would be away, he replied: “I have no idea. Of course he is disappointed, but he is OK.” Ten Hag has also leapt to the defence of defender Harry Maguire, who was on the end of abuse from Scotland fans during England’s midweek friendly win. Maguire, who could have left United in the summer, described it as “banter” but his mother came out in support of him on social media. And Ten Hag added: “I have said many times, it is disrespectful, he doesn’t deserve it, he is a great player, gives great performances. It’s crazy but it’s how it works and Harry has to block this by performances. “It’s unjustified when you see his career, it’s a great career and it has a lot to come but he has to block it by good performances.” Ten Hag revealed Lisandro Martinez and Victor Lindelof are fit to face the Seagulls, but Luke Shaw, Mason Mount and Raphael Varane are still injured. Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live Scorer who racially abused umpire Majid Haq handed lifetime ban Wales taking heed of France-Uruguay battle as they prepare for minnows Portugal England will gain full value with Nat Sciver-Brunt as an all-rounder – Jon Lewis
2023-09-15 21:58
GM CEO Marry Barra tells CNN she's 'frustrated' about the strike
GM CEO Marry Barra tells CNN she's 'frustrated' about the strike
General Motors CEO Mary Barra said she's "frustrated" with the autoworker strike that began overnight, and said that her company has a "very compelling offer" for the union.
2023-09-15 21:52
USA Basketball back atop FIBA men's world rankings, overtaking Spain for No. 1
USA Basketball back atop FIBA men's world rankings, overtaking Spain for No. 1
USA Basketball is back atop the FIBA men’s world rankings even after failing to medal at the World Cup
2023-09-15 20:53
Chick-fil-A returns to UK after gay rights backlash forced a retreat
Chick-fil-A returns to UK after gay rights backlash forced a retreat
Chick-fil-A is making another foray into the United Kingdom after gay rights campaigners forced the fast-food chain to close a pop-up site in the country in 2019.
2023-09-15 20:18
Maggie Gyllenhaal feels like Yoko Ono in 'unusual' Lafayette 148 trousers
Maggie Gyllenhaal feels like Yoko Ono in 'unusual' Lafayette 148 trousers
Maggie Gyllenhaal is the face of Lafayette 148's fall 2023 collection.
2023-09-15 18:30
Marketmind: Autoworkers' walkout to test resilience of US economy
Marketmind: Autoworkers' walkout to test resilience of US economy
A look at the day ahead in U.S. and global markets from Dhara Ranasinghe Brewing industrial action looks set to
2023-09-15 18:16
Callum Wilson extends Newcastle deal
Callum Wilson extends Newcastle deal
Newcastle striker Callum Wilson has agreed a one-year contract extension with the Premier League club. The 31-year-old, who has been the Magpies’ top scorer for the past three seasons, is now committed to the Magpies until 2025. The England international has scored 40 goals in 79 league games since arriving from Bournemouth in 2020. That places him fifth on the club’s record Premier League goalscorers chart and with just eight more he would move up into second, behind only Alan Shearer. Wilson told the club’s website: “I’m delighted to extend my time here. “It’s a fantastic football club, I’ve been welcomed ever since I came through the door and now the club’s going in a fantastic direction and on a journey so it’s nice to commit my future to being a part of that. “We’ve got some great things to look forward to and I think being around here, the city, fanbase, is what players dream of so I can’t wait to be around for the next few years. “When I first joined the club, I had ambitions to come back to the Premier League having been relegated with Bournemouth and over the first few interviews I mentioned Europe and I mentioned getting to 100 Premier League goals. “They were ambitions of mine and they still are. I’m close to get into the ‘100 club’ and also becoming the second all-time Premier League scorer for Newcastle would be an amazing achievement, having looked up to Shearer for many years. “There’s so many fantastic names that have been before me at Newcastle – goalscorers who have worn the number nine – and it’d be nice to join them in the record books during my time here.” Wilson’s contributions helped Newcastle finish fourth in the Premier League and reach the Carabao Cup final last season. Manager Eddie Howe, who previously worked with Wilson at Bournemouth, said: “We’re very pleased because Callum has been an integral part of our success. “He’s an outstanding person, an outstanding footballer and I’m delighted he’s going to be with us for longer. “He’s an incredibly motivated person and I’ve never seen Callum not motivated to score goals. I think that’s a great thing for a striker.”
2023-09-15 17:56
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