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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
US Soccer Federation plans national training center and new headquarters in Atlanta
US Soccer Federation plans national training center and new headquarters in Atlanta
The United States Soccer Federation is planning to build a national training center in Atlanta with financial support from Arthur Blank
2023-09-16 01:17
Premier League predictions: Gameweek 5
Premier League predictions: Gameweek 5
90min predicts the weekend's Premier League results including Everton vs Arsenal, Manchester United vs Brighton and West Ham vs Manchester City.
2023-09-16 01:17
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
Dawid Malan hits 127 in England's 311-9 in the final ODI against New Zealand
Dawid Malan hits 127 in England's 311-9 in the final ODI against New Zealand
Dawid Malan took up the mantle of England’s power hitter in the absence of Ben Stokes by smashing 127 off 114 balls in the team’s total of 311-9 in the fourth and final match of the one-day international series against New Zealand
2023-09-15 23:58
Leitch set for record 15th Rugby World Cup match for Japan vs England
Leitch set for record 15th Rugby World Cup match for Japan vs England
Veteran flanker Michael Leitch will set a national record with his 15th Rugby World Cup appearance for Japan when it faces England on Sunday
2023-09-15 23:51
Man United manager Ten Hag lays down his hardline stance as Sancho trains away from 1st team
Man United manager Ten Hag lays down his hardline stance as Sancho trains away from 1st team
Manchester United manager Erik ten Hag says his players must abide by his strict rules after Jadon Sancho was forced to train away from the first team
2023-09-15 23:45
Mississippi player sues coach Lane Kiffin, school for lack of support during mental health crisis
Mississippi player sues coach Lane Kiffin, school for lack of support during mental health crisis
A Mississippi football player is suing coach Lane Kiffin and the school for racial and sexual discrimination and negligence after he says he was kicked off the team during a mental health crisis
2023-09-15 23:26
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
Wrestler Will Ospreay speaks on tattoo of wrong AEW Wembley stats:
Wrestler Will Ospreay speaks on tattoo of wrong AEW Wembley stats: "Worst day of my life"
Professional wrestler Will Ospreay has spoken about a regretful tattoo he got after competing at AEW's All In show at Wembley Stadium, where the wrong attendance was announced. The show which happened on August 27th, was believed at the time to be a world record for a wrestling show with 81,035 fans in attendance at the historic venue London. However, it has since been reported by Wrestlenomics that the actual number of people that went through the Wembley turnstiles on the day was only 72,265, as per data provided by Brent Civic Centre. Although AEW did sell 81,035 tickets for the show the actual attendance means that it doesn't have the record for a wrestling show, that still belongs to WWE's WrestleMania 32 at the AT&T Stadium in Texas in 2016. It also doesn't have the record for a wrestling show at Wembley Stadium either which is still held by WWE for their SummerSlam 1992 show with 78,927 fans in attendance. Aside from being an unfortunate error for AEW (the 'record' number was read out at the show) its even more embarrassing for Ospreay who got a tattoo of the stat on his arm to commemorate partaking in the show. Ospreay is regarded as one of the best wrestlers in the world and was the highest-profile British wrestler on the show, defeating Chris Jericho on the night. In a video the star uploaded then quickly deleted, Ospreay jokingly bemoaned the incorrect number which he now has on his arm, which is incidentally the first tattoo he's ever gotten. The 30-year-old said: "Bruv, you cannot make this f**king sh*t up. I am currently in Japan and I’ve had no f*cking sleep. I am tired and I wake up. This is the worst f*cking day of my life. Do you know how hard it was for me to get a tattoo? My Mum f**king hates them bruv. They announced it to everyone! They announced it was 81,000 people. I’ve got this f**king thing on my arm now." Commiserations Will but there is always a chance that he could appear at the show next year as AEW have announced that they will be returning to Wembley on August Bank Holiday weekend in 2024. Sign up for our free Indy100 weekly newsletter Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.
2023-09-15 22:30
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
Spain's World Cup-winning squad refuses to play upcoming matches amid fallout from unwanted kiss
Spain's World Cup-winning squad refuses to play upcoming matches amid fallout from unwanted kiss
Spain's World Cup-winning squad says it will refuse to be called up for the country's two upcoming Women's Nations League matches as it continues to push for "real structural changes" in Spanish soccer, following the fallout from ex-soccer boss Luis Rubiales' unwanted kiss on La Roja star Jennifer Hermoso.
2023-09-15 21:56
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