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Saturday, June 22, 2024

Everton Acquisition By 777 Partners Extends U.S. Presence in Premier League

  • American entities now control half of Premier League clubs
  • Deal expected to close by year's end, is met with fan unease
An Everton player displays shirt sponsor Stake.com, a gambling company, during a match.
Tommy Gilligan-USA TODAY Sports

Soccer’s reverse British Invasion continues. 

The Florida-based 777 Partners have completed their anticipated deal to acquire the Premier League’s Everton, extending a growing American presence in arguably the sport’s top league.

The pact will see 777 Partners acquire a controlling 94.1% stake in the club from Farhad Moshiri, who oversaw a highly difficult period for the club that included near-relegation, five straight years of financial losses, and ongoing delays and rising costs for a new stadium.

Everton is getting a critical lifeline following unsuccessful efforts to stabilize the club. The deal is now going before several entities, including the Premier League and Football Association, for approval in advance of intended closing later this year.

Multiple reports pegged the deal at about $685 million.

“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,” said Josh Wander, 777 Partners founder and managing partner.

Local Unease

777 Partners — which is steadily amassing one of the world’s leading soccer portfolios — had previously considered an investment in Everton. But this deal and entry into the Premier League represents the largest and boldest step to date by the firm.

The deal will bring the number of American-owned Premier League clubs to 10 out of 20 — a group that also includes iconic clubs such as Arsenal, Chelsea, Liverpool, and Manchester United. Already a situation causing unease within English soccer, tension has only grown through ongoing struggles and fan protests at several of the U.S.-owned clubs.

“We recognize the news today raises many questions for Evertonians, and we have already asked for an urgent meeting with the club and 777 representatives to obtain some clarity on the plans for the development of the club,” said the Everton Fan Advisory Board.

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