American investment firm 777 Partners buys Everton

MANCHESTER, England (AP):

American investors just can’t seem to get enough of the English Premier League.

Everton are the latest storied English football team to come under US ownership after Miami-based private investment firm 777 Partners reached a deal to buy out majority shareholder Farhad Moshiri.

“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,” Josh Wander, founder and managing partner of 777 Partners, said in a statement yesterday.

Manchester United, Liverpool, Arsenal and Chelsea are all under American ownership, with varied degrees of success. Others on the list from the 20-team division are Aston Villa, Crystal Palace, Fulham, Burnley and Bournemouth.

Even Abu Dhabi-backed Manchester City have an American minority owner, with California-based private equity firm Silverlake holding an 18 per cent stake.

American interest in the Premier League was highlighted by the sale of Chelsea last year when Todd Boelhy and Clearlake Capital fought off a number of US-based competitors to buy the two-time Champions League winner.

However, there has not been the same level of interest in Man United after its owners, the Glazer family, put the club on the market last November. The only public bids for United have come from Qatari banker Sheikh Jassim bin Hamad Al Thani and British billionaire Jim Ratcliffe – with US interest in the 20-time English champion perhaps cooled by the Glazers’ reported asking price of around US$6 billion.

The Premier League’s global broadcasting revenue, worth billions of dollars, as well as packed stadiums, makes it an attractive prospect to investors.

Everton did not disclose how much 777 Partners will pay for its 94.1-per cent stake in the club and any sale will need to be approved by the league. The transaction is due to be completed in the fourth quarter of this year, 777 Partners said.

CHANGE OF FORTUNE

Everton fans will hope a change of ownership will bring about a change of fortune after years of upheaval and disappointment.

Everton was founding members of the English Football League in 1888 and Premier League in 1992. They have won nine league championships, five FA Cups and a European Cup Winners’ Cup, but have not won a major trophy since the FA Cup in 1995.

Moshiri bought an initial 49.9 per cent stake in the club in 2016 but Everton have faced repeated battles to stave off relegation since then, despite a transfer spend of about US$800 million and a revolving door of coaching hires.

Frank Lampard became the sixth manager fired under Moshiri when the former Chelsea great was let go last season and replaced by Sean Dyche.

Everton avoided relegation on the final day of the season, keeping the team from falling out of the top division for the first time since 1951.