Business of Sport British-Iranian businessman sells stake in Everton FC By Gavin Gibbon September 15, 2023 Everton FC Former accountant Farhad Moshiri has sold his majority stake in Everton FC to Miami investment group 777 Partners Sold to US investment fund 777 Partners Moshiri had owned 94% stake Club lost $203m between 2020 and 2022 British-Iranian businessman Farhad Moshiri has sold his stake in English Premier League club Everton to Miami investment fund 777 Partners. It has signed a deal to acquire the former accountant’s 94 percent of the club’s shares. Monaco-based Moshiri invested in Everton in 2016 before taking a majority stake two years later. Green light for Manchester City stadium upgrade Oman Air signs sponsorship with Chelsea FC Steven Gerrard is Saudi’s latest big-name football signing However, his time in charge has been troubled and he has been searching for a buyer for the club for months. Everton are subject of an investigation by Premier League authorities over alleged breaches of financial regulations. The club made a net loss of £44 million ($55 million) in the year ending June 2022, following a net loss of £120 million in 2020-21. In a statement Moshiri rued the challenge of competing with rival investors. Among them include Saudi Arabia’s Public Investment Fund, which bought Newcastle United in 2021, and Abu Dhabi-backed Premier League champions Manchester City. “The nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton seven years ago,” Moshiri said. “The days of an owner/benefactor are seemingly out of reach for most. “The biggest clubs are now typically owned by well-resourced private equity firms, specialist sports investors or state-backed companies and funds.” The 777 group already has a number of football clubs in its portfolio, including Sevilla, Genoa, Hertha Berlin and Standard Liege.