Sheffield United's Premier League rivals Everton set for takeover as agreement is announced

The Toffees have confirmed via official club channels that Farhad Moshiri has agreed to sell his majority stake in the club to American investment fund 777 Partners.

Moshiri’s stake accounts for 94.1 per cent of the club’s shares and the businessman has described the sale as an “important next step in the successful development of Everton”.

In a statement, he said: “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.

“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 twelfth man. You are the best fans and deserve success.”

Moshiri became Everton’s majority shareholder in 2016, purchasing a 49.9 per cent stake. His stake was increased to 94.1 per cent last year.

Josh Wander, founder and managing partner of 777 Partners, 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.”