Everton sold to US investment company for £550million

Everton have been sold to 777 Partners, with the US private equity firm taking over from Farhad Moshiri in a deal reportedly worth more than £550million.

Everton narrowly avoided relegation from the top flight in each of the last two seasons and are currently 18th in the standings without a win in four games this season.

777 partners are a Miami based private investment company who already are heavily invested in soccer clubs. They own Genoa FC, Standard Liege, Red Star, CR Vasco da Gama and Melbourne Victory and also hold an interest in two budget airlines and a movie studio.

Everton have struggled on and off the pitch in recent years with sanctions imposed on Russian business interests effecting their revenues as oligarch Alisher Usmanov was a major sponsor and financial backer of the club.

Explaining his decision to sell the Merseyside club, Moshiri 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."