Miami-based 777 Partners have signed a deal to take ownership of Everton from Farhad Moshiri.

The group, co-founded by Josh Wander and Steven Pasko in 2015, are set to buy Moshiri’s 94.1 per cent majority shareholding.

However, the deal is still subject to approval from the Premier League, Football Association and Financial Conduct Authority.

The PA news agency takes a closer look at the prospective new owners.

What is 777 Partners and what does it do?

777 Partners is an investment platform which began offering litigation funding to lawyers in return for part of any settlement fee and has subsequently branched out into sports club ownership.

Who is already in the portfolio?

Genoa in Serie A, Germany’s Hertha Berlin, Standard Liege in Belgium, Vasco de Gama in Brazil, and French third-tier side Red Star. It also has minority stakes in LaLiga’s Sevilla, which was the company’s first football club investment in 2015, and Australian outfit Melbourne Victory. In addition it also owns London Lions basketball team and a 45 per cent share in the British Basketball League. Outside of sport there are investments in Australian and Canadian budget airlines and global film studio STX Entertainment.

So why Everton?

777 has not hidden its desire to gain a foothold in the Premier League, the most high-profile league in the world, and Everton’s huge losses – more than £430million over the last five years – and Moshiri’s decision to get out after ploughing in more than £700m, with an unfinished stadium still to pay for, essentially make the club a distressed asset and ripe for a takeover.

What are the stumbling blocks?

The Premier League would have to satisfy itself no rules on club ownership are being broken, while there are also new regulations on leveraged buy-outs and proof of funding – and the extent of any borrowing to complete the purchase. Co-founder Wander also only ended a long period of probation in 2018 relating to a 2003 drugs charge which he admitted so would come under additional scrutiny for the owners’ and directors’ test. There are also a number of legal claims against the company still outstanding.

What’s 777’s track record?

Not immediately encouraging for Everton fans, who have seen more than half-a-billion pounds spent in the last seven years with little success to show for it. Vasco de Gama fans have staged protests over a perceived lack of investment and, in early September, Liege fans held demonstrations inside their ground with banners such as ‘No money, no ambition’. The recent launching of a supporters’ bond to help fund Genoa’s new training ground also did not go down well. Hertha Berlin were relegated from the Bundesliga last season and face having to repay a £34m loan at high interest.

Everton owner Farhad Moshiri has signed an agreement with 777 Partners for the American investment firm to acquire his controlling stake in the club.

The Toffees, who are currently 18th in the Premier League table, have had Moshiri as a shareholder since 2016 and majority shareholder since 2018, with his stake accounting for 94.1 per cent.

He said in a statement from the club: “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 12th man. You are the best fans and deserve success.”

Everton said closing of the transaction is expected to occur in the fourth quarter of 2023 and remains subject to regulatory approval, including from the Premier League, the Football Association, and the Financial Conduct Authority.

777 currently own, or part own, Genoa, Standard Liege, Hertha Berlin, Vasco de Gama and Melbourne Victory and the London Lions basketball team and British Basketball League.

The group had been in talks earlier this summer over a partial investment in Everton, only for rivals MSP Sports Capital to enter into an exclusivity agreement with Moshiri.

With that agreement ending after that potential investment fell through over repayments to existing lenders – although a £100million loan to help finalise the completion of a new stadium at Bramley-Moore Dock was agreed – 777 re-entered the picture and are now set to make a full takeover.

777 founder and managing partner Josh Wander 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.”