U.S. private equity firm, 777 Partners, has completed the acquisition of struggling Premier League club, Everton, in a deal reportedly worth more than 550 million pounds ($685 million).

The 777 Partners took over Everton from Farhad Moshiri.

The Miami-based firm, according to a statement issued by the club on Friday, September 15, 2023, signed an agreement with British-Iranian billionaire Moshiri to acquire his 94.1% per cent stake in the club.

The founder and managing partner of 777 Partners, 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.

READ ALSO: EPL: Arsenal crush Everton as Liverpool beat Wolves to climb into top 6

“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.”

The 777 Partners has a number of clubs in its portfolio, including Italian side Genoa and Belgian team Standard Liege, while they also have stakes in LaLiga club Sevilla and Australian A-League side Melbourne Victory.

Moshiri, a former Arsenal shareholder, first bought a 49.9 per cent stake in Everton in 2016. By January 2022, he had increased his stake to 94.1 per cent with a £100 million capital injection.

But despite investing nearly 750 million euros ($799.65 million) in transfers to build the squad since Moshiri’s arrival, Everton have slipped out of the top half of the table to fight relegation battles in recent seasons.

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.

The Star