What's next for embattled Everton, the Premier League team to be bought by Americans
It has been a rough few years for Everton Football Club.
After narrowly escaping relegation from the Premier League during the 2021-22 and 2022-23 seasons, the Toffees are winless in their first four games of 2023-24 and shouldering $516 million in debt.
Critics blame Everton's enigmatic owners for the club's failures. Farhad Moshiri, the British-Iranian businessman who has pumped nearly $1 billion into Everton since buying shares in 2016, has taken the brunt of that blame. With pressure growing on Moshiri, he put his 94.1% stake in Everton on the market this summer.
"The nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton seven years ago," Moshiri said in a statement.
On Friday, Moshiri confirmed what many expected: that he'd be selling his shares in Everton Football Club to American investors 777 Partners. The transaction means that 10 of the Premier League's 20 clubs will soon be under American ownership.
777 follows a unique investing philosophy. It believes that a network of soccer clubs, rather than a few tentpole investments, can create better outcomes for each team in the portfolio. It has already purchased Belgium's Standard Liege, Italy's Genoa FC, Brazil's CR Vasco da Gama and Spain's Sevilla FC. 777 believes that Everton will fit neatly into this portfolio and that each club will be able to share players, knowledge and best practices from their specific leagues.
While it sounds nice in theory, 777's philosophy hasn't borne fruit yet. Three of its four teams are in the relegation zones of their respective domestic competitions, with 14th-placed Genoa the most successful of the lot. It's causing friction amongst fans of 777's portfolio teams, many of whom believe their clubs are being hurt by the multi-team focus.
"Multiple properties or multiple mediocrities?" read a fan protest banner at Standard Liege's stadium.
Everton will be the largest asset in 777's soccer portfolio by far. While that could mean good things for the club — it's likely to receive the best resourcing and attention — it's also a surefire sign that a quick turnaround isn't on the cards. 777 must grow into the Premier League, and it will do it without the ability to sign any new players until January 2024.
The long-term plan for Everton isn't yet clear. But the short-term plan is simple: win, soon and often, to get the club's 2023-24 season back on track.
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