Everton did not disclose how much 777 Partners will pay for its 94.1-percent stake in the club and any sale will need to be approved by the league. The transaction is due to be completed in the fourth quarter of this year, 777 Partners said.
Moshiri bought an initial 49.9% stake in the club in 2016 but Everton has faced repeated battles to stave off relegation since then, despite a transfer spend of about $800 million and a revolving door of coaching hires. The team has lost three and drawn one of its four league games so far this season, which points to another year of struggle.
Everton had been sponsored by companies belonging to Moshiri’s long-time business partner, Russian metal tycoon Alisher Usmanov. The club said last year that it had suspended agreements with his companies, USM, Megafon and Yota. Usmanov had been sanctioned by the European Union in the wake of Russia’s invasion of Ukraine.
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