US investment fund 777 Partners, the prospective new owner of Everton, has reportedly provided the Premier League club with a considerable loan to support its ongoing stadium project and other capital requirements.
Last Friday, Farhad Moshiri agreed to sell his majority shareholding in Everton to 777 in a deal that secured “the complete financing” for the new 53,000-capacity stadium at Bramley-Moore Dock.
The sale of Moshiri’s 94.1% stake is expected to be completed by the end of this year, subject to approvals from the Premier League, Football Association, and the UK’s Financial Conduct Authority.
The Athletic has now reported that 777 has already made a payment worth “tens of millions” to Everton amid rising costs for the stadium project. The company is not yet able to invest directly in Everton due to Premier League rules.
The report added that 777 will maintain a “continuous dialogue” with Everton as the takeover awaits approval. 777 also owns Genoa (Italy), Vasco da Gama (Brazil), Standard Liège (Belgium), Red Star (France), Melbourne Victory (Australia) and Hertha Berlin (Germany).
The cost of Everton’s stadium has previously been estimated at £500m (€579m/$620m), but reports have suggested this figure could rise considerably.
Following Friday’s announcement, Moshiri said: “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.”
Everton’s new stadium, which is being built by Laing O’Rourke, is scheduled for completion in the final months of 2024. The stadium has been included on a list of 10 venues proposed in the UK and Ireland’s final bid to host UEFA Euro 2028.