Everton have been sold to 777 Partners, the struggling Premier League club said on Friday, with the US private equity firm taking over from Farhad Moshiri in a deal reports said was worth more than 550 million pounds ($685 million).
The Miami-based investment fund said it had signed an agreement with British-Iranian billionaire Moshiri to acquire his 94.1% stake in the club. The deal is expected to be closed by the end of the year, a club statement 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," said Josh Wander, founder and managing partner of 777 Partners.
The firm 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.