Everton, one of English soccer’s most storied teams, will be bought by American private investment firm 777 Partners, the club said Friday.
Majority shareholder Farhad Moshiri has agreed to sell his 94.1% stake in the Premier League club, which he said would secure financing to complete a state of the art stadium that is currently under construction.
“Going forward, Everton will play in a stadium that will be the envy of the Premier League and beyond,” Moshiri said.
Miami-based 777 Partners already has stakes in a number of soccer teams through its 777 Football Group, which Everton will become part of.
The firm completed a majority stake takeover of Hertha Berlin in March. Its other clubs include Europa League champion Sevilla, Italian club Genoa, Brazilian team Vasco de Gama, Belgian club Standard Liege, French team Red Star FC and Australian team Melbourne Victory.