Everton has been sold to 777 Partners, with the US private equity firm buying out Farhad Moshiri's 94.1% stake in the struggling Premier League club in a deal reportedly worth more than £550 million ($685m).
The Miami-based investment fund declared on Friday it had signed an agreement with the British-Iranian billionaire to acquire his stake in Everton.
Closing of the transaction is expected to occur in the fourth quarter of 2023 and remains subject to regulatory approval, including from the Premier League, the Football Association, and UK's Financial Conduct Authority.