June 10 – Premier League Everton made another financial readjustment in its shareholding structure with billionaire owner majority owner Farhad Moshiri increasing his ownership from 68.6% to 77.2%.
Moshiri had previously indicated that he planned to increase his stake in the club to above 75% in order to give him more boardroom control.
Estimates are that Moshiri paid £87.5 million for his initial 49.9% stake in the club and since then has put in £250 million in loans. It is the kind of financial commitment the other shareholders cannot match.
Everton have improved facilities at their Finch Farm training ground and are advancing ambition to build a new £500 million 52,000-capacity stadium at Bramley Dock that would be opened in 2023.
A club statement read: ‘Everton Football Club today announces that majority shareholder Farhad Moshiri has increased his shareholding in the club to 77.2 per cent. This increase is consistent with the announcement of September 2018 that he expected that to increase to 77.2 per cent by no later than July 2019.’
Moshiri bought the latest tranche of shares from Lord Grantchester who said: “The agreement today of the sale of my family’s shares in Everton is in the best long term interests of the club.
“It is made in support of the leadership of chairman Bill Kenwright and majority shareholder Farhad Moshiri with their ambitious and exciting plans both on and off the pitch.”
Kenwright still owns 5% of the club.
Contact the writer of this story at [email protected]all.com