ANKARA

English Premier League's Everton agreed a takeover with 777 Partners, a US investment company, the Liverpool-based football club said on Friday.

"777 Partners has signed an agreement with Farhad Moshiri to acquire his full stake in Everton Football Club, which accounts for 94.1 per cent of the Club's shares," Everton said in a statement.

Moshiri, a British-Iranian businessman, started to invest in Everton in 2016.

"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," Moshiri said.

"Today is an important next step in the successful development of Everton and I look forward to closely following as our Club goes from strength to strength," he added.

Everton said the club's takeover is expected to be finalized by the end of 2023, and it "remains subject to regulatory approval" from several institutions including the Premier League, Football Association, and the Financial Conduct Authority.

Everton made a bad start to the 2023-24 Premier League as the Toffees have one point in four matches to be in the relegation zone.

"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," Josh Wander, Founder and Managing Partner of 777 Partners, said.

"We are committed to partnering with the local community over the long-term, working on important projects such as the development of Bramley-Moore Dock as a world class stadium venue, allowing thousands more Evertonians to attend our home matches and contribute to the economic and cultural regeneration of Merseyside," Wander added.

Everton is building a new stadium on Bramley-Moore Dock, which is called the Everton Stadium as the club will replace the Goodison Park, which opened in 1892.

The Everton Stadium is set to open in the 2024-25 season, the club previously said.

The 777 Partners based in Miami comprises Italian club Genoa, Brazil's Vasco da Gama, Germany's Hertha Berlin, Belgium's Standard Liege, Red Star in France, Spanish club Sevilla, and Australia's Melbourne Victory.