Premier League side Everton's search for major investment "is finally over" after an Iranian-born British citizen agreed to a £200M ($277.6M) takeover, according to Jonathan Northcroft of the SUNDAY TIMES. Farhad Moshiri, until Friday a significant stakeholder in Arsenal, is yet to reveal his plans but promised to "deliver success." Bill Kenwright will remain as Everton chair under the deal. Retaining "key talents" like Ross Barkley and John Stones is "seen by supporters as among the new owner’s priorities." Moshiri had been a co-investor in Red And White Holdings, which owns 30% of Arsenal, but sold his stake to partner Alisher Usmanov for £150M ($208.2M) "to fund his purchase of Everton." Moshiri, 60, "made a fortune" of more than £1B ($1.4B) through investments. He will acquire 49.9% of Everton, "conditional on Premier League approval," with Kenwright retaining some shares but selling most of his stake, while "other main investors at the club will also significantly reduce their holdings" (SUNDAY TIMES, 2/28). The London GUARDIAN reported Kenwright said that Everton found the "perfect partner" in Moshiri. Kenwright said, "After an exhaustive search I believe we have found the perfect partner to take the club forward. I have got to know Farhad well over the last 18 months and his football knowledge, financial wherewithal and true blue spirit have convinced me that he is the right man to support Everton." Earlier this month, Everton "appeared to be moving towards a takeover, after talks with the American investors John Jay Moores and Charles Noell were understood to have made progress." Moores, the former owner of the MLB San Diego Padres, and his associate "had been in negotiations since December and undertook a six-week due diligence period looking at the club’s books and speaking to the major shareholders, Kenwright, Robert Earl and Jon Woods" (GUARDIAN, 2/27).
OTHER SUITORS: In London, Matt Law reported other than Moores, Everton held negotiations "with a wealthy Jordanian over the ownership of the club while there has also been interest from two China-based groups." But Moshiri's "apparent willingness to allow Kenwright to remain in a position of power at the club, at least in the short term, gave him an advantage." Forbes estimates that Moshiri’s personal wealth stands at around £1.3B ($1.8B) and that figure "will have been swollen by the sale of his Red and White shares to Usmanov." Usmanov and Moshiri had hoped to buy Arsenal from owner Stan Kroenke, but the American "is unwilling to sell" and their 30.04% share of the Gunners "did not even earn them a place on the club’s board" (TELEGRAPH, 2/27). REUTERS' Ken Ferris reported Kenwright, a leading film and theater producer, "has been looking for major investment to take the club forward for more than a decade, having bought a controlling stake in Everton from Peter Johnson" for £20M in Dec. '99. Moshiri has promised new investment in the club who has won the English title nine times and the FA Cup on five occasions, albeit not since '95 when the club last lifted a major trophy" (REUTERS, 2/27). The BBC reported there will be some "major items on the new Everton owner's agenda when he settles to his task," namely the next move on whether the club moves ground or considers redeveloping Goodison Park -- and also how to keep the club's most coveted players, with top scorer Romelu Lukaku and England pair John Stones and Ross Barkley expected to attract "serious interest this summer." Everton hopes Moshiri's arrival will "finally provide them with the financial power" it has lacked to threaten the elite at the top of the Premier League (BBC, 2/27)
