Sources: New Everton takeover details emerge as Farhad Moshiri's private position revealed
Farhad Moshiri had been seeking external investment in Everton for over a year before he went public with his ambitions in July, sources have told Football Insider.
The revelation is significant given that the British-Iranian billionaire is still yet to secure the funds for the Toffees’ 2024 move to Bramley-Moore Dock stadium.
Moshiri is expected to part-finance the construction project but cannot commit the full £500million it will take to see their new 52,888-seater home through to completion.
The 67-year-old is therefore willing to relinquish some of the club’s equity – he currently owns 94.1 per cent – in exchange for cash to facilitate the historic relocation.
A research consultancy firm has told Football Insider that they were enlisted by an interested party in June 2021 to conduct due diligence on Everton after Mohsiri privately signalled he was open to offers.
The party, whose identity the consultancy firm did not disclose, has since abandoned its interest in the Toffees.
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Moshiri’s efforts to attract investors pre-date even the cancellation of Alisher Usmanov’s various sponsorship deals with the club following UK government sanctions in March this year.
The Russian oligarch paid £30m for first refusal for the new stadium’s naming rights, and his involvement with the club extended to sponsorship deals through his MegaFon and USM companies.
Usmanov’s withdrawal exacerbated Everton’s financial anxieties, with the club having reported league-record losses of over £370million across the 2018-19, 2019-20, and 2020-21 campaigns.
The party line remains that the club have worked with the Premier League and that various add-backs see them fall within the £105m worth of losses allowed by the Financial Fair Play system over three years.
A recent investigation by The Guardian found that Everton are contractually obliged to return Bramley-Moore to its original state if the project can be completed – and that eventually, however unlikely, could cost hundreds of millions.
The Toffees walked away from a funding package from Liverpool city council in May, with the club ultimately agreeing to foot the majority of the £841,000 the taxpayer paid to research the proposal.