Everton have been sold to 777 Partners, the struggling Premier League club said on Friday, with the US private equity firm taking over from Farhad Moshiri in a deal reportedly worth more than £550m ($685m).

The Miami-based investment fund said it had signed an agreement with British-Iranian billionaire Moshiri to acquire his 94.1 per cent stake in the club.

“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,” said Josh Wander, founder and managing partner of 777 Partners.

The firm 777 Partners has a number of clubs in its portfolio, including Italian side Genoa and Belgian team Standard Liege, while they also have stakes in LaLiga club Sevilla and Australian A-League side Melbourne Victory.

Moshiri first bought a 49.9 per cent stake in Everton in 2016. By January 2022, he had increased his stake to 94.1 per cent with a £100m capital injection.

Everton narrowly avoided relegation from the top flight in each of the last two seasons.