The takeover would terminate the turbulent tenure of British-Iranian investor Moshiri, who originally invested in 2016.
The transaction is expected to close by the end of 2023, subject to permission from the Premier League, Football Association, and Financial Conduct Authority.
The takeover would mean that half of the top 20 clubs are controlled by Americans.
“The nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton over seven years ago,” Moshiri said in a statement.
“The days of an owner/benefactor are seemingly out of reach for most, and the biggest clubs are now typically owned by well-resourced private equity firms, specialist sports investors, or state-backed companies and funds.”
“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 777 founder Josh Wander.
“Our primary goal is to collaborate with fans and stakeholders to build the sporting and commercial infrastructure for the men’s and women’s teams that will deliver results for future generations of Everton fans.”
Everton are 18th in the Premier League after collecting up just one point in their first four games this season, with 777 looking forward to a ‘world-class’ new stadium.
They are in turmoil both on and off the field, having narrowly avoided relegation in the previous two seasons, including a last-day triumph last season.
Everton will go before an independent commission next month for an alleged breach of the Premier League’s Financial Fair Play regulations, although the club has denied wrongdoing and stated that they are “prepared to robustly defend” their stance.
The club reported financial deficits for the sixth consecutive year in March, bringing their total losses over that period to more over £430 million.
They are also in the process of constructing a new stadium on Bramley-Moore Dock, which might cost £760 million, a £260 million increase over the projections provided by the club last year.
“I have been open about the need to bring in new investment and complete financing for our iconic new stadium at Bramley-Moore Dock, on the banks of the Mersey, which I have predominantly financed to date,” Moshiri added.
“I’ve talked to a few people and thought about some great potential opportunities.” However, it is because of my extensive discussions with 777 that I believe they are the right partners to carry our wonderful club forward, with all of the advantages of their multi-club investment strategy.”
“We are committed to long-term partnerships with the local community, working on important projects like the development of Bramley-Moore Dock as a world-class stadium venue, allowing thousands more Evertonians to attend our home matches and contributing to the economic and cultural regeneration of Merseyside,” Wander added.
What exactly is 777 Partners?
777 Partners is a Miami-based investment platform that has recently expanded into sports teams.
Its goal is to provide growth capital to enterprises, and it views its entrance into sports as a “investment in the long game.”
It has invested in football clubs such as Vasco de Gama in Brazil, Standard Liege in Belgium, and Hertha Berlin in Germany, but it has encountered criticism from fans regarding how its clubs are run.
The company also has a stake in Sevilla of La Liga, which won the Europa League last season.
In 2021, 777 purchased a 45% ownership in the British Basketball League in a deal that was ruled to offer no conflict of interest despite the fact that the same firm also owns the London Lions, who won the title in 2022-23.
The UK government, according to BBC Sport, has no reservations about the Everton sale because it is a problem for the Premier League to handle.
777’s holdings include assets in insurance, aviation, media, and entertainment, in addition to sports.
