Everton majority owner Farhad Moshiri has increased his shareholding by injecting another £100 million into the club. The British-Iranian businessman has risen his stake to 94.1% by buying shares through Blue Heaven Holdings Limited.
Moshiri has also penned an open letter to Everton fans to reaffirm his commitment to the club in a rare public statement.
Farhad Moshiri Commits to Everton
Everton’s statement read: “This acquisition represents the capitalisation of previous loans made by Mr Moshiri – greatly strengthening the club’s balance sheet.
“The investment by the majority shareholder will ensure the club continues to navigate the significant financial challenges presented by the COVID-19 pandemic whilst progressing plans for the first-team squad and the ongoing development of a new stadium at Bramley-Moore Dock.”
Moshiri’s Letter to Everton Fans
The 66-year-old’s letter signalled a desire to bridge the troubles between the board and the fans. Moshiri has already spent an excess of £500 million on his Everton project, but supporters have criticised that there is little to show for the cash injected.
He said: “I understand the frustration felt by everybody who loves Everton because of our inconsistent form in recent seasons, despite significant investment in the playing squad.
“The money that has been spent since 2016, not just on the playing squad but also on key projects including our new stadium, demonstrates my commitment to Everton.
“I write to you to assure you that my commitment remains strong and focused. The club has announced today the conversion of a £100m loan to the club into equity which is a clear demonstration of my commitment and greatly strengthens the balance sheet.
“I am a private man and I do not speak publicly very often. But I promise you that my determination to deliver for Everton will not waiver.”
Moshiri also outlined what is happening behind-the-scenes and what criteria they are looking for during their search for a new manager.
“The strategic football review that is currently ongoing will ensure we have the best model in place moving forward,” he wrote.
“I am working closely with the chairman and the board as part of that strategic review – and I can assure you the recruitment process for a new manager is aligned to that.
“It is vital we appoint a manager that fits the structure we are putting in place and so, whilst we are keen to make an appointment as quickly as possible, we will work together to ensure it is the right candidate to deliver the success we all crave.”